With the development of merger and acquisition(M&A) market in recent years,more and more listed companies take M&A as the epitaxial growth mode. Since goodwill derives only from the premium paid during M&A,this article attempts to measure the M&A of listed companies by goodwill and test whether M&A can enhance the firm value. The findings are as follows:First,the promotion effect of M&A goodwill on accounting performance and market performance is in a shape of inverted U. Sec-ond,the promotion effect of M&A goodwill on market performance is of more obvious reversal characteristics than that on account-ing performance,indicating that investors overestimate the effect of M&A on the improvement of accounting performance in the short term. Third,using the management expense ratio to measure the severity of the agency problem,we find the positive effect of M&A goodwill on the accounting performance and market performance is only significant in the sub-sample whose agency prob-lem is weak,but not significant when the agency problem is high. The above result is still valid after the use of instrumental vari-ables to control endogeneity. Therefore,the policy implication of this article is that policymakers should regulate and restrict the inefficient M&A and give better play to the role of M&A market in optimizing the resource allocation and improving the firm val-ue.%随着近年来并购重组市场的发展,越来越多的上市公司选择并购作为外延式成长方式.由于商誉仅源于并购时支付的溢价,故以商誉衡量上市公司的并购行为,研究并购是否能提升公司价值.研究发现:第一,并购商誉对会计业绩和市场业绩的促进作用呈"倒U型";第二,并购商誉对市场业绩的促进作用比对会计业绩的促进作用体现出更明显的反转特征,说明短期内投资者高估了并购对会计业绩的改善;第三,以管理费用率高低衡量公司代理问题的严重程度,发现并购商誉对会计业绩和市场业绩的促进作用主要源于代理问题较弱的公司,而在代理问题严重的公司中并不显著.以上结果在使用工具变量控制内生性问题后依然成立.因此,建议监管层应当规范和限制部分低效的并购,更好地发挥并购市场在优化资源配置、提升公司价值中的作用.
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