Abstract：Based on the M&A events of China’s A-share listed companies from 2013 to 2019, this study analyzes the impact of appraisal institutions on M&A goodwill and its internal mechanism. It is found that the M&A events with the participation of asset appraisal institutions show lower excess goodwill, and the proportion of goodwill impairment in subsequent periods is also lower, which indicates that appraisal institutions can inhibit goodwill bubbles. Mechanism test shows that the improvement of evaluation accuracy and the mitigation of reputation constraints of appraisal institutions to the management agency problem are the paths to achieve the above effects. The PSM-DID test, which takes the introduction of appraisal standards as the policy impact, still supports the above conclusion after controlling the endogenous problems. Extensive research has found that mergers and acquisitions experience, internal control quality and external market environment will significantly affect the inhibitory effect of appraisal institutions on goodwill bubbles.
耿建新，丁含. 资产评估机构对商誉泡沫的影响及机制研究[J]. 管理学报, 2021, 18(11): 1730-.
GENG Jianxin，DING Han. The Impact and Mechanism of Appraisal Institutions on Goodwill Bubble. Chinese Journal of Management, 2021, 18(11): 1730-.
