超额商誉对企业创新的影响研究

Research on the Influence of Excess Goodwill on Enterprise Innovation

摘要: 近年来，我国市场的并购活动愈加激烈，商誉规模也在不断扩大。溢价并购导致的超额商誉因此成为了热点话题。本文以2010~2022年上市公司作为研究样本，分析超额商誉对企业创新的影响及其中间机制。研究表明：超额商誉对企业创新有着显著的负向影响；融资约束和风险承担水平在超额商誉与企业创新中存在部分中介作用；激烈的市场竞争能缓解超额商誉对企业创新的负向作用。异质性分析发现，超额商誉抑制企业创新的作用，在非国有企业中更明显。研究结论不仅丰富了超额商誉经济后果的相关研究，也对上市公司、投资者及政府监管部门更好地认识企业并购活动商誉泡沫具有重要的实践启示。

Abstract: In recent years, merger and acquisition activities in China’s market have become more and more intense, and the scale of goodwill has also been expanding. Excess goodwill due to premium M&A has thus become a hot topic. This paper takes listed companies from 2010 to 2022 as a research sample to analyze the impact of excess goodwill on corporate innovation and its intermediate mechanism. The study shows that: excess goodwill has a significant negative impact on corporate innovation; financing constraints and risk-taking level play a partially mediating role in excess goodwill and corporate innovation; and intense market competition can alleviate the negative effect of excess goodwill on corporate innovation. Heterogeneity analysis finds that the role of excess goodwill in inhibiting corporate innovation is more pronounced in non-state-owned enterprises. The findings not only enrich the related research on the economic consequences of excess goodwill, but also provide important practical insights for listed companies, investors and government regulators to better understand the goodwill bubble in corporate M&A activities.