案例编号:
CN_2020KJYGSCW_3980
案例名称:
公司并购、商誉减值与利益输送——基于对赌协议的多案例研究
译名:
M&A, Goodwill Impairment and Tunneling-Multiple Case Studies Based on Valuation Adjustment Mechanism(VAM)
案例作者:
孙蔓莉、李百兴、丁含、韩艳锦、陈沐彤、刘晔
案例企业:
珈伟新能、联创股份、天广中茂、华谊兄弟
英文关键词:
M&A; Goodwill; Impairment; Benefit Transfer
中文摘要:
近年来,并购重组中高业绩承诺、高估值的双高现象十分普遍,导致2018年和2019年上市公司因商誉减值而亏损的公司急剧上升。本教学案例选取珈伟新能、联创股份、华谊兄弟、天广中茂四家上市公司进行对比分析。本案例主要探讨的问题包括:并购过程中业绩承诺对高额商誉形成起到了什么作用;业绩补偿是否能够保证公司利益不受损害;达成业绩承诺是否是商誉就不会减值;以及大股东在各个案例中通过什么方式获得了利益。
英文摘要:
In recent years, the dual phenomenon of high perflormance commitment and high valuation in mergers and acquisitions is very common, resulting in a sharp rise in the number of listed companies losing money due to goodwill impairment in 2018 and 2019. This teaching case selects four listed companies, namely Kawei xinneng, Lianchuang Inc., Huayi Brothers and Tianguang Zhongmao, for comparative analysis. The main issues discussed in this case include: what role does performance commitment play in the formation of high goodwill in the M&A process; Whether performance compensation can guarantee that the company\'s interests are not harmed; achievement of performance commitments will prevent goodwill from impairment; and the major shareholders in each case through what way to get the benefits.
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