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期：
2021
年 6
月
7
日
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签名：
日期： 2021 年 6
日期： 2021 年 6
月
月
7
7
日
日
导师签名：

摘 要
摘要
在我国资本市场持续完善和优化时，上市公司并购重组活动持续增多。特别是
近期，上市公司并购重组数量以及涉及金额不断增加。目前，上市公司并购重组时
期存在的问题引发各界关注。在上述问题中，重点是并购时期的大额商誉确认。站
在上市企业的角度上，大额商誉的确认有利有弊。首先，也许可以为公司提供更高
的经济效益，并购各方实现协同目标；弊端在于，在商誉产生之后，公司也做出一
定的业绩承诺或者制定补偿协议，假设没有在要求时间内达成业绩目标，就会出现
商誉减值现象。参考近期出现的问题可知，由于业绩承诺没有如约完成，导致公司
出现商誉减值计提的问题频繁出现。上市公司商誉减值也会在一定程度上影响未
来发展业绩以及股价，导致资本市场受到外界的冲击。所以，商誉问题开始演变为
目前资本领域的核心问题。
根据以上宏观环境，本文选择 2018年资本市场巨额商誉减值的突出案例进行
分析—坚瑞沃能并购沃特玛，开展深入的研究。针对案例并购涉及的商誉减值状况
开展相对全面且具体的整理与探讨，主要分析案例企业巨额商誉的产生和减值因
素，深入探讨商誉减值给企业带来的负面影响。分析表明，宏观因素，新能源汽车
财政补贴政策调节与动力电池领域的竞争加剧；微观成因，管理层对标的公司发展
前景评估过于乐观、对标的公司资产的高估值以及并购之后沃特玛高业绩承诺没
有实现的问题，是造成计提商誉减值的核心因素。因此，导致企业偿债负担加重、
巨额亏损以及股价暴跌从而影响市场信心等一系列的经济后果。最后，基于并购重
组活动的环节，为上市公司商誉减值风险规避都提出了相关的建议。
关键词：并购；商誉减值；上市公司；溢价
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Abstract
Abstract
As my country's capital market continues to improve and optimize, the mergers
and acquisitions of listed companies continue to increase. Especially recently, the
number of mergers and acquisitions of listed companies and the amount involved have
been increasing. At present, the problems existing during the merger and reorganization
of listed companies have aroused the attention of all walks of life. Among the above
issues, the focus is on the confirmation of large amounts of goodwill during the merger.
From the perspective of listed companies, the recognition of large amounts of goodwill
has double-headed. First of all, it may provide the company with higher economic
benefits, and the parties to the merger can achieve synergistic goals; the disadvantage
is that after the goodwill is generated, the company also makes certain performance
commitments or formulates a compensation agreement, assuming that the performance
is not achieved within the required time. Target, there will be impairment of goodwill.
With reference to recent problems, it can be seen that due to the failure to complete the
performance commitment as agreed, the company has frequent problems with the
provision of goodwill impairment, The goodwill impairment of listed companies will
also affect the future development performance and stock price to a certain extent,
causing the capital market to be impacted by the outside world. Therefore, the issue of
goodwill began to evolve into the core issue in the current capital field.
Based on the above background, this article selects the case of JianruiWoneng
acquisition of OptimumNano, which is one of the typical cases of huge goodwill
impairment in the capital market in 2018, as the research object of this article. A series
process from mergers and acquisitions to the impairment of goodwill in this case has
been sorted out in detail. This article concentrates on the formation and the reasons for
the impairment of the huge goodwill of the company in the selected case. The
impairment of goodwill to the company Economic consequences has been further
analysed. In our research, we find that there are many fact that results in the goodwill
impairment, which can be divided in to two levels. The macroscopic causes for
goodwill impairment come from the adjustment of the subsidy policies to new energy
vehicle financial and the intensified market competition in the power battery industry.
While the microscopic causescome from the blind optimism in the management when
forecasting the future of the target company, the high valuation of the target company’s
assets, and the failure of the high performance commitments, This has caused a series
of economic consequences including the increasing pressure on the company's debt
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。。。以下略