上市公司并购重组商誉及其减值问题探析.PDF

公司金融 上市公司并购重组商誉及其减值问题探析 1 2 高榴 袁诗淼 (1.中国证监会重庆监管局，重庆 400010；2.西南财经大学会计学院，四川 成都 610074) 摘要：商誉是溢价并购重组的产物。受市场竞争及政策的支持，近年来上市公司并购重组持续升温，商誉资产在“高估 值、高业绩承诺”的催化下飞速增长，背后积聚的潜在减值风险不容小觑。本文分析了上市公司巨额商誉的产生及其成 因、会计处理及其减值风险，阐述了上市公司巨额商誉及其减值风险可能引发的问题，如增大上市公司盈余管理空间， 造成上市公司投资价值失真，加剧上市公司未来业绩不确定性，损害上市公司及其中小投资者利益。进而，本文提出了 加强并购重组“双高”监管、强化信息披露、改进商誉后续计量方法、严查违法违规行为等防范和化解上市公司巨额商 誉风险问题的政策建议。 关键词：并购重组；商誉减值；会计处理；盈余管理；信息披露 Abstract: Goodwill is the product of premium merger and acquisition (shorted for MA). Supported by policy and market competition, MA of listed companies has continued to heat up in recent years. Meanwhile, the total amount of goodwill soared under the effect of “high valuation and high performance commitments”. The huge hidden impairment risk should not be underestimated. This paper analyzes the causes of the huge goodwill of listed companies, the accounting treatment and its impairment risk, and then expounds the problems caused by the huge goodwill and its impairment risk, such as increasing the space for earnings management, resulting in distortion of the investment value of listed companies, aggravating the uncertainty of the future performance of listed companies, and damaging the interests of listed companies and their small and medium-sized investors. Finally this paper puts forward some policy suggestions, such as strengthening the supervision of “double high” MA, enhancing information disclosure, improving the subsequent measurement of goodwill and severely dealing with all the illegal acts. Key words: merger and acquisition, goodwill impairment, accounting treatment, earnings management, information disclosure 作者简介：高榴，注册会计师，任职于中国证监会重庆监管局，研究方向：证券市场监管。袁诗淼，女，就读于西南财经 大学会计学院，研究方向：财务会计。 中图分类号：F275 文献标识码：A 全面推进并购重组市场化改革，国务