会计学院知识库

      近年来，追求外延式增长的上市公司越来越多，并购行为不断增加。与此同时，和活跃的上市公司兼并收购事件一起上涨的还有因高额溢价收购而形成的巨额商誉问题。商誉问题不仅影响了资本市场的正常发展，而且给上市公司将来计划要实施的业务活动带来了极大的风险隐患。所以，研究上市公司并购商誉和商誉减值风险意义重大。

      嘉凯城于 2018 年跨界并购明星时代影院与艾美影院，通过此次并购使得嘉凯城获取了相应的院线资质与资源，为其第二产业的发展奠定基础，但这些院线资质与资源在并购后并没有发挥预期的作用。嘉凯城在 2018 年的并购中共产生了约 3.5 亿元的商誉，而在并购当年年底就对该项商誉计提了高达约 2.67 亿元的减值，同年艾美影院被关停，且短时间内不会重新开张，在这种情况下，嘉凯城又对并购艾美影院时形成的商誉全额计提了减值准备。嘉凯城 2018 年前三季度归母净利润亏损 5.39 亿元，而全年亏损 16.55 亿，第四季度亏损超过 10 亿元，公司突然出现大幅亏损主要是商誉减值所导致的。巨额商誉减值严重影响企业的品牌形象，对企业声誉造成负面影响，降低广大投资者对企业的信心。本文采用案例研究法，选取嘉凯城跨界并购明星时代影院与艾美影院为案例，首先介绍了并购案例的基本情况，其次识别、评估了嘉凯城的商誉减值风险，并对风险成因进行分析，最后提出了相应的风险防范措施。根据提出问题、分析问题、解决问题的思路，全面剖析了这一案例商誉减值的前因后果。

      在经过这样一个系统性的风险分析后，本文得出以下结论：造成商誉减值风险的主要成因是，并购前嘉凯城尽职调查不充分，尤其是对于目标公司的估值不严谨，资产评估报告中披露的有含金量的信息较少，并且其一次性并购的并购方式本身就存在风险；在并购后，嘉凯城没有进行很好的资源整合，因而没有产生相应的协同效应，同时也拖累了嘉凯城自身的业绩，对其公司形象产生了负面影响。通过对该案例的分析，希望能够为同类企业的并购行为提供一定的理论依据和实践指导，从而更好地保护投资者、尤其是中小投资者的权益。

      In recent years, more and more listed companies have been pursuing epitaxial growth, and the behavior of M & A is increasing. At the same time，along with the active mergers and acquisitions of listed companies，there is a vast goodwill problem caused by high premium acquisitions. Nowadays, the issue of goodwill has become one of the critical problems affecting the capital market. The problem of goodwill affects the normal development of the market and brings excellent potential risks to the business activities that listed companies plan to implement. Therefore, it is essential to study the M &Agoodwill and goodwill impairment risk.

      China Calxon Group Co., Ltd group made a cross-border acquisition of star era cinema and Emmy cinema in 2018. Through this acquisition, China Calxon Group Co., Ltd obtained corresponding theater qualifications and resources, laying the foundation for the development of its secondary industry. However, these theater qualifications and resources did not play the expected role after the acquisition. In 2018, China Calxon Group Co., Ltd generated total goodwill of about a 350million yuan. At the end of the year of acquisition, an impairment of about a 267million yuan was accrued for this goodwill. In the same year, the Emmy theater was closed and will not reopen in a short time. In this case, China Calxon Group Co., Ltd made a full provision for the impairment of the goodwill formed when the Emmy theater was purchased. China Calxon Group Co., Ltd's net profit attributable to the parent company in the first three quarters of 2018 was a loss of 539million yuan, while the annual loss was 1.655 billion yuan, and the loss in the fourth quarter exceeded 1billion yuan. The sudden large loss of the company was mainly caused by the impairment of goodwill. A huge amount of goodwill impairment seriously affects the brand image of the enterprise, hurts the reputation of the enterprise, and reduces the confidence of investors in the enterprise. Using the case study method, this paper selects China Calxon Group Co., Ltd's cross-border merger and acquisition of star era cinema and Aimei cinema as cases, first introduces the basic situation of the merger and acquisition case, then identifies and evaluates the goodwill impairment risk of China Calxon Group Co., Ltd, analyzes the causes of the risk, and finally puts forward the corresponding risk prevention measures. According to the ideas of raising problems, analyzing problems, and solving problems, this paper comprehensively analyzes the causes and consequences of goodwill impairment in this case.

      After such a systematic risk analysis, this paper draws the following conclusions: the main causes of goodwill impairment risk are that China Calxon Group Co., Ltd's due diligence before M & A is not sufficient , especially since the valuation of the target company is not rigorous, there is less gold content information disclosed in the asset evaluation report, and the M & a method of one-time M & A itself has risks; After the merger and acquisition, China Calxon Group Co., Ltd did not integrate resources well, so it did not produce the corresponding synergy. At the same time, it also dragged down China Calxon Group Co., Ltd's performance and had a negative impact on its corporate image. Through the analysis of this case, we hope to provide some theoretical basis and practical guidance for the M & A of similar enterprises, to better protect the rights and interests of investors, especially small and medium-sized investors.