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| 上市公司合并商誉及其减值问题分析——以MK高新技术公司并购YT公司为例 摘 要 近年来，资本市场迅猛发展，国家政策鼓励经济结构转型和产业升级，企业开始寻求外延式发展，并购有助于企业扩大规模、调整产业结构，成为促进企业快速成长和发展的有利手段。上市公司并购活动大规模增加，各种问题随之产生，上市公司并购重组产生的大额商誉就是最为典型的问题。高额商誉的确认，一方面意味着并购方预期被并购方能够在未来获得较好的收益，但是，另一方面计提巨额商誉减值会冲减当期利润，影响企业的股价，从而对投资者的利益造成伤害。如今，我国资本市场频繁出现巨额商誉以及减值暴雷现象，这给资本市场带来严重伤害，说明我国商誉减值风险逐渐高涨，因此上市公司合并商誉及其减值问题值得升入研究。 根据上述现状，本文基于商誉的视角，从企业并购活动出发，回顾了商誉估值及其减值的研究成果，在梳理了商誉及其减值相关理论的基础上，采用案例分析法，以MK高新技术公司并购YT公司案例为研究对象，首先对其有关商誉的初始确认、后续计量、信息披露进行了评价，在此基础上，分析巨额商誉及商誉减值产生的原因以及巨额商誉减值为企业带来的风险，进而探究产生应对商誉减值的方法。在本案例的研究中，发现了以下几个问题：第一，在初始确认环节，MK高新技术公司商誉的初始确认收益法为基础的评估方法，它存在高估标的资产、抬高商誉的迹象。第二，在后续计量环节，2019年MK高新技术公司对并购YT公司产生的商誉全额计提减值，导致MK高新技术公司盈利能力下降、净利润亏损。这种精准地商誉减值，变相证明了管理层凌驾于制度之上，商誉减值为了公司的业绩服务。第三，MK高新技术公司对于商誉减值的信息披露也存在不完善的问题。 基于以上现状总结和案例分析，针对我国商誉计量中存在的问题，本文从商誉会计处理角度、企业角度以及监管部门角度提出建议，希望为完善我国商誉准则，促进资本市场的健康发展贡献微薄之力。 关键词：商誉减值，并购溢价，后续计量 ABSTRACT In recent years, with the rapid development of the capital market,the national policy encourages the transformation of economic structure and industrial upgrading, and enterprises begin to seek the extension development. M & A helps enterprises expand the scale and adjust the industrial structure,and becomes a favorable means to promote the rapid growth and development of enterprises. With the large-scale increase of M & A activities of listed companies, various problems arise.The large amount of goodwill generated by M & A of listed companies is the most typical problem.The confirmation of high goodwill, on the one hand,means that the acquirer expects the acquire to obtain better income in the future,but on the other hand, the withdrawal of huge goodwill impairment will offset the current profits, affect the stock price of the enterprise, thus causing harm to the interests of investors. Nowadays, the phenomenon of huge goodwill and impairment thunder frequently appears in China's capital market,which brings serious damage to the capital market, indicating that the risk of goodwill impairment in China is rising gradually. Therefore, the merger of listed companies and the impairment of goodwill are worthy of further study. According to the above situation, based on the perspective of goodwill,this paper reviews the research results of goodwill valuation and itsimpairment from the perspective of enterprise merger and acquisition activities. On the basis of combing the relevant theories of goodwill and itsimpairment, this paper uses the case analysis method to take the case of MK high tech company merging YT company as the research object. Firstly, it analyzes the initial recognition,subsequent measurement and information disclosure of goodwill. On this basis, this paper analyzes the causes of huge goodwill and goodwill impairment, as well as the risks brought by huge goodwill impairment forenterprises, and then explores the methods to deal with goodwill impairment. In this case study, we found the following problems: firstly,in the initial recognition process,the evaluation method based on the initial recognition income method of MK high-tech company's goodwill has the signs of overestimating the underlying assets and raising the goodwill. Secondly, in the follow-up measurement,MK high tech company made full provision for impairment of goodwill generated by the merger and acquisition of YT company in 2019, resulting in the decline of MK high tech company's profitability and net profit loss. This accurate impairment of goodwill, in disguise,proves that the management is superior to the system, and the impairment of goodwill serves the company’s performance. Thirdly, MK high-tech company has imperfect information disclosure of goodwill impairment. Based on the above situation summary and case analysis,aiming at the problems existing in China's goodwill measurement, this paper puts forward some suggestions from the perspective of goodwill accounting treatment,enterprises and regulatory departments, hoping to make a modest contribution to improving China's goodwill standards and promoting the healthy development of the capital market. Keywords：Goodwill impairment, Acquisition premium, Subsequent measurement 目 录 摘要 1 ABSTRACT 2 第1章 绪论 1 1.1 研究背景及意义 1 1.1.1 研究背景 1 1.1.2研究意义 2 1.2研究内容及方法 3 1.2.1研究内容 3 1.2.2研究方法 4 1.3文献综述 4 1.3.1国内研究综述 4 1.3.2国外研究综述 7 1.3.3国内外研究述评 9 1.4创新与不足 10 1.4.1创新点 10 1.4.2不足之处 10 第2章 相关概念与基本理论 12 2.1并购商誉的基本内容 12 2.1.1商誉的含义及特征 12 2.1.2自创商誉与外购商誉 12 2.1.3并购商誉的确认与计量 12 2.1.4并购商誉减值的含义 15 2.2并购商誉减值相关理论基础 15 2.2.1信息不对称理论 15 2.2.2信号传递理论 16 2.2.3利益相关者理论 17 2.2.4协同效应理论 17 第3章 案例介绍 19 3.1 交易双方 19 3.1.1并购方：MK高新技术公司 19 3.1.2被并购方：YT公司 20 3.2案例概况 21 3.2.1并购交易细节 21 3.2.2并购目的 23 3.2.3业绩承诺条款 24 3.3商誉的会计处理 24 3.3.1商誉的初始确认 25 3.3.2商誉的后续计量 25 3.3.3商誉的信息披露 26 第4章 案例公司商誉及商誉减值情况分析 28 4.1案例公司并购商誉处理分析 28 4.1.1初始确认角度 28 4.1.2后续计量角度 32 4.1.3信息披露角度 34 4.2巨额商誉带来商誉减值风险 35 4.2.1案例公司商誉与净资产的占比关系 35 4.2.2案例公司并购商誉减值的经济后果 36 4.2.3案例公司面对高额商誉减值的对策 39 第5章 基于MK高新技术公司并购商誉减值案例的建议 41 5.1商誉会计处理角度 41 5.1.1深入研究商誉会计理论 41 5.1.2谨慎确认并购商誉 41 5.1.3优化商誉计量方法 42 5.2企业角度 43 5.2.1完善公司内部制度并发挥并购协同作用 43 5.2.2正确看待业绩承诺补偿协议 44 5.2.3注重公司治理建设 45 5.3监管部门角度 46 5.3.1加强企业并购后的监管 46 5.3.2加强对商誉准则执行的监督 46 5.3.3完善与商誉有关的会计信息披露制度 47 第6章 结论与展望 48 参考文献 50 致谢 54 |
