蓝色光标并购中的合并商誉问题研究

发布时间：2018-03-24 14:46

本文选题：并购　切入点：合并商誉　出处：《石河子大学》2017年硕士论文

【摘要】：随着经济创新的不断加深和资本市场快速的发展,越来越多的企业选择通过并购的方式发展市场,企业并购重组也日益成为大家关注的重点。并购是企业扩大范畴、加强实力、提高效率的重要手段,同时也是我国经济实现产业调整、效益提升的重要体现。公共关系行业作为典型的资金密集型的产业,专业化服务以及持续开发新媒体的能力,是达到传播环境变革和满足客户需求的重要指标,通过资本运作进行并购重组能够促进公关企业的发展,达到提升市场适应能力的目标。本文以蓝色光标发生并购时合并商誉相关数据为基础,从并购产生高商誉的原因的视角,探讨合并商誉对公司整体并购绩效的影响,为规范企业合并商誉的计量减少合并商誉减值风险提供借鉴。研究结果有助于经营者对合并成本的准确把握,为并购后经营结果的预测提供借鉴,促进并购过程的顺利进行,合并商誉的计量方面的研究也有助于企业经营者更好地掌握企业所拥有资源的真正价值,有利于企业提升管理水平,提高经营业绩为商誉会计准则的制订和修改给出改进意见。论文首先从研究意义以及研究背景进行概述,接下来通过对相关文献的梳理为下文的案例研究提供理论支撑,尤其是对合并商誉的相关理论、国内和国外合并商誉的会计处理方式进行了比较分析;其次,对案例展开分析,研究公司并购过程中重要财务数据以及并购行为的动因,对并购的流程、并购的方案、并购案例中企业产生高的合并商誉进行系统的研究和分析。最后,对合并商誉会计处理上发现的问题提出针对性的建议。在研究方法的使用上,本文主要使用了案例分析法,总结归纳出合并商誉处理上存在的不足以及改进的方向,使用案例研究法有助于发现企业存在的问题,对于其他企业更具有借鉴意义。通过案例分析,得出以下结论:(1)商誉的初始计量没有详细的、明确的可用于指导实践的计量方法;(2)商誉的后续计量中,现有的资产评估技术不能准确计算企业的市场价值,最终无法测算商誉是否存在减值;(3)在信息不对称的情况下,并购的合并成本包含着并购双方企业讨价还价的因素,企业的合并成本减去被并购企业可辨认净资产的结果应该认定为合并价差。通过以上分析,笔者提出以下建议:(1)运用市场法对商誉进行估算,结果可以减弱商誉被高估的部分,这样会使商誉的计量更合理;(2)对合并商誉后续计量采“两步走”的方法,逐步过渡到“减值测试法”;(3)加强财务顾问的监管,健全并且规范价值评估市场;(4)加大合并商誉信息披露的监管力度,提高工作质量。
[Abstract]:With the deepening of economic innovation and the rapid development of capital market, more and more enterprises choose to develop the market through mergers and acquisitions. At the same time, it is also an important embodiment of the industrial adjustment and efficiency enhancement of our economy. As a typical capital-intensive industry, the public relations industry is capable of providing specialized services and continuously developing new media. It is an important index to achieve environmental change and meet the needs of customers. Mergers and acquisitions through capital operation can promote the development of public relations enterprises. Based on the data related to the merger goodwill when the blue cursor occurs, this paper discusses the impact of the combined goodwill on the overall M & A performance of the company from the perspective of the reasons for the high goodwill. The research results are helpful for managers to accurately grasp the cost of merger, for the prediction of business results after mergers and acquisitions, and to promote the smooth progress of the process of mergers and acquisitions, and provide a reference for standardizing the measurement of the combined goodwill and reducing the risk of the impairment of the combined goodwill. The research on the measurement of mergence goodwill also helps the business operators to better grasp the real value of the resources owned by the enterprises and to improve the management level of the enterprises. Improve the performance of goodwill accounting standards to improve the formulation and modification. Firstly, this paper summarizes the significance of the research and research background, and then provides theoretical support for the following case studies by combing the relevant literature. In particular, the related theory of mergence goodwill, the domestic and foreign combined goodwill accounting treatment methods are compared and analyzed. Secondly, the case analysis is carried out to study the important financial data in the process of M & A and the motivation of M & A behavior. The process of M & A, the scheme of M & A, the case of M & A are systematically studied and analyzed. Finally, some suggestions are put forward to deal with the problems found in the accounting of mergence goodwill. This paper mainly uses the case analysis method to sum up the shortcomings and the direction of improvement in the treatment of the combined goodwill. The use of the case study method can help to find the problems existing in the enterprise. Through the case study, we can draw the following conclusions: 1) the initial measurement of goodwill is not detailed, but can be used to guide practice in the follow-up measurement of goodwill. The existing asset evaluation technology can not accurately calculate the market value of the enterprise, and finally can not calculate whether there is a impairment of goodwill. In the case of information asymmetry, the merger cost of M & A includes the factors of bargaining between the two sides of M & A. The result of the merger cost minus the identifiable net assets of the acquired enterprise should be considered as the combined spread. Through the above analysis, the author puts forward the following suggestion: 1) using the market method to estimate the goodwill, the result can weaken the overvalued part of the goodwill. This will make the measurement of goodwill more reasonable) and adopt a "two-step" approach to the subsequent measurement of combined goodwill, and gradually transition to the "impairment Test method" to strengthen the supervision of financial advisers. Perfecting and standardizing the market of value evaluation and strengthening the supervision of information disclosure of mergence goodwill and improving the quality of work.
【学位授予单位】：石河子大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F713.8;F271

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