商誉减值对债务融资成本的影响研究

Research on the Impact of Goodwill Impairment on Corporate Debt Financing Costs

摘要: 本文选取2015至2024年A股上市企业作为观测样本，围绕商誉减值行为展开实证分析，探究该项因素对企业债务融资成本产生的实际影响。结果表明，企业计提商誉减值准备后，债务融资成本会出现明显上升趋势。企业可持续发展水平和信息披露质量在商誉减值影响债务融资成本的路径中起到部分中介作用。进一步发现，管理层持股比例的提升能够有效削弱商誉减值带来的成本上升效应，对二者的关联关系形成反向调节。为保障整体研究结论的可靠性，文章通过更换核心被解释变量测算口径、引入工具变量等方式进行稳健性验证与内生性处理。研究为企业加强商誉风险管理、优化融资决策及监管部门完善商誉会计准则提供了理论依据与实践参考。

Abstract: This paper selects A-share listed enterprises from 2015 to 2024 as research samples and conducts an empirical analysis focusing on goodwill impairment behavior, so as to explore the actual impact of this factor on corporate debt financing costs. The research results indicate that corporate debt financing costs will increase significantly after enterprises accrue goodwill impairment provisions. Corporate sustainable development level and information disclosure quality exert a partial mediating effect in the influence path of goodwill impairment on debt financing costs. Further research finds that the increase in managerial shareholding ratio can effectively weaken the cost-rising effect caused by goodwill impairment, and thus plays a negative moderating role in the correlation between the two variables. To ensure the reliability of overall research conclusions, this paper carries out robustness verification and endogeneity treatment by changing the measurement caliber of the core explained variable and introducing instrumental variables. This study provides theoretical basis and practical reference for enterprises to strengthen goodwill risk management, optimize financing decisions, and for regulatory authorities to improve accounting standards for goodwill.