近年来，伴随着中国经济的高速发展，经济增长方式转变和产业结构转型等压力促使企业的并 购活动日趋活跃，与此同时，在并购活动中产生的商誉问题也引发了资本市场的广泛关注。特别是 近年来资本市场频频爆发的“洗大澡”、“暴雷”等现象，进一步引发了社会各界对商誉估值、商 誉减值计提以及盈余管理等问题的深入思考。基于上述背景，本文以天神娱乐为研究案例，首先分 析上市公司在并购交易中商誉估值及其商誉减值计提动机的合理性；其次对其计提的商誉减值金额 是否恰当进行分析；最后，通过分析总结天神娱乐如何利用商誉减值进行盈余管理，借此为监管机 构提供更好的监控建议，警醒广大企业需谨慎对待商誉估值及其减值，也为中小投资者提醒预判商 誉减值风险。 本文先简明扼要地介绍了本次研究的背景及意义，以及主要参照的文献综述、采用的研究方法 等。其次介绍了相关概念，并阐述了盈余管理理论、委托代理理论、最优契约理论等基础理论，进 而探讨上市公司利用商誉进行盈余管理的条件。通过阐述上市公司的商誉总体现状和商誉减值现状， 剖析上市公司商誉减值面临的突出问题-计提商誉减值的企业增多且金额增大。在此基础上进行具体 案例分析，剖析具体案例天神娱乐上市公司经营概况、连续并购事件、分析天神娱乐上市公司商誉 情况及其形成原因，进一步分析天神娱乐上市公司利用计提商誉减值进行盈余管理的行为动机、以 及后果分析。最后总结全文，得出结论和建议：上市公司利用并购溢价产生商誉为盈余管理提供机 会，公司治理方式及商誉后续减值测试方式为盈余管理创造空间，商誉减值的盈余管理方式最终会 损害广大中小股东利益，上市公司应理性并购、合理估值，建立健全内部控制制度和公司治理结构， 完善商誉减值后续计量方法和信息披露制度。 关键词：商誉；商誉减值；盈余管理；公司治理II Abstract In recent years, with the rapid development of China's economy, pressure from changes in economic growth mode and industrial structure has prompted enterprises to become increasingly active in mergers and acquisitions. At the same time, goodwill problems arising from mergers and acquisitions have also attracted widespread attention in the capital market. Especially in recent years, the phenomena of "taking a big bath" and "thunderstorms" frequently broke out in the capital market, which further triggered in-depth thinking of goodwill valuation, goodwill impairment accrual and surplus management. Based on the above background, this paper takes Tianshen Entertainment as a research case, first analyzes the rationality of goodwill valuation and goodwill impairment motivation of listed companies in mergers and acquisitions. Secondly, it analyzes whether the amount of goodwill impairment accrued is appropriate. Finally, by analyzing and summarizing how Tianshen Entertainment uses goodwill impairment for earnings management, it can provide better monitoring suggestions for regulators, alert the majority of enterprises to be cautious about goodwill valuation and its impairment, and also remind small and medium-sized investors to predict goodwill impairment risks. Firstly, this paper briefly introduces the background and purpose of this research, the literature review and research methods. Secondly, the related concepts are given in combination with this article. It defines the relevant concepts, expounds the earnings management theory, the principal-agent theory, the optimal contract theory and other basic theories. Furthermore, the article discusses the conditions for the earnings management of listed companies using goodwill. By expounding the general status of listed company's goodwill and the present situation of goodwill impairment, this paper analyzes the outstanding problems faced by listed company's goodwill impairment-the increase of the amount of the enterprise to calculate the goodwill impairment. Based on the analysis of the specific cases, this paper analyzes the general situation of the operation of the listed company of Tianshen Entertainment, the events of continuous M & A, and the formation of goodwill in Tianshen Entertainment. Additionally, this paper further analyzes the behavior motive and consequence of earnings management of the listed company. Finally, the conclusion and suggestion are drawn: the listed companies use M & A premium to generate goodwill to provide opportunities for earnings management, corporate governance and subsequent impairment test for earnings management to create space for earnings management, goodwill impairment earnings management will eventually harm the interests of minority shareholders; listed companies should rationally M & A, reasonable valuation, establish and improve internal control system and corporate governance structure, and improve the subsequent measurement of goodwill impairment and information disclosure system. Keywords: goodwill; goodwill impairment; earnings management; corporate governanceIII 目 录 摘要..............................................................................................................................................................I Abstract .......................................................................................................................................................... II 第一章 绪论...................................................................................................................................................1 1.1 研究背景和意义............................................................................................................................... 1 1.1.1 研究背景................................................................................................................................ 1 1.1.2 研究意义................................................................................................................................ 2 1.2 文献综述........................................................................................................................................... 3 1.2.1 国内外文献综述 .................................................................................................................... 3 1.2.2 文献评述................................................................................................................................ 7 1.3 研究内容与方法............................................................................................................................... 8 1.3.1 研究内容................................................................................................................................ 8 1.3.2 研究方法................................................................................................................................ 8 第二章 概念界定和基础理论.....................................................................................................................10 2.1 概念界定......................................................................................................................................... 10 2.1.1 商誉...................................................................................................................................... 10 2.1.2 商誉减值.............................................................................................................................. 10 2.1.3 盈余管理.............................................................................................................................. 11 2.2 基础理论......................................................................................................................................... 11 2.2.1 盈余管理理论 ...................................................................................................................... 11 2.2.2 委托代理理论 ...................................................................................................................... 12 2.2.3 最优契约理论 ...................................................................................................................... 13 第三章 我国上市公司商誉及减值整体现状.............................................................................................15 3.1 我国上市公司商誉现状分析 ..........................................................................