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《China Industrial Economics》 2019-11
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Does Excess Goodwill Become the Burden of Corporate Operation——Explanation from the Perspective of Product Market Competitiveness

WEI Zhi-hua;ZHU Cai-yun;School of Economics,Xiamen University;  
Recently, the rapid growth of goodwill of listed firms in China has attracted wide attention.Nevertheless, the academic research on the economic consequences of goodwill bubbles remains to be deepened.Using the sample of A-share listed companies in China from 2007 to 2017, we test the impact of excess goodwill on firm performance, and also provide a possible explanation from the perspective of product market competitiveness. We find that excess goodwill indeed becomes the burden on company's operation and has a significant negative impact on the company's operating performance in following three years. One possible reason is that excessive goodwill would weaken the company's product market competitiveness. Extensive research finds that excess goodwill reduces the future growth of the company rather than brings the firms synergy effect of MA;excess goodwill makes the company face more severe financing constraints by taking valuable financial resources;excess goodwill also raises the cost of debt financing due to the negative evaluation of corporate operation by banks; and for firms with high management shareholding ratio or firms in highly competitive industries, the excess goodwill has less negative impact on company's product market competitiveness, which indicates effective internal and external corporate governance mechanisms could mitigate the negative impact of excess goodwill. This paper theoretically enriches the research literature in the fields of goodwill and product market competition and empirically provides evidence and important enlightenment for regulatory authorities, listed companies and investors to have a deeper understanding of the economic consequences and the mechanism of goodwill bubble.
【Fund】: 国家自然科学基金面上项目“中国上市公司避税天堂投资:动机、经济后果与治理机制”(批准号71972163);国家自然科学基金面上项目“中国上市公司关联交易研究:动机、经济后果与治理机制”(批准号71572165)
【CateGory Index】: F271;F272.3
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