对赌协议下的并购风险研究——基于高升控股案例分析

Research on M&A Risks Under the VAM Agreement——Based on the Case Study of Gaosheng Holdings

近几年,随着并购热潮的出现,越来越多的企业开始追求规模最大化和收益最大化,在2016—2018年并购受到了极大的欢迎,但2018年之后,高价值的并购产生了高商誉,并购方因被并购方完成不了对赌业绩,而造成企业巨额的利益亏损,由此引发了一系列的财务风险,本文以高升控股并购莹悦网络为例,从互联网行业并购溢价的状况、并购的过程、估值方法的选择等角度分析并购后引发财务风险的成因,从而给出一定的建议。

In recent years,in the pursuit of greater interests of Chinese enterprises,the merger and acquisition boom from 2016 to 2018 has been greatly welcomed.However,after 2018,companies are often reported to be involved in gambling agreements signed due to mergers and acquisitions.The acquirer could not complete the VAM performance,resulting in huge profits and losses for the acquirer.In addition,the disadvantage of M&A is that the acquirer often does not understand the value of the acquiree,and thus high-value M&A has laid hidden dangers for the subsequent risks.Goodwill is at risk of impairment.Taking Gaosheng Holdings’acquisition of Yingyue Network as an example,this paper analyzes the causes of goodwill impairment risk from the perspectives of the Internet industry’s M&A premium,M&A process,and selection of valuation methods,so as to give some suggestions.