6396 
9404近年来，上市公司的商誉减值风险引起监管层和学术界极大的关注。文章基于2007−2017年我国上市公司的并购样本，发现公司在股价高估时期实施的并购在未来面临更高的商誉减值风险。微观经济机制分析表明，股价高估导致公司的并购数量和规模显著上升，且管理层在股价高估时期往往支付更高的溢价，从而产生巨额并购商誉；此外，公司在股价高估时期往往投资过度，引起并购投资效率下降，导致并购的协同效应收益低于并购商誉，从而产生商誉减值风险。文章揭示了股价高估往往导致公司做出盲目的并购决策，进而损害实体经济。文章的研究对于防范商誉减值风险具有重要的指导意义。
股价高估与商誉减值风险
摘要
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胡凡, 李科. 股价高估与商誉减值风险[J]. 财经研究, 2019, 45(6): 71-85.
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