How Goodwill of Merge Influences Firm's Innovation Input?——Based on the Empirical Evidence from Strategic Emerging Industries in China
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Abstract This paper uses the sample of A—share listed companies in Emerging strategic industries from 2012—2016 to find out motivations and consequences about the goodwill of merge. We test the influence of the goodwill of merge on innovation input; analyzes whether the goodwill of merge had motivation with earnings management and affecting approaches of goodwill upon innovation input. This paper finds that the current capital market in China, the goodwill of merge in M&A has negative influence on innovation input. Considering the differences between the property right we find out this negative influence is mainly reflected in non-state-owned enterprises but has not serious effect for on state-owned enterprises; there are “real earnings management motives” behind the goodwill of merge and this approach has negative influence on innovation input; goodwill of merge increases the company's financing constraints and further influences the innovation input. This paper analyzed the produce motivation and affecting approaches about the goodwill of merge and provided certain direct experience evidence to deal the huge goodwill in A-share market, and also offer foundation to ensure company's innovation input.
ZHU Lianmei,YANG Yinuo. How Goodwill of Merge Influences Firm's Innovation Input?——Based on the Empirical Evidence from Strategic Emerging Industries in China. Economic Survey, 2020, 37(4): 099.
2020, Vol. 37 
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