Taking Shanghai and Shenzhen A-share listed companies as the research object, an investigation has been made of the influence of goodwill impairment on enterprise value, followed by a further inquiry into the moderating effect of institutional shareholding and internal control quality. It is found that there is a significant negative correlation between goodwill impairment and enterprise value. Institutional shareholding helps to strengthen the negative effect of goodwill impairment on enterprise value, while the quality of internal control inhibits the negative effect of goodwill impairment on enterprise value. Therefore, it is suggested that enterprises should maintain a cautious attitude in mergers and acquisitions, reduce the goodwill impairment resulting from mergers and acquisitions from the beginning, so as to avoid blindly issuing additional shares, and pay more attention to the construction of corporate internal governance structure.