上市公司过度商誉的风险应对策略研究–以天神娱乐公司为例

上市公司过度商誉的风险应对策略研究一以天神娱乐公司为例摘要随着资本市场的快速发展，近几年企业在资本市场上的兼并收购活动变得越来越频繁，合并过程中高溢价也形成了巨额商誉，而近两年商誉问题也是成为影响我们资本市场快速发展的重要隐患，商誉成为企业暴露或调节利润的重要手段段。近年来，随着产业结构的优化调整及国家政策的鼓励，并购已经是一个公司成长发展与转型的重要手段，并购市场规模日益扩大。游戏行业作为一个发展中的新兴产业，发展速度迅猛，产业前景较好，这也致使游戏公司在资本市场的交易中有较高的溢价，游戏行业并购的价值也根据市场上的估值提升而增加，但高溢价的并购也会给公司带来过度的商誉，日后商誉减值的风险也随之增加。本文选取天神娱乐作为研究对象，结合我国资本市场的背景和商誉减值损失的相关理论，通过对天神娱乐连续并购游戏企业的案例过程商誉的形成和商誉减值过程进行分析，分析其背后的动因及影响，有针对性的提出解决对策，以期帮助我国上市公司合理进行企业盈余管理，减少利润调节的行为，从而有效的规范我国资本市场，提高上市公司诚信度，维护好投资者的利益，推动中国的证券市场更加有序、健康的生长发展。关键词：溢价并购：商誉减值：天神娱乐AbstractWith the rapid development of the capital market,the mergers and acquisitionsof enterprises in the capital market have become more and more frequent in recentyears,and the high premium in the merger process has also formed a huge amount ofgoodwill,and the problem of goodwill in the past two years has also affected ourcapital.An important hidden danger of the rapid development of the market,goodwill has become an important means for companies to expose or adjust theirprofits.In recent years,with the optimization and adjustment of the industrialstructure and the encouragement of national policies,mergers and acquisitions havebecome an important means for a company's growth,development andtransformation,and the size of the mergers and acquisitions market is expanding.Asa developing emerging industry,the game industry is developing rapidly and has agood industry prospect.This also leads to a high premium for game companies incapital market transactions.The value of mergers and acquisitions in the gameindustry also increases according to the market valuation.However,high premiummergers and acquisitions will also bring excessive goodwill to the company,and therisk of goodwill impairment in the future will also increase.In this paper,Tianshen Entertainment is selected as the research object,combined with the background of my country's capital market and the relevanttheory of goodwill impairment loss,through the analysis of the formation ofgoodwill and the process of goodwill impairment in the case of TianshenEntertainment's continuous acquisition of game companies,analyzes its Themotivation and influence behind it,and targeted countermeasures are put forward,inorder to help my country's listed companies to reasonably manage their corporateearnings and reduce the behavior of profit adjustment,so as to effectively regulatemy country's capital market,improve the integrity of listed companies,andmaintain investors'integrity.interests,and promote the more orderly and healthygrowth and development of China's securities market.Key Words:high premium,premium mergers and acquisitions,goodwill impairment,Tenshen Entertainment目录1引言…1.1研究背景及意义1.1.1研究背景…1.1.2研究意义21.2国内外研究现状.…。.21.2.1国外研究现状.21.2.2国内研究现状…31.2.3国内外研究述评..1.3研究方法.51.4研究内容.…。,62商誉相关概念.82.1商誉的定义及特点.82.1.1商誉的定义82.1.2商誉的特点82.2商誉减值..102.3商誉减值风险,102.4本章小结.103天神娱乐概况及其商誉形成分析123.1天神娱乐概述123.1.1公司简介..…12