| The report of the 20th National Congress of the Communist Party of China stressed accelerating the development of digital economy and promoting the integration of digital economy and real economy.The relatively high industrial value of video games is the most growth of the digital economy industry.The game industry is in a state of rapid development its development prospects are considerable,and has strong profitability.However,due to the characteristics of the game industry such as"asset light" and high valuation,A number of listed game companies in our country A share market appear to draw a huge amount of goodwill impairment phenomenon.The impairment of goodwill is a great threat to the development of the game industry,so the risk of goodwill impairment has attracted extensive attention in the market.Risk is caused by a variety of factors.By establishing an evaluation system consistent with enterprise characteristics,this paper identifies risk influencing factors and puts forward targeted preventive meassures,which is of great significance for reducing the phenomenon of huge goodwill impairment.This paper firstly analyzes the overall situation of goodwill impairment of listed companies in the game industry by using statistical analysis method and finds that the impairment of goodwill in the game industry is mainly concentrated in a few enterprises.Secondly,from these few enterprises,this paper selects TZ Company,which has a high amount of goodwill impairment and is a traditional cultural enterprise’s cross-border merger and acquisition of game enterprises,to conduct case analysis,and briefly describes the merger process,goodwill formation and impairment and using the event study method to study and analyze the market reaction of TZ company’s goodwill impairment Therefore,it is found that the impairment of goodwill brings great negative impact to TZ Company.Then,according to relevant data,it identifies the risks of TZ company,such as industry change risk,policy risk,information asymmetry risk,product change risk,valuation risk,performance commitment risk,payment method risk,integration management risk and goodwill impairment test risk.Finally,after identifying the source of risk,the analytic hierarchy process and fuzzy comprehensive evaluation method are used to evaluate the risk level of each risk index.Based on the results of goodwill impairment risk identification and evaluation,the paper argues that TZ company should take measures to deal with the goodwill impairment risk,such as strengthening due diligence,reasonable valuation based on B-S option pricing model,formulating reasonable performance compensation agreement,improving the merger and acquisition method and payment method,making thorough integration plan and choosing appropriate follow-up measurement method of goodwill.As a typical example of cross-border M&A,YZ Company hopes to provide some reference for other similar companies to improve their ability to prevent goodwill impairment risk and reduce the phenomenon of huge goodwill impairment. |
