本文選題：巨額商譽 + 商譽減值　； 參考：《廣東工業(yè)大學》2017年碩士論文

【摘要】：2014年以來,受到國家出臺的有利政策的鼓勵,我國資本市場并購重組活動日漸活躍,歷經(jīng)2014至2015年兩年的發(fā)展,企業(yè)并購價格也隨著二級市場估值的提升而水漲船高,很多并購案例的估值遠高于賬面可辨認凈資產(chǎn)公允價值,由此產(chǎn)生大量商譽。逐年攀升的商譽額上反映出并購潮涌、高溢價不斷的市場景象。而并購后又有越來越多的上市公司披露由于受到計提商譽減值準備從而嚴重影響公司當期業(yè)績。這類事件的發(fā)生提醒著市場:商譽減值的風險在慢慢積累。并購重組形成的大額商譽,給上市公司未來業(yè)績增加了不確定性。因此,如何降低由并購后計提商譽減值準備對企業(yè)業(yè)績造成負面沖擊的風險成為許多并購方企業(yè)面臨的問題。本文基于商譽的視角,借助商譽的性質(zhì)、外購商譽與自創(chuàng)商譽等相關理論,研究了影響外購商譽的因素。本文主要采用了案例分析方法,所用財務數(shù)據(jù)大多來源于Wind數(shù)據(jù)庫以及上市公司年報。本文以藍色光標并購博杰廣告事件作為案例,進行深入分析,分析從三個方面展開,包括并購案例中巨額并購商譽形成的影響因素、并購后商譽面臨的減值風險來源、計提巨額商譽減值準備將可能導致并購方承受的后果。研究結果發(fā)現(xiàn):1、具有輕資產(chǎn)運營特點的行業(yè)特征、收益法在企業(yè)價值評估中的估算以及復雜業(yè)績承諾條款的設計是巨額并購商譽形成的影響因素;2、本文案例中巨額商譽在并購后面臨的減值風險主要來源于被并購方博杰廣告的經(jīng)營方面,具體包括業(yè)務內(nèi)容、經(jīng)營資源的可持續(xù)性、并購后管理方式及經(jīng)營狀況等內(nèi)容。3、結合目前藍色光標的財務狀況下,其每股收益承受的每股商譽減值風險較大,如果出現(xiàn)計提大額商譽減值準備的情況,藍色光標的每股收益、凈利潤等財務指標可能會出現(xiàn)下降的情形。通過案例分析,針對目前眾多并購方企業(yè)同樣面臨的巨額商譽減值風險,論文提出監(jiān)管層應加強對企業(yè)并購后的關注;并購方企業(yè)應該加強盡職調(diào)查、完善盈利補償條款、提高并購能力、增強自身內(nèi)生增長能力;并購雙方提高信息披露程度等建議,以降低由計提巨額商譽減值準備對企業(yè)業(yè)績造成的負面影響。
[Abstract]:Since 2014, encouraged by the favorable policies issued by the state, China's capital market M & A activities have become increasingly active, after two years of development from 2014 to 2015, the price of enterprise M & A has risen with the increase of secondary market valuation. Many M & A cases are valued well above the fair value of book identifiable net assets, generating a lot of goodwill. Year-to-year increase in goodwill reflects the tide of mergers and acquisitions, high premium market scene. After M & A, more and more listed companies disclose that their current performance is seriously affected by the provision of impairment of goodwill. Such events remind the market that the risk of goodwill impairment is slowly building up. M & A formation of large goodwill, to the future performance of listed companies increased uncertainty. Therefore, how to reduce the risk of negative impact on corporate performance caused by the preparation for the impairment of goodwill after M & A has become a problem many M & A enterprises face. Based on the perspective of goodwill and with the help of the nature of goodwill, this paper studies the factors that affect the goodwill of foreign purchase. This paper mainly adopts the case analysis method. The financial data are mostly from the Wind database and the annual report of listed companies. In this paper, the blue cursor M & A Bogger advertising event as a case, in-depth analysis, analysis from three aspects, including M & A cases in the formation of huge goodwill M & A factors, the risk source of impairment of goodwill after M & A, Setting aside a huge amount of goodwill impairment preparation could lead to the consequences for M & A parties. The results of the study found that one, with the characteristics of light assets operation of the characteristics of the industry, The estimation of the income method in the enterprise value evaluation and the design of the complex performance commitment clause are the influencing factors of the formation of the huge goodwill of M & A. In this paper, the risk of the impairment of the huge goodwill after the M & A is mainly from the M & A. The management of Fang Bojie's advertisements, It includes business content, sustainability of business resources, management mode after merger and acquisition, and business status. Combined with the current financial situation of blue cursor, the risk of impairment of goodwill per share is greater than that of earnings per share. If there is a provision for large goodwill impairment, the blue cursor's earnings per share, net profit and other financial indicators may decline. Through case analysis, aiming at the huge risk of goodwill impairment faced by many M & A enterprises at present, the paper puts forward that the supervision should pay more attention to the merger and acquisition of enterprises, and the M & A enterprises should strengthen due diligence and perfect the profit compensation clause. To improve the ability of M & A, to enhance their endogenous growth ability, and to improve the degree of information disclosure, etc., in order to reduce the negative impact on corporate performance caused by the preparation for the impairment of large amounts of goodwill.
【學位授予單位】：廣東工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F713.8;F271

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本文編號：1902340