天神娱乐并购商誉减值风险防范研究.pdfVIP

哈尔滨商业大学硕士学位论文 摘 要 由于经济环境和政府政策的引导，我国A 股市场掀起外延式并购热潮，随着业绩承诺 期最后期限的到来，上市公司期末计提商誉减值金额持续增长，2018 年A 股市场出现高额 商誉减值累积现象。尤其对于轻资产行业来说，由于其本身自有的特性，导致并购商誉背后 隐藏着巨大的并购商誉减值风险。因此，探究 A 股市场中，轻资产公司的并购商誉减值原 因、并购商誉减值风险防范具有重要意义。 论文分别采用定性分析与定量分析法、比较分析法与案例分析法，以天神娱乐为研究对 象，对天神娱乐借壳上市以及上市后开展系列并购的背景进行梳理，分析并购商誉产生原 因、商誉积累过程。从天神娱乐并购估值的高溢价性、政府对行业监管力度加大、控股股东 初始并购战略存在投机性与天神娱乐业绩承诺偏高四个方面，对天神娱乐的商誉减值风险进 行全面分析。通过盈利能力、偿债能力与营运能力三个财务业绩指标与公司规模经济、研发 投入两个协同效应指标，对天神娱乐系列并购后的公司业绩进行分析。以并购时点为分界， 分别从并购前、并购发生时与并购后为出发点，结合天神娱乐公司、中介机构以及政府角度 对天神娱乐商誉减值防范措施提出建议。 关键词：并购商誉；商誉减值风险；风险防范 II 哈尔滨商业大学硕士学位论文 Abstract Guided by the economic environment and government policies, Chinas A-share market has set off an upsurge of MA. With the arrival of the performance commitment period deadline, the amount of impairment losses for listed companies accrued goodwill at the end of the period continues to increase. Accumulation of goodwill impairment. Especially for the asset-light industry, due to its own characteristics, there is a huge risk of impairment of MA goodwill hidden behind MA goodwill. Therefore, it is of great significance to explore the reasons for the impairment of MA goodwill and the risk prevention of it in the A-share market. The thesis adopts qualitative analysis, quantitative analysis method, comparative analysis method and case analysis method respectively, taking Dalian Zeus Entertainment as the research object, combing the background of Dalian Zeus Entertainments backdoor listing and carrying out series of mergers and acquisitions after the listing, and analyzing the causes of merger and acquisition goodwill and goodwill Accumulation process. A comprehensive