Mergers and Acquisitions Goodwill, Nature of Property Rights, and Total Factor Productivity: An Empirical Study Based on Listed Companies in the Manufacturing Industry

Shuyan Liu; Xiaofeng Liu

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Mergers and Acquisitions Goodwill, Nature of Property Rights, and Total Factor Productivity: An Empirical Study Based on Listed Companies in the Manufacturing Industry

更新时间：2021-12-22

- Mergers and Acquisitions Goodwill, Nature of Property Rights, and Total Factor Productivity: An Empirical Study Based on Listed Companies in the Manufacturing Industry
- JOURNAL OF UNIVERSITY OF JINAN (Social Science Edition) Vol. 30, Issue 2, Pages: 102-111(2020)
- 作者机构：
  
  青岛科技大学　经济与管理学院，山东　青岛　266100
- 作者简介：
- 基金信息：
- DOI：
  CLC： F275; F271; F224
- Published：15 March 2020，
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Shuyan Liu, Xiaofeng Liu. Mergers and Acquisitions Goodwill, Nature of Property Rights, and Total Factor Productivity: An Empirical Study Based on Listed Companies in the Manufacturing Industry. [J]. JOURNAL OF UNIVERSITY OF JINAN (Social Science Edition) 30(2):102-111(2020)
DOI：

Shuyan Liu, Xiaofeng Liu. Mergers and Acquisitions Goodwill, Nature of Property Rights, and Total Factor Productivity: An Empirical Study Based on Listed Companies in the Manufacturing Industry. [J]. JOURNAL OF UNIVERSITY OF JINAN (Social Science Edition) 30(2):102-111(2020) DOI：

摘要

本文以2012—2017年制造业上市公司为研究样本，探究了并购商誉对全要素生产率的影响以及在不同产权性质企业中作用的差异性，研究发现：(1)制造业企业在并购过程中形成的商誉资产与全要素生产率显著负相关，并购商誉对企业全要生产率具有抑制作用。(2)产权性质对于并购商誉与全要素生产率之间的负相关关系具有调节作用，相较于非国有控股企业，并购商誉对全要素生产率起到的抑制作用在国有控股企业更为显著。进一步研究发现，并购商誉对全要素生产率的抑制作用主要存在于拥有高商誉的企业样本，越倾向于轻资产投入的企业以及市场化程度越低的企业所拥有的并购商誉越能对全要素生产率产生抑制作用。

Abstract

关键词

企业并购投资并购并购商誉产权性质全要素生产率

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