Research On The Influence Of Corporate Strategic Aggressiveness On The M&A Goodwill Of Chinese Listed Companies

As an effective means for enterprises to integrate resources and improve the core competitiveness of the market,mergers and acquisitions continue to expand their scale and occupy a market through mergers and acquisitions.With the occurrence of large-scale mergers and acquisitions,goodwill,as the part of M&A activities in which the actual payment price exceeds the fair value of the acquired company,has also shown rapid growth.However,the long-term accumulation of goodwill bubble and the provision of goodwill loss in the later period have laid a great hidden danger to the subsequent operation,goodwill impairment and profit write-off,which will damage the performance and distort the value of the enterprise,which is not conducive to the sustainable development of the enterprise.The enterprise strategy determines the business model,development direction and action decision of the enterprise,so different enterprise strategies mean that the organizational model,business objectives and management decisions of the enterprise will be quite different.The choice of different enterprise strategies will also have an impact on a series of investment decisions of the company and have different effects on the formation of goodwill in M&A activities.Therefore,this paper explores the influencing factors of the formation of M&A goodwill,understands the essence of M&A goodwill from the perspective of corporate strategic choice,and summarizes the strategic factors behind the high M&A goodwill of listed companies.Based on the strategic aggressiveness of the company,this paper studies and analyzes the strategic factors behind the large-scale merger and acquisition of goodwill in China’s A-share market in recent years based on strategic management theory,information asymmetry theory and principal-agent theory.First of all,this paper combs the development status of goodwill in mergers and acquisitions of listed companies in China in recent years,and summarizes the development trend of goodwill in mergers and acquisitions in A-share market.Secondly,this paper deeply discusses the mechanism of corporate strategic aggressiveness on M&A goodwill,and the moderating effect of marketization level on the relationship between them.Then,in the empirical part,this paper selects the samples and data of listed companies in China’s A-share market from 2010 to 2019,constructs Tobit and Logit empirical regression models,analyzes the influence of strategic aggressiveness of listed companies on M&A goodwill,and tests the moderating effect of marketization level on the relationship between them.Furthermore,this paper also deeply analyzes and tests the ways in which the company’s strategic aggressiveness affects the goodwill of M&A,and the differences between them in the context of heterogeneous property rights.Finally,the following conclusions are drawn:(1)Compared with stable enterprises,strategically radical enterprises tend to produce larger M&A goodwill.(2)In areas with high marketization process,the positive effect of corporate strategic aggressiveness on M&A goodwill will be restrained.(3)Information asymmetry has played a partial mediating role in the relationship between corporate strategic aggressiveness and M&A goodwill.(4)Compared with state-owned enterprises,the strategic aggressiveness of non-state-owned enterprises has a more intense impact on the scale of M&A goodwill.According to the research conclusion,this paper puts forward some suggestions from the perspective of government,enterprises and investors to promote the healthy and stable operation and development of the market economy.