溢价并购引起的商誉泡沫减值风险分析--基于零售行业的多案例研究

Risk analysis of goodwill foam impairment caused by premium mergers and acquisitions--Multi case study based on retail industry

随着我国上市公司并购活动的日益增多,"高溢价并购+高额商誉"的并购模式成为潮流,巨额商誉泡沫的"破裂"导致业绩"暴雷"频频发生。基于对2018年零售业出现大规模商誉减值事件的反思,文章选择进行溢价并购的两个典型企业--苏宁易购和南京新百,分析企业巨额商誉的形成及其减值风险会引起的严重经济后果,并在此基础上提改善建议,以期能帮助企业对并购活动中的商誉减值风险进行有效控制。

With the increasing number of M & A activities of listed companies in China, the M & A mode of "high premium merger +high goodwill" has become the trend.Based on the reflection of large-scale goodwill impairment events in retail industry in 2018,this paper selects two typical enterprises, Suning e-buy and Nanjing Xinbai, to analyze the formation of huge goodwill and the serious economic consequences caused by its impairment risk, and on this basis, puts forward suggestions for improvement, in order to help the enterprises to control the risk of goodwill impairment in M & A activities effectively.