会计学院知识库

2014年，我国A股市场掀起并购热潮，随之引发商誉的大幅增长。2018年，巨额商誉的集中计提引发商誉暴雷，商誉减值及后续计量等相关问题接踵而至。“双高并购”下产生的巨额商誉为日后的商誉不合理减值埋下了隐患。2019年初，多家上市公司集体出现业绩大幅亏损的状况，究其根本是2018年一次性计提商誉减值。突如其来的业绩大幅下滑不仅打击了企业的积极性还损伤了投资者的信心。许多学者将产生此种结果的原因归结于商誉后续会计处理方式的不当，自此，会计处理方式的争论正式打响。

目前商誉后续计量方法是减值测试法，该方法有其优势但也存有一定的弊端，在该方法下商誉的后续计量较容易受管理层主观能动性影响，易沦为企业进行盈余管理的工具，因此，本文从理论上分析了我国上市公司采用减值测试法计量商誉存在的问题，并提出应对措施。

本文基于商誉减值基本原理，梳理国内外对商誉本质、计量方法、形成原因以及商誉减值经济后果的研究，聚焦游戏行业，选取天神娱乐连续并购案例，对其并购商誉后续计量存在的问题进行探究。首先对天神娱乐以及标的公司经营状况进行基本介绍，梳理其五年连续十次并购的历程，其次，分析天神娱乐形成高商誉并购的原因，发现在并购过程中天神娱乐存在明显的高估值以及业绩精准达标的动机，同时，在减值测试过程中缺乏清晰透明的商誉计提方案。天神娱乐采用的减值测试法的弊端在一次商誉暴雷后得到集中体现，为了探索商誉减值的有效后续测量方法，及时反映企业真实经营状况， 防范商誉减值风险，本文以减值测试法、系统摊销法以及摊销与减值并存法为基础，分析天神娱乐公司在不同计量方法下的财务状况、经营成果和现金流量变动情况，并对模拟测算的财务报表进行对比分析。最终发现，对于天神娱乐该轻资产公司而言， 摊销与减值并行法有助于企业在商誉后续计量中更为及时和透明，并且能够在一定程度上抑制管理层的盈余管理动机，相较于单一的计量方法更为理想。

最后，根据天神娱乐在商誉后续计量中出现的问题，给出了有针对性的建议，目的是为了保护公司的利益相关者的合法权益，并引导商誉减值的合理性。

In 2014, China's A-share market set off a wave of mergers and acquisitions, which led to a significant increase in goodwill. In 2018, the centralized accrual of huge amounts of goodwill triggered a goodwill explosion, and related issues such as goodwill impairment and subsequent measurement followed. The huge amount of goodwill generated under the "dual high M&A" has laid a hidden danger for the unreasonable impairment of goodwill in the future. At the beginning of 2019, a number of listed companies collectively experienced significant losses in their performance, which ultimately resulted from a one-time provision for goodwill impairment in 2018. The sudden sharp decline in performance not only dampened the enthusiasm of enterprises but also damaged the confidence of investors. Many scholars attribute this result to improper accounting treatment of goodwill. Since then, the debate on accounting treatment has officially started.

At present, the subsequent measurement method of goodwill is the impairment test method, which has its advantages but also has certain drawbacks. Under this method, the subsequent measurement of goodwill is more easily affected by the subjective initiative of management, and can easily become a tool for enterprises to conduct earnings management. Therefore, this article theoretically analyzes the problems existing in using the impairment test method to measure goodwill in listed companies in China, and proposes countermeasures.

Based on the basic principles of goodwill impairment, this article combs domestic and foreign research on the nature, measurement methods, formation reasons, and economic consequences of goodwill impairment, focusing on the gaming industry, selecting the continuous merger and acquisition cases of Tiansheng Entertainment, and exploring the problems in the subsequent measurement of goodwill in its merger and acquisition. Firstly, a basic introduction is given to Tianshen Entertainment and the operating status of the target company, and the course of its ten consecutive mergers and acquisitions in five years is sorted out. Secondly, by analyzing the reasons for the formation of high goodwill mergers and acquisitions by Tianshen Entertainment, it was found that there was a significant incentive for Tianshen Entertainment to overestimate and achieve accurate performance standards during the merger and acquisition process. At the same time, there was a lack of clear and transparent goodwill accrual plans during the impairment testing process. The drawbacks of the impairment testing method used by Tianshen Entertainment have been intensively reflected after a goodwill thunderstorm. In order to explore effective follow-up measurement methods for goodwill impairment, timely reflect the true business situation of the enterprise, and prevent the risk of goodwill impairment, this article analyzes the financial situation of Tianshen Entertainment Company under different measurement methods based on the impairment testing method, the systematic amortization method, and the coexistence method of amortization and impairment Changes in operating results and cash flow, and comparative analysis of simulated financial statements. Finally, it was found that for Tianshen Entertainment, a light asset company, the parallel method of amortization and impairment helps enterprises to be more timely and transparent in the subsequent measurement of goodwill, and can to some extent inhibit the management's motivation for earnings management, which is more reasonable than a single measurement method.

Finally, based on the problems encountered in the subsequent measurement of goodwill by Tianshen Entertainment, targeted suggestions are given in order to protect the legitimate rights and interests of the company's stakeholders and guide the rationality of goodwill impairment.