商誉泡沫破灭导致企业财务危机的原因分析--以“长城动漫”为例

Cause Analysis of the Financial Crisis Caused by the Bursti ng of Goodwill Bubble:Take Great Wall Animat ion as an Example

商誉产生于并购,而并购是一把双刃剑,一方面能促进企业做大做强;另一方面可能产生巨额商誉及未来减值摊销的风险,导致企业陷入财务危机%文章以“长城国际动漫游戏股份有限公司”为例,探讨并购活动、商誉产生、减值形成财务危机的过程%通过对“长城动漫”经营状况的分析,探究该企业在公司治理、并购活动及估价、内部控制等方面存在的问题,揭示业绩下滑和商誉泡沫破灭下企业财务危机的形成机制,并对如何防范商誉泡沫破灭导致企业财务危机提出了相应的对策建议。

Goodwill is generated from merger and acquisition,which is a double-edged sword.On the one hand,it can promote the enterprise to become bigger and stronger;on the other hand,it may generate huge goodwill and the risk of impairment and amortization in the future,leading to the financial crisis of the enterprise.The paper takes"Great Wall Animation"as an example to discuss the m&a activity,goodwill generation,impairment and financial crisis formation.Then,based on the operation status of"Great Wall Animation",this paper explores the problems in corporate governance,m&a valuation,internal control and goodwill measurement management of this company,reveals the formation mechanism of corporate financial crisis under the decline in performance and the bursting of goodwill bubble,and provides suggestions for how guarded against to goodwill bubble enterprise financial crisis countermeasures.