关于商誉减值对公司股价影响的实证分析
An Empirical Analysis of the Impact of Goodwill Impairment on the Company’s Stock Price

并购重组是现如今企业扩展经营范围，在日益激烈的竞争中提高其经营业绩的有效措施，并购市场的成交数量以及成交额也在近年来屡创新高，上市公司纷纷掀起了“并购潮”，其中百倍溢价的案例十分常见。溢价并购就如一把“双刃剑”，一方面可能意味着并购后企业效益显著提高，另一方面，溢价并购导致股价的急剧波动，提高了投资风险。本文通过对2018年全部沪深A股共3796上市公司以及当年发生的1906起商誉减值事件计量模型进行分析，研究溢价并购带来的商誉增大是否对公司股价波动造成显著影响，结果表明公司是否拥有商誉资产、商誉资产大小以及是否发生商誉减值事件均对上市公司股价波动产生显著影响，因此本文从投资者、公司以及监管部门三方面提出应对措施。
M & A and restructuring is an effective measure for companies to expand their business scope and improve their operating performance in the increasingly fierce competition. The number of trans-actions and the turnover in the M & A market have also hit record highs in recent years. Cases of a hundred times premium are common. Premium mergers and acquisitions are like a “double- edged sword”. On the one hand, it may mean that the benefits of enterprises are significantly improved after mergers and acquisitions. On the other hand, premium mergers and acquisitions cause sharp fluctuations in stock prices and increase investment risks. This paper analyzes the establishment of a measurement model of 3,796 listed companies in Shanghai and Shenzhen A-shares in 2018 and 1906 impairment of goodwill cases that year, and studies whether the increase in goodwill caused by premium mergers and acquisitions has a significant impact on the company’s stock price fluctu-ations. The results show that the company whether or not you have goodwill assets, the size of goodwill assets, and whether goodwill impairment events have a significant impact on the stock price fluctuations in listed companies, so this article proposes countermeasures from three aspects: investors, companies, and regulators.