天神娱乐并购幻想悦游的并购商誉减值研究

天神娱乐并购幻想悦游的并购商誉减值研究 摘 要 数据统计显示，2018年共871家上市公司计提了商誉减值，计提金额高达1658.6亿元，2018年也是A股商誉减值史上最高的年份，是2017年的4.5倍、2016年的14.5倍。在2018年，有亏损的A股上市公司多达452家，而这452家亏损的上市公司中，商誉减值的亏损金额约占总亏损金额的一半。在2015到2016年间，我国上市公司开始了大批的并购热潮，一般在并购过程中会有2至3年的业绩承诺期，如果在到期之日并未实现承诺的业绩，管理层就会进行商誉减值，这也是2018年商誉减值达到顶峰的原因。在相关的行业中传媒、计算机、医药生物、机械设备、电气设备五大行业商誉减值均超百亿元，而游戏行业更是商誉减值的“重灾区”。其中天神娱乐在2018年计提了40.9亿的商誉减值，占2018年亏损金额的58.7%。 本文通过天神娱乐对幻想悦游并购的案例分析，阐释了天神娱乐并购幻想悦游的并购商誉减值的问题，一是在并购开始时，北京国融兴华资产评估有限责任公司对幻想悦游的估值技术有缺陷，导致评估结果中幻想悦游的公允价值过高，从而有巨额商誉减值爆雷的风险；二是因为商誉的后续计量方法不完善，天神娱乐管理层通过商誉减值人为操纵利润，进行盈余管理；三是因为商誉减值信息披露不规范，没有按照准则的最新规定披露相应的内容。后阐述了因为商誉减值政策变化的影响以及利用商誉减值进行盈余管理，天神娱乐出于“保壳”的目的，在2018年计提巨额商誉减值，以期给未来的利润增长创造空间。最后根据本文的案例给出了具体的建议。一是对于并购方要谨慎确认被并购方的商誉初始价值，合理评估被并购方的未来发展前景以及未来的经营风险；二是对于准则制定方 面，要以进一步完善商誉的后续计量方法，以免上市公司钻准则的空子，从而损害投资者的合法利益；三是对于监管机构，要加大对上市公司商誉减值信息披露的监管力度，维护市场经济的安全有效运行。 通过天神娱乐对幻想悦游的并购商誉研究，希望能让公司明白持有巨额商誉的风险；同时也希望能引起有关监管部门的注意，尽快制定并出台更加合理、有效的商誉减值的流程。 关键词：并购商誉；商誉减值；量 Abstract Statistics show that in 2018, the total amount of goodwill impairment of 871 listed companies reached 165.86 billion yuan, which was the highest year in the history of A-share goodwill impairment, 4.5 times that of 2017 and 14.5 times that of 2016. In 2018, there were 452 A-share listed companies with losses, and among the 452 listed companies with losses, the loss amount of goodwill impairment accounted for about half of the total loss amount. From 2015 to 2016, China's listed companies began a large number of mergers and acquisitions, and generally there will be a 2-3 year commitment period in the process of mergers and acquisitions. If the promised performance cannot be achieved by the due date, the management will carry out goodwill impairment, which is also the reason why the goodwill impairment reached its peak in 2018. In the related industries, the impairment of goodwill in media, computer, medicine and biology, mechanical equipment and electrical equipment all exceeded 10 billion yuan. And the game industry is the goodwill impairment of the "disaster areas." The company recorded a goodwill impairment charge of 4.09 billion yuan in 2018, accounting for 58.7 percent of the total loss in 2018. By Dalian Zeus Entertainment Co.LTD case analysis, illustrates the merger ofZeus Entertainment Co.LTD goodwill impairment, the first is at the beginning of mergers and acquisitions, Beijing Luhe Zhengxu Asset Evaluation Co. Ltd. The valuation of Beijing Fantasy Technology Limited defects, lead to the fair value of Beijing Fantasy Technology Limited too high, which has a huge goodwill impairment risk; Secondly, because the follow-up measurement method of goodwill is not perfect, the management of Zeus Entertainment manipulates profits through goodwill impairment and carries out earnings management. Third, the disclosure of goodwill impairment information is not standard, and the corresponding content is not disclosed in accordance with the latest provisions of the standards. Then it explains the reasons for goodwill impairment provision. Due to the influence of policy changes and the motivation of earnings management, Zeus Entertainment has made a huge goodwill impairment provision in 2018 for the purpose of "retain the shell resource", in order to create space for profit growth in the future. Finally, some suggestions are given based on the case in this paper. For the acquirer, it is necessary to carefully confirm the initial value of the acquirer goodwill and reasonably evaluate the future development prospects and future operating risks of the acquirer. As for the establishment of standards, it is necessary to further improve the follow-up measurement method of goodwill, so as to avoid the listed companies taking advantage of the loopholes of the standards, thus damaging the legitimate interests of investors. For regulators, it is necessary to strengthen the supervision on the disclosure of goodwill impairment information of listed companies, maintain the safe and effective operation of the market economy. Through the study on the goodwill of merger and acquisition of Fantasy Hyde, we hope to make the company understand the risk of holding huge goodwill. At the same time, we also hope to attract the attention of relevant regulatory authorities, and formulate and introduce a more reasonable and effective goodwill impairment process as soon as possible. Key words:merger goodwill；goodwill impairment；subsequent measurement 17 绪 言 随着经济的不断发展，公司之间的竞争也日趋激烈，企业合并也成为时代的一种新常态，是公司扩大发展的一种有利和高效的途径。在企业合并的过程中，许多公司因为并购对价大于可辨认净资产的公允价值从而会产生巨额商誉。 我国资本市场起步较晚，虽然近些年随着社会主义经济的发展有了长足的进步，但是在商誉的估值、后续计量以及信息披露等方面仍需要进一步的规范。近年来，因为商誉减值出现巨亏的企业不在少数，早在2015年蓝色光标就出现了商誉金额超过了净资产的账面价值，商誉减值会对公司业绩产生重大不利影响。从上市公司发布的财务报告来看，电子游戏行业是商誉减值发生的高频区，究其原因就是游戏行业的核心资产是人员等主观性的资产，在并购时就会出现对标资产远远高于被并购方可辨认的净资产的公允价值从而出现巨额商誉的情况。一旦后续管理不到位，不能及时达到承诺的对赌业绩，管理层就会计提巨额商誉减值来平滑利润。所以本文选取天神娱乐并购幻想悦 游这一典型案例，探讨商誉减值过程中存在的问题以及计提大额商誉减值的原因，从而进一步丰富目前的相关理论研究，并为准则的进一步规范提出自己的一点建议，同时也希望能引起有关监管部门的注意，进一步规范上市公司的信息披露，从而更好的发展经济。 在对商誉减值分析的研究方法中，大多是采用实证研究的方法进行研究，本文则是以具