摘要
随着经济活动的快速发展,企业并购活动逐渐成为企业转型发展、改善经营、增大业绩、提高自身竞争力的重要途径。受经济市场竞争以及政策的支持,企业之间的并购活动日益频繁,并购规模也越来越大。随着企业并购交易数量及金额的不断增大,并购商誉呈爆发式增长,伴随的商誉减值风险也随之增大。通过以A公司并购W公司为例,分析了商誉减值风险成因,这包括高溢价并购、业绩承诺未达标、并购方盈余管理动机。高额商誉减值的经济后果:盈利能力下降;长期偿债能力减弱;运营中收入的增长度小于总资产的增长度;企业发展中反映出并购后的协同效应并不理想。规避商誉减值风险的建议:完善评估方法,提高评估合理性;抑制高业绩承诺,防范商誉减值风险;完善商誉后续计量,减少企业自由裁量权;规范商誉相关信息披露,加大监管力度。
Nowadays,companies have prioritized mergers and acquisitions to achieve transformation,improve management,lift performance,and increase competitiveness.Due to the intense competition in the economic market and the policy preference,the frequency,scope,and goodwill of mergers and acquisitions are mounting,which lead to the increase of risk of goodwill impairments.Taking the example of A company’s acquisition of W company,this essay analyzes the causes of goodwill impairment risk,including high premium mergers and acquisitions,unmet performance commitments,and profit management motives of the acquiring party.The economic consequences of high goodwill impairment are:a decrease in profitability;a weakening of long-term solvency;the income increase in operation is less than the one in the total asset;an unsatisfactory synergies reflected in later development.Suggestions for avoiding goodwill impairment risk include improving evaluation methods to be more rationality;curbing high performance commitments to prevent goodwill impairment risk;improving subsequent measurement of goodwill to reduce enterprise discretion;standardizing disclosure of goodwill-related information and increasing regulatory oversight.
作者
牟书娴
Mou Shuxian(College of Economics and Management,Xi’an University of Posts&Telecommunications,Xi’an 710061)
出处
《西部学刊》
2023年第20期38-42,共5页
Journal of Western
关键词
企业并购
业绩承诺
商誉减值
Mergers and Acquisitions
Performance commitment
Goodwill impairment
