公司内部治理对商誉减值的影响

The Influence of Corporate Internal Governance on Goodwill Impairment

摘要: 随着并购浪潮的掀起，为了保证投资者等人的利益，我们需要更进一步研究商誉减值的原因。本文选取2016~2020年数据，从公司内部治理层面考虑对商誉减值的影响，包括持股比例、两职合一、独立董事三个方面。采用商誉减值作为因变量对其进行相关性与回归分析，发现第一股东持股比例、独立董事比例与商誉减值负相关，董事长两职合一与商誉减值正相关的关系。稳健性测试中采用华证指数ESG得分中的G得分衡量公司治理水平，发现公司治理显著影响了商誉减值，二者总体上呈负相关关系，好的公司治理能制约商誉减值现象。

Abstract: ^*通讯作者。With the wave of MERGERS and acquisitions, in order to ensure the interests of investors and others, we need to further study the reasons for goodwill impairment. This paper considers the impact on goodwill impairment from the perspective of corporate internal governance, including shareholding ratio, integration of two positions and independent directors. Using goodwill impairment as a dependent variable to carry out correlation and regression analysis, it is found that the proportion of the first shareholder and the proportion of independent directors are negatively correlated with goodwill impairment, and the combination of the two positions of chairman is positively correlated with goodwill impairment. In the robustness test, G score in ESG score of China Securities Index was used to measure the level of corporate governance. It was found that corporate governance significantly affected the impairment of goodwill, and the two were negatively correlated，good corporate governance can restrict the goodwill impairment phenomenon.