Study On The Goodwill Impairment And Its Risk Management Of Company A Which Using The "PE+ Listed Company" Type M&A Fund Mode

As a financial innovation in the capital market of China in recent years,the "PE+listed company" type M&A fund has been widely used to help enterprises solve a series of M&A transaction problems by reducing the financing pressure of enterprises,enhancing the synergistic effect of M&A,improving the efficiency of M&A and other advantages.However,in the context of a large number of mergers and acquisitions carried out by some enterprises through M&A funds to enlarge their investment capacity,which may cause goodwill related risks and serious adverse economic consequences,the capital market doubts the rationality of enterprises’ continuous using of "PE+ listed company" type M&A fund mode.As a typical enterprise using M&A funds to carry out a large number of mergers and acquisitions,this thesis decides to take Company A as a case to study the goodwill impairment and its risk management under the mode of "PE+listed company" type M&A fund,so as to help solve the doubts from capital markets on this mode and make certain contributions to relevant academic research.This thesis collected and sorted out domestic and foreign literature on "PE+listed company" type M&A fund,goodwill,goodwill impairment risk management and other fields,summarized the existing research results and shortcomings,so as to point out the research direction of this thesis,introduced the industrial merger fund,merger synergies and other concepts and academic theories,and provides a theoretical basis for the case study of this thesis.In the part of case study,through the statistical analysis of goodwill data from different M&A mode of Company A and A-share market listed companies in the health industry,it is concluded that the "PE+listed company" type merger and acquisition fund mode reduces the degree of goodwill impairment of corresponding assets and thus improves the stability of corporate goodwill.Using the theory of information asymmetry to analyze the case of company A,the thesis reveals that the mechanism of the "PE+ listed company" type M&A fund mode to help company A improving the stability of goodwill is the reduction of the degree of information asymmetry in M&A deals,greater synergies of M&A,etc.Using risk management theories and methods,this thesis studies the risk of goodwill impairment in the case of a large number of mergers and acquisitions of Company A through the "PE+listed company" type M&A fund mode,and puts forward countermeasures and suggestions to control the risk,such as controlling the number of M&A funds,improving the M&A standards of incubated hospitals,and scientifically planning business outlets.At the end of this thesis,it summarizes the research results of the whole thesis,puts forward suggestions for the relevant enterprises that use the "PE+listed company" type M&A fund mode,points out the shortcomings of this study and puts forward the prospect for future research.The research in this thesis points out the relationship between the use of "PE+listed company" type M&A fund mode by A-share market listed companies in the health industry and the impairment of corporate goodwill,which helps to solve some doubts about the safety of goodwill under this mode from the capital market.The research on goodwill impairment risk management of company A’s massive mergers and acquisitions using the M&A fund mode can help company A identify and control the corresponding risks to avoid adverse economic consequences.The research can provide reference for other enterprises’ strategy and business decision and risk management.