商誉减值风险及防范探究

Research on the risk of goodwill devaluation and its prevention

介绍了商誉的实质内涵及特点,分析了商誉减值风险,即可能产生商誉爆雷等经济后果,进而提出商誉减值风险的防范措施:处理好市场的供求关系,决定高溢价并购前聘请专业的评估机构对标的企业的价值进行合理估值,在合同操作上,设置对赌协议或奖励条款,对冲并购过程中标的资产价格虚高及高溢价并购的风险,制订资产减值补偿条款,爆雷后给予现金或股份形式的补偿,缓解商誉爆雷对财报的冲击。这样可使企业认清自身价值,充分利用好协同效应,提高自身商业竞争力,提高企业的投资收益。

It introduces the essence and characteristics of goodwill, analyses the risk of goodwill impairment, which may produce economic consequences such as goodwill thunder explosion, and then proposes preventive measures for the risk of goodwill impairment: handle the supply and demand relationship of the market well, decide to employ professional evaluation agencies to evaluate the value of the target enterprises reasonably before high premium mergers and acquisitions, and set up betting agreements or awards in the operation of contracts. Incentive clause, hedging the risk of high price and high premium of the underlying assets in the process of merger and acquisition, formulating asset impairment compensation clause, giving cash or stock compensation after the explosion of mines, alleviating the impact of goodwill explosion on financial reports. This will enable enterprises to recognize their own value, improve business competitiveness and investment returns.