| As the current market competition is more and more fierce,many enterprises through mergers and acquisitions to improve their competitiveness.In recent years,the number of enterprise mergers and acquisitions and the amount of mergers and acquisitions increased year by year,among which high premium mergers and acquisitions everywhere.On the one hand,high premium m&a represents the acquirer recognition of the acquirer profitability,on the other hand,it will form a high amount of goodwill on the acquirer books,bringing the risk of goodwill impairment.In order to effectively control the risk,the acquirer often adds supplementary provisions to the bet agreement.However,according to the empirical research conducted by domestic scholars,the failure rate of bet agreement in China is relatively high.Therefore,it is necessary to study the establishment of goodwill and bet agreement in the process of merger and acquisition.This article reviewed the initial recognition of goodwill,the subsequent impairment and bet protocol used in mergers and acquisitions research,combing the goodwill and bet agreement theory,m&a fantasy Yue swim entertainment in god as a case study object,swim from fantasy Yue's own high reputation,the selection of assessment method using,bet agreement setting and game industry features four aspects are analyzed in detail the causes of the formation of goodwill.According to the analysis,the operation of fantasy hyatt travel has certain risks due to its high goodwill.However,this situation is not mentioned in the value assessment report of fantasy hyat travel,which will lead to overestimation of the value of fantasy hyat travel and lead to excessive initial recognition amount of tiandran entertainment's goodwill.In addition,in the transaction,the gods entertainment of the final payment of consideration mainly refer to the evaluation results of income method,in the process of evaluation,evaluation institutions more optimistic about fantasy yue swim,forecast the future earning power of game industry itself exists certain risk problem,however,if not enough attention on risk,also causes the value of the fantasy Yue swim overvalued,form a high business reputation;From the perspective of the setting of the bet agreement,after analysis,hyatt entertainment fantasy and sky way entertainment signed a relatively high bet agreement,the signing of the agreement will make sky way entertainment too believe in the profitability of hyatt entertainment fantasy,so that a high premium acquisition,a lot of goodwill;Finally,this paper analyzes the formation of huge goodwill from the operating characteristics of "asset-light" of the game industry itself.Secondly,as for the impairment of goodwill of tiad as entertainment,the paper mainly explains the causes of the impairment of goodwill from three aspects: the unfinished wv agreement,the excessive amount of initial goodwill recognition,and the unreasonable method of goodwill impairment calculation and withdrawal.As for the consequences of goodwill impairment,this paper USES the event study method to analyze the market reaction caused by goodwill impairment of tienshen entertainment.Then through the analysis of its profitability and debt repayment,it can be concluded that in 2018,due to the impairment of goodwill,the profitability of tien shen entertainment declined significantly and its debt paying ability further deteriorated.Finally,based on the analysis of the whole case of tiandeng entertainment's merger with fantasy hyat travel,and combined with the actual situation of the current market,this paper puts forward several Suggestions,for the evaluation institutions,to strengthen the prevention of valuation risk;For policy makers,the follow-up measurement method of goodwill should be improved appropriately.For the company to enter into a reasonable bet agreement. |
PDF Full Text Request