Research On Goodwill Impairment Risk Of Continuous M&A Of ZL Company

In the wave of mergers and acquisitions,especially in the cross-border mergers and acquisitions of Internet games listed companies,due to serious information asymmetry,it will lead to unreasonable valuation and high premium mergers and acquisitions,which will lead to the recognition and impairment of large amount of goodwill.However,the goodwill impairment risk of Internet games listed companies usually conveys negative information to the market,which leads to poor expectations of investors,creditors and other stakeholders on their future profitability and weakened investment confidence,resulting in fluctuations in stock prices,and even potential stock price collapse risk,resulting in the reduction of the company’s value.Therefore,how to effectively identify,analyze,evaluate and prevent the risk of goodwill impairment has become a major problem faced by the managers of Internet games listed companies.This paper selects ZL company as the research object,systematically combs the research status of goodwill impairment risk at home and abroad,and reviews the relevant theories.Firstly,it introduces the case of continuous M&A of ZL company,and then identifies and analyzes the goodwill impairment risk of continuous M&A of ZL company from six aspects:the change of market environment,valuation,internal governance structure,earnings management motivation,financing and payment,and integrated operation after M&A;Secondly,based on the concept and influencing factors of goodwill impairment risk,this paper constructs an evaluation index system of goodwill impairment risk of continuous mergers and acquisitions of ZL company,including 6 primary indicators and 16 secondary indicators,and uses analytic hierarchy process and fuzzy comprehensive evaluation method to evaluate the goodwill impairment risk of continuous mergers and acquisitions of ZL company.The results show that the goodwill impairment risk of continuous M&A of ZL company is a high risk level;The scores of each primary index are different,and there are obvious differences.The risk of integrated operation is the largest and the risk of market environment change is the smallest;At the same time,there are obvious differences in the scores of secondary indicators contained in each primary indicator.Among the two secondary indicators contained in the risk of market environment change,the score of policy risk is higher and the score of economic environment risk is lower;Among the two secondary indicators included in valuation risk,the score of performance commitment risk is higher and the score of evaluation method selection risk is lower;Among the two secondary indicators included in the risk of internal governance structure,the score of equity structure risk is the highest,and the score of executive characteristic risk is lower;Among the four secondary indicators of financing and payment risk,the score of financing ability risk is the highest,and the score of financing cost risk and financing structure risk is lower;Among the four secondary indicators included in integrated operational risk,business integration risk has the highest score,and strategic integration risk and financial integration risk have the lowest score;The risk score of "smooth motivation" in the "profit management" index is higher than that of "smooth motivation".Finally,the following countermeasures and suggestions are put forward:first,reasonable valuation and rigorous design of performance commitment;Second,strengthen management supervision and improve the information disclosure system;Third,improve the corporate governance structure and strengthen internal control;Fourth,strengthen financing management and choose reasonable payment methods;Fifth,improve the ability of resource integration and reduce the risk of integrated operation.