《保险研究》20250607-《全面风险管理与企业并购风险：基于商誉减值风险的角度》（田玲、于翔宇、王正文、徐子雯）

［摘   要］企业并购作为推动经济高质量发展的重要战略举措，虽能提升企业竞争力，但其伴随的商誉减值风险可能影响财务绩效、市场价值及投资者信心，如何有效管控这一风险成为企业实现稳中求进的关键议题。在此背景下，本文以商誉作为风险表征探讨全面风险管理(ERM)在降低企业并购风险中的作用。基于2007～2022年中国A股非金融类上市公司的年度报告，采用文本分析法构建了ERM实施指标，实证评估实施ERM对并购风险的影响，并通过市场信号机制和财务杠杆效应机制探讨其作用路径。研究发现，无论是何种方式的并购，ERM均对并购风险具有显著的抑制作用，实施ERM与商誉减值之间存在显著的负相关关系，且这种影响在横向并购中更为明显。本文的研究结果为企业管理层实施ERM提供了理论依据和实证支持，同时为政府制定相关政策以规范并购市场提供了参考。

［关键词］全面风险管理；企业并购风险；市场信号机制；财务杠杆效应机制

［基金项目］本文获国家社会科学基金一般项目“网络安全风险管理促进企业数字化转型的机制与政策研究”(24BJY069)资助。

［作者简介］田玲，武汉大学经济与管理学院教授、博士生导师，武汉大学宁波国家保险发展研究院研究员；于翔宇，武汉大学经济与管理学院博士研究生；王正文(通讯作者)，武汉大学经济与管理学院副教授、硕士生导师，武汉大学宁波国家保险发展研究院研究员；徐子雯，中南财经政法大学金融学院本科生。

Enterprise Risk Management and M&A Risk： From the Perspective of Goodwill Impairment Risk

TIAN Ling，YU Xiang-yu，WANG Zheng-wen，XU Zi-wen

Abstract：As an important strategic measure to promote high-quality economic development，mergers and acquisitions can enhance the competitiveness of enterprises，but the associated goodwill impairment risk may affect financial performance，market value and investor confidence.How to effectively control this risk has become a key issue for enterprises to achieve steady progress.In this context，this paper first discusses the role of enterprise risk management (ERM) in reducing the risk of mergers and acquisitions with goodwill as a risk representation.Based on the annual reports of China′s A-share non-financial listed companies from 2007 to 2022，this paper uses the text analysis method to construct the ERM implementation index，empirically evaluate the impact of the implementation of ERM on the risk of mergers and acquisitions，and explore its path of action through the market signal mechanism and financial leverage effect mechanism.The study finds that ERM has a significant inhibitory effect on M&A risk no matter what kind of M&A.There is a significant negative correlation between the implementation of ERM and goodwill impairment，and this effect is more obvious in horizontal M&A.The research results of this paper provide theoretical basis and empirical support for enterprise management to implement ERM，and provide reference for the government to formulate relevant policies to regulate the M&A market.

Key words：enterprise risk management;M&A risk;market signaling mechanism;financial leverage effect mechanism