上市公司商誉减值风险产生的原因及其防范研究——以A公司2013—2015大规模并购为例  

Research on the Causes of Goodwill Impair Risk of Listed Companies and Its Prevention——Taking the Massive Mergers and Acquisitions of Company A in 2013—2015 as an Example

作　　者：郭正 GUO Zheng(Shanghai Lixin University of Accounting and Finance,Shanghai 201620,China)

机构地区：[1]上海立信会计金融学院,上海201620

出　　处：《中小企业管理与科技》2021年第22期106-107,共2页Management & Technology of SME

摘　　要：近年来,资本市场掀起了一股高溢价并购热潮,存在商誉减值风险。以A公司2013—2015大规模并购为例,探究上市公司商誉减值产生的原因及其防范,对进一步了解商誉减值具有积极意义。如今,阶段评估机构对于并购标的公司通常使用收益法进行估值,再综合被并购公司抛出持续高业绩的承诺等原因,导致并购过程中产生高额溢价,积累大量商誉,后期因企业不注重协同发展,被并购企业经营情况恶化,业绩承诺泡沫破灭,又因政策预期导致管理层的盈余管理行为形成商誉减值风险。In recent years,the capital market has set off a high premium M&A boom,there is a risk of goodwill impairment.Based on the large-scale merger and acquisition of Company A from 2013 to 2015,we explore the causes of goodwill impairment of listed companies and its prevention,which has a positive significance for the further understanding of goodwill impairment.Nowadays,stage evaluation institutions usually use the income method to evaluate the target company of merger and acquisition.And then combined with the reasons such as the commitment of sustained high performance of the acquired company,it leads to a high premium in the process of M&A and accumulate a lot of goodwill.In the later stage,because the enterprises did not pay attention to the coordinated development,the management situation of the merged enterprises deteriorated,and the performance commitment bubble burst.In addition,due to the policy expectation,the management's earnings management behavior forms the risk of goodwill impairment.

关 键 词：商誉减值风险 企业并购 盈余管理行为 

分 类 号：F279.23[经济管理—企业管理]