基于事件研究法的A公司商誉减值问题分析  

Analysis of Goodwill Impairment of Company A Based on Event Study Method

作　　者：王宁[1] 刘鸿[1] WANG Ning;LIU Hong(School of Economics and Management,Harbin Normal University,Harbin 150000,China)

机构地区：[1]哈尔滨师范大学经济与管理学院,黑龙江哈尔滨150000

出　　处：《商业观察》2025年第11期116-120,共5页BUSINESS OBSERVATION

摘　　要：并购重组作为企业实现外延式发展的重要战略工具,在提升企业竞争力、整合产业资源方面发挥着越来越重要的作用。然而,高溢价收购伴随的商誉减值风险日益凸显,已成为影响企业可持续发展的重要因素。文章选取A公司收购B公司这一典型案例进行深入研究,首先探讨了主并企业计提商誉减值的成因,而后基于事件研究法分析了此次事件的市场效应,最后给出相关建议。通过案例分析发现:高额商誉的形成源于并购双方的利益博弈,即并购方为争取优质标的公司采取估值溢价策略,被并购方为实现资产变现做出高业绩承诺,形成了估值与承诺的“双向推高”效应。业绩承诺期内,被并购方擦边实现了业绩承诺,在承诺期满后B公司业绩出现断崖式下滑,导致A公司计提大量减值准备。为防范商誉减值风险,文章提出:构建科学完善的估值体系,设计多元化的支付结构,构建长效的发展机制。这些建议对于防范商誉减值风险、提升并购质量具有一定的实践指导意义。Mergers and acquisitions,as an important strategic tool for enterprises to achieve outward development,play an increasingly important role in enhancing competitiveness and integrating industrial resources.However,the risk of goodwill impairment associated with high premium acquisitions has become increasingly prominent and has become an important factor affecting the sustainable development of enterprises.This article selects the typical case of Company A acquiring Company B for in-depth research.Firstly,it explores the causes of the provision for goodwill impairment by the acquiring company.Then,based on the event study method,it analyzes the market effect of this event and finally provides relevant suggestions.Through case analysis,it is found that the formation of high goodwill stems from the interest game between the two parties of the merger and acquisition.The acquiring party adopts a valuation premium strategy to compete for high-quality target companies,while the acquired party makes high-performance commitments to realize asset realization,forming a"two-way push up"effect of valuation and commitment.During the performance commitment period,the acquired party narrowly fulfilled its performance commitment.But after the commitment period expired,Company B's performance plummeted,resulting in Company A making a significant provision for impairment.To prevent the risk of goodwill impairment,this article proposes to establish a scientific and comprehensive valuation system,design diversified payment structures,and establish a long-term development mechanism.These suggestions have practical guiding significance for preventing the risk of goodwill impairment and improving the quality of mergers and acquisitions.

关 键 词：商誉减值 并购重组 业绩承诺 

分 类 号：F275[经济管理—企业管理]