| In recent years,more and more companies are keen on M&A expansion,which has triggered a M&A boom,resulting in several times the growth of goodwill.This kind of behavior not only contains the huge goodwill impairment risk,the stock price collapse risk and the financial risk,but also has provided the condition for the listed company achievement "thunderbolt" the production,has caused various quarters attention.As one of the most institution national support methods,government subsidy has the functions of adjusting market failure,easing financial pressure,enhancing enterprise competitiveness and promoting enterprise development.But in practice,enterprises often use government subsidies to increase internal executive compensation or over-investment,which can not effectively improve the economic efficiency.Therefore,to explore the impact of government subsidies on goodwill can not only help to clarify the causes of high premium mergers and acquisitions driven by government subsidies,but also help regulators to further regulate the practice of mergers and acquisitions of listed companies,which provide new empirical evidence for the innovation of government subsidies and the reduction of goodwill risks of enterprises.First of all,this paper sorts out the relevant literature on government subsidies and goodwill,and then analyzes the limitations of existing research.Secondly,based on the existing research conclusions,this paper explores the impact of government subsidies on goodwill,and puts forward corresponding research hypotheses after considering firm heterogeneity.Finally,taking the A-share listed companies in 2013-2020 as the research object,this paper constructs a multiple regression model to empirically test the impact of government subsidy on mergers and acquisitions.The paper also compares the effect of government subsidy on goodwill under the perspective of heterogeneity of firm nature and life cycle of firm.On this basis,through the construction of multiple intermediary effect model,this paper explores the impact of government subsidies on the goodwill of M&A.The empirical results show that:(1)There is a "U" relationship between the government subsidies and goodwill.(2)Government subsidies have different impacts on the scale of goodwill of enterprises of different natures.Compared with non-state-owned enterprises,the government subsidies obtained by state-owned enterprises have no significant impact on the scale of goodwill.(3)For enterprises in different life cycles,the impact of government subsidies on the scale of goodwill varies significantly.From the static point of view,the amount of government subsidy has no effect on the scale of goodwill,but has interval effect on the scale of goodwill in growth,maturity and decline.From the dynamic point of view,the continuity of government subsidies has no effect on the scale of goodwill of enterprises in the introduction period,but has interval effect on the scale of goodwill of enterprises in the growth and decline periods,and has stimulating effect on the scale of goodwill of enterprises in the mature period.(4)Regarding the path of the influence of government subsidies on goodwill,from a static perspective,there are mainly two ways of the influence of government subsidies on goodwill: Firstly,the amount of government subsidies restrains the formation of goodwill by improving the degree of government intervention and promoting enterprises to perform social responsibilities,and meanwhile stimulates the scale of goodwill by promoting managers’ overconfidence.Because the negative mediating effect of government intervention and CSR is larger than the positive mediating effect of overconfidence,the total amount of government subsidy restrains the scale of goodwill;Secondly,the intermediary factors influence each other and the transmission channel is “government subsidy amount →government intervention→corporate social responsibility fulfillment→merger and acquisition goodwill”.From the dynamic point of view,there are two paths for the continuity of government subsidies to affect goodwill: one is the continuity of government subsidies to directly affect the scale of goodwill,the other is the continuity of government subsidies to promote the expansion of the scale of goodwill by increasing agency costs,promoting overconfidence of managers and restraining the performance of corporate social responsibility. |
