| 摘要: |
| 摘要：近年来，资本市场的动荡叠加中国经济转型升级需求，产业链整合动能持续增强，并购对驱动企业增长的重要性更加凸显。在监管层多措并举激发并购重组市场活力的背景下，企业通过并购不断扩大自身实力。基于2011年至2021年中国A股上市公司样本，分析股价波动对企业并购商誉的影响。研究表明，股价剧烈波动显著提升了企业并购商誉，管理层权力和宽松货币政策在这一过程中具有显著的调节作用，进一步加剧二者间正相关关系，促进企业增加并购商誉。研究拓展了并购领域会计信息在资本市场风险识别中的应用，探索了资本市场动荡下的企业并购规律，为企业战略制定和宏观政策优化提供了重要参考。 |
| 关键词: 关键词：股价波动；并购商誉；管理层权力；货币政策 |
| DOI： |
| 分类号:F832.5 |
| 基金项目:基金项目：浙江省社科联课题“数字化转型赋能企业跨界双元创新的协同机制研究”（2025B063）。 |
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| The Impact of Stock Price Volatility on M&A Goodwill Bubbles：The Moderating Role of Managerial Power |
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REN Zong-qiang1，SHEN Xin1，LI Ru-miao2，XIA Yi-chen31,2,3
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1.(1.College of Business,Wenzhou University,Wenzhou 325006,China;2.Zhejiang Financial College,Hangzhou,Zhejiang 310018,China;3.University of Southampton,Hampshire SO17 1BJ,United Kingdom)
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| Abstract: |
| Abstract：In recent years,the volatility of capital markets,coupled with China’s economic transformation and upgrading demands,has significantly intensified the momentum for industrial chain integration,highlighting the growing importance of mergers and acquisitions (M&A) in driving corporate growth.Against the backdrop of regulatory initiatives aimed at invigorating the M&A market,enterprises have leveraged M&A activities to expand their strength.Based on a sample of A-share listed companies in China from 2011 to 2021,this study analyzes the impact of stock price volatility on M&A goodwill.The findings reveal that sharp stock price fluctuations significantly increase M&A goodwill,with managerial power and loose monetary policies playing a critical moderating role in this process,further amplifying the positive correlation between the two and driving up M&A goodwill.This study broadens the application of accounting information in the M&A field for identifying capital market risks and explores the patterns of corporate M&A under market turbulence,providing valuable insights for corporate strategy formulation and macroeconomic policy optimization. |
| Key words: Key words：Stock Price Volatility；Acquisition Goodwill；Management Power；Monetary Policy |
