Abstract：Taking A-share firms from 2012 to 2022 as a sample, this study utilizes both the regulatory tightening and minority investors’ attention on M&As as a dual setting to examine the issues of goodwill bubble extrusion and intangibles bubble formation during M&As after the exposure of goodwill risk. The research finds that, after the overall regulatory tightening of M&As in 2016, the greater the number of M&A-related questions asked by investors on interactive platforms, the smaller the increase in merged-in goodwill and the greater the increase in merged-in intangibles in public firms. Further tests reveal that the these two phenomena are more prominent in firms with serious agency problems, with major M&As, and with only one M&A, but show differences in firms involving affiliated M&As. Furthermore, firms exhibiting theses phenomena after 2016 do not have higher accounting performance, but have lower firm value after M&As, and are more likely to receive premium-related regulatory inquiry letters during M&As.
金瑛，张新民，韩紫轩. 基于并购监管和中小投资者关注双重情境的并购溢价处理研究[J]. 管理学报, 2025, 22(7): 1358-.
JIN Ying，ZHANG Xinmin，HAN Zixuan. A Study on M&A Premium Allocation Based on the Dual Scenarios of M&A Regulation and Minority Investors’ Attention. Chinese Journal of Management, 2025, 22(7): 1358-.
