Abstract:Based on the sample of A-share listed companies in China from 2007 to 2020, this paper examines the impact of consolidated goodwill on enterprise capabilities and its mechanism. It is found that consolidated goodwill has a significant positive impact on enterprise capability, as well as its three dimensions of comprehensive operating efficiency, industry potential and development potential. Further analysis find that internal resource synergy and external resource synergy are two paths for consolidated goodwill to influence enterprise capability. The company’s upward earnings management behavior reduces the impact of consolidated goodwill on enterprise capability. The goodwill regulatory actions of China Securities Regulatory Commission in 2018 have an effective restrict on enterprises’ behavior of conducting earnings management by using goodwill, thus improving the correlation between consolidated goodwill and enterprise capabilities. The positive impact of consolidated goodwill on enterprise capability is more pronounced in private enterprises, industries with higher concentration and regions with better innovation environment. In order to solve the “Accounting Chaos of Goodwill”, the standards should be improved and the supervision should be strengthened. The standard-setting institutions should formulate differentiated disclosure rules according to the characteristics of enterprises and the purpose of mergers and acquisitions (M&A). At the same time, the accounting supervision institutions should strengthen the supervision of the disclosure of goodwill accounting information. In addition, enterprises should also pay attention to enterprise capabilities in the process of M&A, and may take enterprise capabilities as a supplement to performance commitment.
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