摘 要

最近几年以来，并购成为了我国医药商业企业迅速发展的方式之一。由于医药行业是具有“轻资产”属性的行业，在并购的过程中就会出现溢价并购的普遍现象，造成商誉的账面价值出现偏高的现象，同时企业面临的是较高的商誉减值风险。近几年来，我国上市医药商业企业商誉减值的金额超过了百亿元，商誉减值风险的产生对整个医药行业的未来发展造成了较为严重的不利影响，引发市场关注。如果被并购企业不能完成其承诺期内的目标业绩就会导致商誉减值风险的产生，虽然部分被收购公司实现了业绩目标，但也存在各种因素导致商誉减值风险。本文将结合并利用商誉、商誉减值以及商誉减值风险的相关理论基础，对瑞康医药有限公司形成商誉减值风险的原因进行分析，并且总结出的主要原因有以下几点：企业的初始确认计量的高溢价并购会导致商誉的账面价值虚增；一些被并购方的自身经营质量比较差；被并购方没有实现承诺业绩。最后，主要针对上述企业存在的问题提出对策：先对被并购企业进行理性评估，然后加强标的企业的尽职调查，最后制定业绩承诺补偿协议机制。

关键词：医药商业企业　并购　商誉减值风险

Abstract

In recent years, merger and acquisition has become one of the ways for the rapid development of pharmaceutical commercial enterprises in China. Because the pharmaceutical industry is a "light asset" industry, there will be a common phenomenon of premium M & A in the process of M & A, which leads to the high book value of goodwill, and the enterprise is facing higher risk of goodwill impairment. In recent years, the amount of goodwill impairment of listed pharmaceutical commercial enterprises in China has exceeded 10 billion yuan. The risk of goodwill impairment has caused serious adverse effects on the future development of the whole pharmaceutical industry, which has aroused market attention. If the acquired company can not achieve its target performance within the commitment period, it will lead to the risk of goodwill impairment. Although some of the acquired companies achieve the performance target, there are also various factors leading to the risk of goodwill impairment. According to the relevant theories of goodwill, goodwill impairment and the risk of goodwill impairment, this paper analyzes the reasons for the formation of goodwill impairment risk in Ruikang pharmaceutical enterprises. The main reasons summarized in this paper are as follows: the initial recognition of high premium M & A leads to the false increase of goodwill value; Most of the acquired parties have low quality; The acquiree failed to achieve the performance promised. Finally, this paper mainly puts forward countermeasures for the problems of the above enterprises: first, make a rational evaluation of the merged enterprises, then strengthen the due diligence of the target enterprises, and finally formulate the performance commitment compensation agreement mechanism.

Key words:　 Pharmaceutical commercial enterprises　 merger　 Goodwill impairment risk