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基于Richardson(2006)投资效率模型,本文利用2008-2013年上市公司数据,研究了并购商誉对投资者决策行为的影响,发现并购商誉能够提高投资效率,即并购商誉不但抑制了投资不足,而且抑制了投资过度。
Based on the Richardson (2006) investment efficiency model, this paper uses the data of listed companies from 2008 to 2013 to study the impact of mergers and acquisitions on investors’ decision-making behavior. It is found that the acquisition of goodwill can improve the investment efficiency, , But also inhibits overinvestment.