蓝色光标并购博杰广告的商誉研究

发布时间：2018-05-17 18:07

本文选题：巨额商誉 + 商誉减值　；参考：《广东工业大学》2017年硕士论文

【摘要】：2014年以来,受到国家出台的有利政策的鼓励,我国资本市场并购重组活动日渐活跃,历经2014至2015年两年的发展,企业并购价格也随着二级市场估值的提升而水涨船高,很多并购案例的估值远高于账面可辨认净资产公允价值,由此产生大量商誉。逐年攀升的商誉额上反映出并购潮涌、高溢价不断的市场景象。而并购后又有越来越多的上市公司披露由于受到计提商誉减值准备从而严重影响公司当期业绩。这类事件的发生提醒着市场:商誉减值的风险在慢慢积累。并购重组形成的大额商誉,给上市公司未来业绩增加了不确定性。因此,如何降低由并购后计提商誉减值准备对企业业绩造成负面冲击的风险成为许多并购方企业面临的问题。本文基于商誉的视角,借助商誉的性质、外购商誉与自创商誉等相关理论,研究了影响外购商誉的因素。本文主要采用了案例分析方法,所用财务数据大多来源于Wind数据库以及上市公司年报。本文以蓝色光标并购博杰广告事件作为案例,进行深入分析,分析从三个方面展开,包括并购案例中巨额并购商誉形成的影响因素、并购后商誉面临的减值风险来源、计提巨额商誉减值准备将可能导致并购方承受的后果。研究结果发现:1、具有轻资产运营特点的行业特征、收益法在企业价值评估中的估算以及复杂业绩承诺条款的设计是巨额并购商誉形成的影响因素;2、本文案例中巨额商誉在并购后面临的减值风险主要来源于被并购方博杰广告的经营方面,具体包括业务内容、经营资源的可持续性、并购后管理方式及经营状况等内容。3、结合目前蓝色光标的财务状况下,其每股收益承受的每股商誉减值风险较大,如果出现计提大额商誉减值准备的情况,蓝色光标的每股收益、净利润等财务指标可能会出现下降的情形。通过案例分析,针对目前众多并购方企业同样面临的巨额商誉减值风险,论文提出监管层应加强对企业并购后的关注;并购方企业应该加强尽职调查、完善盈利补偿条款、提高并购能力、增强自身内生增长能力;并购双方提高信息披露程度等建议,以降低由计提巨额商誉减值准备对企业业绩造成的负面影响。
[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.
【学位授予单位】：广东工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F713.8;F271

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