会计学院知识库

      近年来,随着中国经济的迅猛发展,大量公司试图通过并购重组的方式，来进行企业转型与产品升级,进一步扩充企业的实力及其竞争优势。所以并购案例在近年来犹如雨后春笋般源源不断的涌现出来。但是，随之带来的隐患便是在溢价并购中积累的商誉占资产总额比重的日益飙升。根据我国现行会计政策，商誉会在每年年末进行减值测试，因此每年都巨额商誉存在减值风险，而一旦商誉减值实际发生，那么就会造成企业当年净利润的严重亏损及其财务数据，股票价格应声下跌，广大投资者利益损失严重。经数据显示,2020 年,A 股上市公司共发生1.23 万起并购事件,商誉总值激增至 1.19 万亿,共计提商誉减值 853.16 亿元。而在这其中，又以合计计提 296.76 亿，占总计提商誉 35%的软件服务类上市公司最为引人注目。截至目前为止，国内外学者多聚焦于对高溢价并购动因分析、商誉的确认与计量、计提商誉造成的经济后果等问题的研究，但却少有人进行案例分析研究。

      本文的研究问题是:高溢价并购的商誉减值与中小投资者利益侵害。鉴于我国 A 股市场频繁发生高溢价并购后计提巨额商誉减值的事件，因此本文试图从该现象入手，对案例高溢价并购目的及动因、高额商誉减值成因，以及高溢价并购的商誉减值对中小投资者利益侵害链条做出分析，并最终得出如何保护中小投资者利益的相关结论。

      本文首先采用了文献研究法，对商誉、高溢价并购、商誉减值、中小投资者利益的相关文献进行回顾梳理，对本文中涉及到的概念进行了重新界定，同时罗列出了文章所涉及的基础理论，为后文的分析提供理论支撑。随后采用案例分析法,以高伟达这一在 2020 年计提巨额商誉减值准备的公司为例,通过梳理其并购后商誉累计和减值的全过程,从而进一步分析高溢价并购、及其之后计提巨额商誉减值的动因，以及计提商誉后对中小投资者利益的侵害机理，最终得出结论：盲目高溢价并购企业可能能够在短期内取得亮眼的财务数据和一路飘红的股价，但站在长期角度观之，溢价并购时溢价率越高，代表企业在日后的经营中，其商誉减值的风险越大，一旦确认计提，那么就会发生企业的净利润缩水、财务数据恶化、股价应声下跌等一系列反映，而作为市场中弱势群体的中小投资者,其利益如何保护,就成为了目前亟待解决的问题。

      In recent years, with the rapid development of the Chinese economy,a large number of companies are trying to carry out business transformation and product enhancement through mergers and acquisitions to further expand the strength and competitive advantage of companies. Therefore, M&A cases have arisen in recent years. However, the hidden risk is the increasing share of goodwill accumulated in the M&A. premium in total assets. According to China's current accounting policy, goodwill is tested for impairment at the end of each year, so that every year there is a risk of impairment of a huge goodwill. Once the impairment of goodwill actually occurs, it will cause severe losses of the Company's net profit and financial data, the share price will fall and the interests of investors will suffer serious losses. According to the data, 12300 mergers and acquisitions took place in listed companies in 2020-years, and the total goodwill value rose to 1.19 trillion, with a total depreciation of 85.316 billion yuan. Particularly striking among them are the listed software service providers with a total provision of 29.676 billion, which account for 35% of the total goodwill. So far, scientists at home and abroad have mainly focused on the analysis of the motivation of high-premium M&A., the recognition and measurement of goodwill, the economic consequences of the withdrawal of goodwill, etc. However, only a few people have carried out case studies.

      The research question of this paper is: the goodwill impairment of High Premium M&A. and the violation of the interests of small and medium-sized investors. Given the frequent occurrence of the event of the withdrawal of enormous goodwill impairment after High Premium M&A in the Chinese A stock market, this article attempts to begin with this phenomenon, the purpose and motivation of High Premium M&A. analyse the causes of a high goodwill impairment and the impact of the goodwill impairment of High Premium M&A. on the interests of small and medium-sized investors. Finally, you draw relevant conclusions on how to protect the interests of small and medium-sized investors.

First, the relevant literature on Goodwill, High Premium M&A, Goodwill Impairment and the interests of small and medium-sized investors is reviewed and sorted, the concepts defined and the basic theories listed in order to theoretically support the later analysis. Using the example of gaoweida, a company that accumulated huge goodwill impairment reserves in 2020, This paper analyses the motivation of M&A. with a high premium and subsequent accumulation of large goodwill value adjustments as well as the infringement mechanism for the interests of small and medium-sized investors after the acquisition of goodwill. The conclusion is that blind high-premium M&A. companies can receive good financial data and booming stock prices in the short term, but in the long term, the higher the premium rate during premium M&A., the greater the risk of impairment of goodwill in the company's future operations. Once the provision is confirmed, the net profit of the company shrinks, financial data will deteriorate The question of how to protect the interests of small and medium-sized investors has become an urgent problem as a vulnerable market group that needs to be solved.