医药行业商誉减值风险防范研究——以FX公司并购印度药企为例

Research on the Risk Prevention of Goodwill Impairment in Pharmaceutical Industry——Taking FX Company’s Merger and Acquisition of Indian Pharmaceutical Enterprises as an Example

近年来,我国医药行业并购市场不断发展,频繁并购产生了高额商誉,随之而来出现了一系列的问题。其中的典型问题就是企业之间未能履行业绩承诺,导致收益与预期相背离,企业不得不对商誉进行减值处理。特别是《会计监管风险提示第8号——商誉减值》颁布后,上市公司进入商誉减值的测试季,高额商誉成为股票市场的“大地雷”。基于此,本文搜集了大量有关医药行业商誉减值的有关资料,并针对FX公司高溢价收购印度药企作为案例研究对象,对其并购过程进行评价,从商誉的初始计量和后续计量两方面评估其商誉减值风险。最后对广大上市公司和投资者提出建议:重视交易过程中被并购企业的资产价值博弈;完善商誉信息的披露制度;及时关注子公司业绩表现和业绩承诺完成情况。

In recent years,the M&A market in my country’s pharmaceutical industry has continued to develop.Frequent mergers and acquisitions have produced high amounts of goodwill,and a series of problems have followed.One of the typical problems is that companies fail to fulfill their performance commitments,resulting in a deviation from expectations,and companies have to impair their goodwill.In particular,after the Accounting Supervision Risk Enhancement No.8-Goodwill Impairment was issued,listed companies entered the test season for impairment of goodwill,and high amounts of goodwill became a"big mine"in the stock market.Based on this,this paper collects a large number of data about goodwill impairment in the pharmaceutical industry,and takes FX company’s high premium acquisition of Indian pharmaceutical enterprises as the case study object to evaluate its merger and acquisition process,and evaluate its goodwill impairment risk from two aspects of the initial measurement and subsequent measurement of goodwill.Finally,it puts forward some suggestions for the majority of listed companies and investors:pay attention to the asset value game of the acquired enterprises in the transaction process;improve the disclosure system of goodwill information;timely note the performance and performance commitment of subsidiaries.