中文摘要：

本文以我国2008-2014年1900个上市公司年观测为样本,研究发现并购商誉对上市公司业绩具有显著的正向影响,这种正向影响在并购交易发生后第2-3年达到最强,然后迅速减弱至消失。除了时间变化趋势,并购商誉对上市公司业绩的正向影响还会随产品市场竞争的加剧而减弱、随上市公司在行业竞争优势（较高市场份额或较强定价力量）的增强而增强。本文还发现,在其他条件相同的情况下,上市公司所处行业的产品市场竞争越激烈,其在并购交易中越倾向于支付更高的并购溢价;上市公司在行业内的竞争优势对并购溢价支付意愿的影响存在差异,若上市公司在行业内的竞争优势源于市场份额,则倾向于在并购交易中支付较低的并购溢价;而若竞争优势源于定价力量,则倾向于在并购交易中支付较高的并购溢价。

英文摘要：

Based on a sample of 1900 China listed firm-year observations between 2008-2014, this study finds that goodwill of MA has a significant positive effect on the performance of listed companies, and this positive effect reaches its maximum 2-3 years after the MA traction, then weakens to disappear quickly. In addition to the time trend, the positive effect of goodwill of MA on firm performance weakens as the product market competition intensifies and strengthens as the competitive advantages（higher market share or stronger pricing power） enhances. This study also finds that companies in competitive industries tend to pay higher acquisition premium in MA traction. The companies whose competitive advantage derived from market share tend to pay lower acquisition premium while companies whose competitive advantage derived from pricing power tend to pay higher acquisition premium.