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    经济经纬 2022 Issue (4) :107-117
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    IPO超募对企业并购商誉的影响研究
侯德帅1, 王瑶2, 董曼茹3
1. 首都经济贸易大学 会计学院,北京 100070;
2. 中国石油大学北京 经济管理学院,北京 102249;
3. 北京物资学院 信息学院,北京 101149
    A Study on the Influence of IPO Over-funding on Goodwill of Enterprise M&A
    HOU Deshuai1, WANG Yao2, DONG Manru3
1. School of Accounting, Capital University of Economics and Business, Beijing 100070, China;
2. School of Economics and Management, China University of Petroleum, Beijing 102249, China;
3. School of Information, Beijing Wuzi University, Beijing 101149,China
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摘要 商誉风险加剧了我国资本市场的不稳定性,虽引发多方关注,但主要聚焦于其经济后果而非成因的探索。立足我国资本市场IPO超募及其引发的资源错配这一背景,尝试从企业上市交易早期挖掘商誉风险的成因。研究发现:IPO超募加剧了企业商誉泡沫的形成,且经内生性检验和稳健性测试后,研究结论不变。IPO超募对企业商誉泡沫的影响主要发生于IPO超募后的第1年,而非IPO超募当年及IPO超募后的第2年和第3年。在管理层过度自信、融资约束较小以及市场化程度较低地区,IPO超募对并购商誉的影响会更加显著。进一步研究发现企业更易在IPO超募后第3年发生商誉减值。研究结论表明IPO超募降低了资源配置效率,加剧了溢价并购下的商誉减值风险,存在明显的过犹不及问题。研究为探索我国资本市场商誉风险的成因提供了新的视角,对优化监管和商誉风险管控具有重要意义。
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侯德帅
王瑶
董曼茹
关键词： IPO超募   商誉   融资约束   过度自信   资源配置     
Abstract： The risk of goodwill aggravates the instability of China’s capital market. Although it has attracted much attention, it mainly focuses on its economic consequences rather than the exploration of its causes. Therefore, based on the background of IPO over-raising and resource mismatch in China’s capital market, this paper tries to explore the causes of goodwill risk from the early stage of listed trading. The results show that IPO over-funding aggravates the formation of corporate goodwill bubble, and after endogenous test and robustness test, the research conclusion remains unchanged. The impact of IPO over-funding on corporate goodwill bubble mainly occurs in the first year after IPO over-funding, but not in the year of IPO over-funding and the second and third years after IPO over-funding. And in the areas where the management is overconfident, financing constraint is small and the degree of marketization is low, the impact of IPO over-funding on M & A goodwill will be more significant. Further study finds that companies are more likely to have goodwill impairment in the third year after IPO over-funding. The conclusion of this paper shows that IPO over-funding reduces the efficiency of resource allocation and intensifies the risk of goodwill impairment under premium M&A, and there is an obvious problem of overdoing. This paper provides a new perspective for exploring the causes of goodwill risk in China’s capital market and is of great significance for optimizing supervision and risk control of goodwill.
Keywords： IPO Over-funding   Goodwill   Financing Constraint   Overconfidence   Resource Allocation     
收稿日期 2021-10-31; 接受日期 ;
基金资助:教育部人文社会科学研究青年基金项目(21YJC630167);首都经济贸易大学中青年骨干教师科研基金项目成果;首都经济贸易大学北京市属高校基本科研业务费专项资金资助;中国石油大学(北京)科研基金资助(2462022YXZZ008);中国石油大学(北京)科研基金资助(2462021YJRC019)
通讯作者 王瑶(1995— ),女,湖北随州人,博士,讲师,主要从事公司财务与资本市场研究。   
作者简介: 侯德帅(1985— ),男,河南新乡人,博士,副教授,主要从事公司财务、资产定价与资本市场研究;董曼茹(1993— ),女,河南信阳人,博士,讲师,主要从事资本市场与经济统计分析研究。王瑶为本文通信作者。
引用本文:   
侯德帅, 王瑶, 董曼茹.IPO超募对企业并购商誉的影响研究[J].  经济经纬, 2022,4: 107-117
HOU Deshuai, WANG Yao, DONG Manru.A Study on the Influence of IPO Over-funding on Goodwill of Enterprise M&A[J]  Economic Survey, 2022,V39(4): 107-117
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