An Empirical Study On The Relevance Between Goodwill And Enterprise Value

With the progress of the times and economic development,goodwill has been regarded as an important asset of listed companies and a source of value creation.Goodwill is a special intangible resource,which will affect the stakeholder's valuation of the stock value of an enterprise.Therefore,from a theoretical point of view,the goodwill disclosed by Listed Companies in China is of value relevance.At present,the goodwill we can measure and disclose usually refers to the goodwill generated by the merger of enterprises,also known as merger goodwill.Based on this,this paper systematically combs the relevant theory of goodwill and empirical research results of goodwill value relevance,summarizes and evaluates.For Shanghai and Shenzhen A-share listed companies,the relationship between goodwill and corporate value is illustrated by establishing multiple linear regression model.After research,the following three conclusions are drawn: Firstly,there is a positive correlation between goodwill and enterprise value.Secondly,according to the different market concentration of different industries,the conclusion is that goodwill is more value-related in industries with relatively high market concentration.Thirdly,by comparing the different nature of corporate equity,we find that the goodwill of state-owned listed enterprises is more valuable and relevant than that of non-state-owned listed enterprises.Finally,after getting the above conclusions and testing the robustness,the suggestions and countermeasures of goodwill disclosure and supervision are given,the limitations of the research are pointed out,and the future prospects are put forward.