In order to study the relationship between goodwill and financial risk, and the role of corporate executives in controlling the relationship between the two, this paper took the 2013-2017 data of GEM listed companies as a sample, and used the statistical analysis tool of STATA. The paper firstly established the multiple regression model, then carried on the correlation analysis and the regression analysis, finally carried on the robustness test. The results show that there is a significant positive correlation between the merger goodwill and financial risk of the enterprise. In addition, executive holdings significantly weaken this positive correlation. What is unique about this paper is that few scholars use the "goodwill" of listed companies on the GEM as a variable to examine the relationship.