中文摘要：

商誉信息的决策有用性主要体现在对投资者以及对债权人决策行为的影响上,而已有研究较少基于债务资本成本视角考察商誉信息的决策有用性问题。笔者以2008—2015年符合条件的A股上市公司为研究样本,分析了商誉信息确认及其减值计提对债务资本成本的影响,同时还进一步研究了所有权性质对商誉信息与债务契约有效性关系的调节作用。研究发现,并购商誉的确认金额与债务融资成本显著负相关,商誉减值金额与债务融资成本显著正相关。在对因为遗漏变量导致的内生性问题以及因为样本自选择导致的研究偏误进行控制后,研究结论依然稳健。同时,进一步研究还发现,与国有企业相比,非国有企业中商誉信息对债务资本成本的影响更明显。笔者的研究结果表明,商誉信息具有一定的信息含量,会影响到企业的债务资本成本,具有决策有用性,且该有用性受到企业产权性质的影响。

英文摘要：

Decision-making usefulness of goodwill information is mainly manifested in the influence of investors and creditors decision-making behavior, but less research about goodwill information of decision use- fulness is based on the cost of debt capital perspective. Based on the 2008-2015 eligible A-share listed compa- nies which had disclosed goodwill information, we analyzed the influence of recognition of purchased goodwill and goodwill impairment on the debt of capital cost, and further study the nature of the ownership on the rela- tionship of goodwill information and debt contract effectiveness. In this paper, we found that recognition amount of purchased goodwill is significantly negative correlation with cost of debt, and the recognition of goodwill impairment is significantly positively related to cost of debt. After control the endogenous problem caused by omitted variables and self-selected problem, the research conclusion is still healthy. At the same time, we also found that the relationship between goodwill information and the cost of debt is more significant in the state-owned enterprises group, compared with the state-owned enterprises group.＇ In this paper, the re- search results show that goodwill asset has information content and affects the enterpriseg cost of debt capital, and goodwill information is decision-making usefulness, and the usefulness is affected by the nature of enterprise＇s ownership.