| Under the new economic normal,mergers and acquisitions have become an important way for enterprises to transform and upgrade and promote economic development.In this context,more and more listed companies choose to integrate their resources through mergers and acquisitions.Since the game industry is a hotspot in the M&A and restructuring market,game companies are the focus of cross-border mergers and acquisitions.Because the acquirer is not in the game field before the merger,the information asymmetry problem arises.Since game companies often have the characteristics of "light assets",the premium rate of M&A game companies is usually ten times or even higher.According to China’s current accounting standards,the M&A premium is borne by the acquirer and the goodwill is recognized in the financial statements of the acquirer.Given the characteristics of a gaming company,when evaluating its value,it will be based on future earnings.Therefore,when there is a large uncertainty in future earnings,a large number of M&A game companies will face a sharp decline in goodwill and a huge amount of goodwill impairment risk in the acquisition.The issues studied in this paper are:the reasons for high-value mergers and acquisitions,the factors affecting the goodwill of high-value mergers and acquisitions,and the risk of goodwill for high-value mergers and acquisitions and the economic consequences of impairment.This paper uses case study methods to analyze the problems of goodwill in high-value mergers and acquisitions.First of all,the research background is introduced,and the problems in this background are studied and discussed.By summarizing the research results and theoretical basis of domestic and foreign scholars on the goodwill of high-value mergers and acquisitions and the goodwill of high-value mergers and acquisitions,it laid the foundation for case analysis.After the introduction of the case profile,this paper focuses on the reasons for the goodwill of the high-value mergers and acquisitions in the case and the risks,and the resulting goodwill impairment of high-value mergers and acquisitions.From the perspective of high-value M&A companies,we will study how to take measures to prevent or reduce the adverse conditions of high-value mergers and acquisitions. |
