| The emergence of behavioral finance has given new explanations to many economic phenomena that are difficult to explain.At present,more and more scholars are studying overconfidence and mining the economic consequences of this psychological phenomenon,which still has a lot of research space.Scholars believe that although the management treats the shareholders as always,the psychological deviation of the management makes them unable to make rational decisions.In the operation and management,the management is responsible for the preparation of financial statements.From this perspective,some scholars also propose that the overconfidence of the management will have an impact on the preparation of financial statements.Based on the new perspective of management overconfidence and the principal-agent theory,this paper selects A-share listed companies with goodwill or with goodwill of 0 due to impairment in 2007-2015 as an empirical test.The results show that:(1)there is a positive correlation between management overconfidence and goodwill impairment,that is,the management with high overconfidence will recognize higher goodwill impairment loss(2)in the capital structure of enterprises,the increase of institutional investors' shareholding ratio will restrain the positive influence of management overconfidence on goodwill impairment;(3)under the supervision of analysts,with the increase of analysts' tracking number,the positive influence of overconfidence management on goodwill impairment will weaken.This paper expounds the bath and the profit smoothing motivation of goodwill impairment,enriches the relevant research of goodwill impairment,finds that the recognition of goodwill impairment loss is a way of earnings manipulation,and proposes to strengthen internal and external supervision to reduce the risk of goodwill impairment,which is of great significance to internal corporate governance and the improvement of goodwill impairment accounting standards. |
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