| 2014-2016 is A period of explosive development of China’s merger and acquisition market.Cultural media industry have become hot merger and acquisition objects,and cross-border merger and acquisition has come to A climax.The a-share market has also accumulated A huge amount of goodwill in this merger and acquisition boom.In recent years,as the competition pressure of domestic game business intensifies,the living space shrinks,the enterprise prosperity declines,the media industry as a whole enters the "winter period" of film and television,the industry operating costs rise,and the income of m&a enterprises declines.As a result,media companies have announced losses at the end of the year.And in the face of many corporate performance changes,goodwill impairment has become an important killer of corporate net profit.According to Wind data,as of the third quarter of 2019,there are still 111 listed companies in the a-share market whose goodwill accounts for more than 50 percent of their net assets,46 listed companies whose goodwill accounts for more than 70% of their net assets,and 12 listed companies whose goodwill accounts for more than 100% of their net assets.Although there have been a lot of companies appeared substantial impairment of Goodwill before,there are still to be reckoned with goodwill bubble risk,goodwill is the focus of the market,combined with the particularity of media industry own asset light,goodwill impairment risk,so the study of media industry reputation bubble has a certain practical significance.As for the theoretical study of goodwill,Chinese and western scholars have their own different views,forming a relatively complete theoretical system of goodwill.On the basis of the existing research,this paper first sorted out the relevant literature on goodwill,summarized the provisions of the Chinese and foreign standards on goodwill,as well as the research on the confirmation,initial measurement and subsequent measurement of goodwill.Then acquisition goodwill of media industry present situation has carried on the qualitative and quantitative analysis,and then using the case method,the amount of goodwill is as high as 866 million to 2018 CiWen media co.,LTD as the research object,the reputation of the company’s foam was introduced.At the same time,based on China’s institutional environment,industry characteristics and the enterprise itself,the paper analyzes the formation of the company’s goodwill bubble.In terms of the institutional environment in China,the loose m&a policy and the imperfect follow-up measurement system of goodwill leadto the accumulation of goodwill bubble.In terms of industry characteristics,a series of favorable policies issued by the state for the cultural industry and the general asset-light characteristics of the media industry at that time intensified the competition in the industry,and overestimated the m&a premium,resulting in high goodwill.In terms of the enterprise’s own reasons,the enterprise blindly pursued the merger transformation in the initial measurement,the valuation was too optimistic in the evaluation of the target value of mergers and acquisitions,and the unreasonable impairment of goodwill in the subsequent measurement of goodwill caused the enterprise’s goodwill bubble was not timely suppressed.Finally,based on the reasons for the formation of the company’s goodwill bubble,this paper comes up with some common Suggestions for the risk prevention of the media industry’s goodwill bubble.From the macro level,the state should strengthen the macro institutional supervision of goodwill and improve the enterprise value evaluation method.Meanwhile,the media industry can establish the internal self-regulation mechanism of goodwill.From the micro level,enterprises should carefully choose the target party of m&a,strengthen its internal control construction,improve the professional quality of enterprise financial personnel,and enhance the responsibility and awareness of goodwill information disclosure. |
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