Research On The Risk Prevention Of Goodwill Impairment Of Peptide Biochemical In The Acquisition Of SINBON Pharmaceuticals

In recent years,China's pharmaceutical M & A market continues to heat up,M & A has become one of the ways for enterprises to grow rapidly.The pharmaceutical industry has a special asset structure,which is a typical "light asset" industry.In M & A activities,pharmaceutical enterprises usually pay much higher consideration than the book value of the acquired enterprises,that is,the so-called "high premium" phenomenon.Some of the M & A enterprises can not complete the performance commitment within the commitment period,which directly leads to the high goodwill impairment,but also some pharmaceutical enterprises even if the successful completion of the performance commitment,but due to the influence of various factors,still buried the hidden danger of goodwill impairment.The author chooses the case of peptide biochemistry in Xinbang Pharmaceutical M & A.For example,research is carried out to explore the influencing factors of goodwill impairment,to evaluate the measures to prevent the risk of goodwill impairment,to analyze the economic consequences of goodwill impairment,and finally to sum up some suggestions to standardize goodwill impairment.This paper uses case study method,combined with the theory of goodwill impairment and other related theories,analyzes the case of peptide biochemistry in Xinbang Pharmaceutical M & A,and finds that many factors,such as the change of business performance,the valuation of M & A and the change of economic environment,have caused goodwill impairment.Although Xinbang Pharmaceutical has also taken some preventive measures,such as strengthening the integration of M & A business,signing a performance commitment compensation agreement and so on,it can not completely avoid the impairment of goodwill in the end.Among the methodological measures taken,there are positive aspects and areas for improvement.In addition,the impairment of goodwill can result in a significant decline in share prices,huge losses in profits and debt-servicing pressures the economic consequences of the increase.Summing up the whole case,the author finds that for pharmaceutical listed enterprises,the suggestions of standardizing the impairment of goodwill are as follows: first,carefully and reasonably evaluate the value of the underlying enterprise;second,adopt cash-based payment and step-by-step M & A;third,correctly view the performance commitment compensation agreement;fourth,pay attention to the business integration after M & A,and maximize the synergy between the two.