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炸了!商誉摊销来了!这么干一大波公司要退市!

来源: 南方日报网络版     时间: 2020年01月22日 19:27:53
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(事)(实)(上)(,自)(2015年)(以)(来)(,商)(誉)(减)(值)(的)(问)(题)(逐)(步)(引)(起)(监)(管)(层)(的)(重)(视)(。2018年)(11月)(,证)(监)(会)(就)(发)(布)(了)(《会)(计)(监)(管)(风)(险)(提)(示)(第)(8号)(——商)(誉)(减)(值)(》强)(调)(,上)(市)(公)(司)(必)(须)(定)(期)(或)(及)(时)(进)(行)(商)(誉)(减)(值)(测)(试)(,并)(在)(财)(务)(报)(告)(中)(披)(露)(与)(商)(誉)(减)(值)(相)(关)(的)(所)(有)(关)(键)(信)(息)(。
根)(据)(一)(些)(会)(计)(师)(行)(业)(,目)(前)(该)(意)(见)(还)(仅)(仅)(处)(于)(讨)(论)(阶)(段)(,包)(括)(商)(誉)(摊)(销)(年)(限)(无)(严)(格)(要)(求)(,对)(企)(业)(约)(束)(力)(不)(足)(,距)(离)(真)(正)(落)(地)(或)(许)(还)(有)(很)(长)(的)(路)(要)(走)(。
但)(亦)(有)(分)(析)(人)(士)(认)(为)(,商)(誉)(摊)(销)(导)(致)(评)(估)(溢)(价)(过)(高)(的)(并)(购)(重)(组)((游)(戏)(、医)(药)(、互)(联)(网)(等)(科)(技)(企)(业)()被)(敬)(而)(远)(之)(,上)(市)(公)(司)(也)(将)(保)(壳)(乏)(术)(,其)(总)(体)(而)(言)(减)(少)(了)(市)(场)(吸)(引)(力)(,对)(市)(场)(流)(动)(性)(造)(成)(利)(空)(。
商)(誉)(减)(值)(变)(摊)(销)(,盈)(利)(变)(亏)(损)(?
据)(悉)(,在)(2007年)(准)(则)(修)(改)(之)(前)(,我)(国)(的)(商)(誉)(后)(续)(处)(理)(就)(是)(摊)(销)(的)(方)(法)(。在)(1996年)(1月)(财)(政)(部)(颁)(布)(的)(《企)(业)(会)(计)(准)(则)(——企)(业)(合)(并)(》中)(,规)(定)(了)(商)(誉)(的)(摊)(销)(年)(限)(一)(般)(不)(超)(过)(10年)(。知)(道)(2007年)(,会)(计)(准)(则)(修)(改)(之)(后)(,才)(采)(用)(了)(现)(行)(的)(,而)(当)(时)(更)(新)(的)(原)(因)(是)(减)(值)(法)(是)(国)(际)(惯)(例)(。
那)(么)(为)(何)(在)(实)(行)(减)(值)(法)(10年)(后)(又)(要)(建)(议)(回)(归)(以)(前)(的)(策)(略)(呢)(?
数)(据)(统)(计)(显)(示)(,截)(至)(2018年)(三)(季)(度)(末)(,A股)(共)(有)(超)(过)(2070家)(上)(市)(公)(司)(存)(在)(商)(誉)(,商)(誉)(总)(额)(约)(为)(1.45万)(亿)(元)(,同)(比)(增)(长)(15%、环)(比)(增)(长)(4%。其)(中)(,约)(160家)(公)(司)(的)(商)(誉)(占)(净)(资)(产)(比)(例)(超)(过)(50%,21家)(超)(过)(100%。
商)(誉)(减)(值)(的)(主)(要)(原)(因)(在)(于)(收)(购)(方)(无)(法)(实)(现)(业)(绩)(承)(诺)(,商)(誉)(占)(总)(产)(比)(重)(越)(大)(,上)(市)(公)(司)(计)(提)(商)(誉)(减)(值)(对)(业)(绩)(造)(成)(的)(冲)(击)(就)(越)(大)(。
据)(界)(面)(新)(闻)(的)(整)(理)(,在)(2018年)(报)(业)(绩)(预)(告)(中)(提)(到)(公)(司)(可)(能)(面)(临)(商)(誉)(减)(值)(的)(个)(股)(,其)(中)(约)(有)(81%的)(个)(股)(业)(绩)(表)(现)(不)(佳)(,被)(标)(记)(为)(“略)(减)(”、“首)(亏)(”、“续)(亏)(”、“预)(减)(”或)(“不)(确)(定)(”。可)(以)(预)(见)(,这)(些)(个)(股)(中)(将)(产)(生)(2018年)(财)(报)(商)(誉)(“爆)(雷)(”的)(重)(灾)(区)(。
招)(商)(证)(券)(的)(研)(报)(显)(示)(,2015年)(开)(始)(,并)(购)(和)(商)(誉)(减)(值)(开)(始)(对)(创)(业)(板)(带)(来)(明)(显)(的)(影)(响)(,特)(别)(是)(对)(创)(业)(板)(业)(绩)(增)(速)(产)(生)(了)(明)(显)(的)(影)(响)(。2017年)(,创)(业)(板)(表)(观)(增)(速)(为)(8.8%,并)(购)(带)(来)(的)(利)(润)(增)(量)(为)(73.2亿)(元)(,商)(誉)(减)(值)(79亿)(。
编)(辑)(
请)(点)(击)(输)(入)(图)(片)(描)(述)(
就)(行)(业)(分)(布)(来)(看)(,拥)(有)(最)(大)(商)(誉)(规)(模)(的)(前)(三)(个)(行)(业)(分)(别)(是)(传)(媒)(、生)(物)(医)(药)(、计)(算)(机)(,对)(应)(的)(商)(誉)(规)(模)(均)(超)(千)(亿)(元)(。TMT、医)(药)(生)(物)(等)(行)(业)(2017年)(的)(商)(誉)(减)(值)(规)(模)(相)(对)(较)(大)(。传)(媒)(行)(业)(的)(商)(誉)(领)(跑)(全)(市)(场)(,媒)(板)(块)(2018年)(Q3商)(誉)(规)(模)(占)(A股)(总)(商)(誉)(比)(重)(超)(过)(12.5%,远)(高)(于)(其)(他)(行)(业)(,且)(商)(誉)(净)(资)(产)(比)(达)(25%。
商)(誉)(减)(值)(存)(在)(不)(少)(弊)(端)(
目)(前)(IFRS和)(CAS对)(于)(并)(购)(重)(组)(形)(成)(的)(商)(誉)(,均)(采)(用)(的)(减)(值)(测)(试)(的)(方)(式)(,企)(业)(至)(少)(应)(当)(在)(每)(年)(年)(终)(进)(行)(减)(值)(测)(试)(。然)(而)(即)(便)(是)(这)(样)(,依)(然)(会)(存)(在)(一)(系)(列)(问)(题)(。事)(实)(上)(,由)(于)(不)(是)(试)(试)(摊)(销)(,商)(誉)(减)(值)(测)(试)(已)(经)(变)(成)(有)(上)(市)(公)(司)(操)(控)(业)(绩)(的)(手)(段)(之)(一)(。
由)(于)(商)(誉)(减)(值)(本)(质)(只)(是)(一)(种)(披)(露)(的)(形)(式)(,并)(不)(会)(增)(加)(公)(司)(的)(成)(本)(,因)(此)(很)(多)(标)(的)(亿)(超)(高)(溢)(价)(卖)(给)(上)(市)(公)(司)(,从)(而)(造)(成)(股)(民)(的)(损)(失)(。
2016年)(,上)(市)(公)(司)(坚)(瑞)(沃)(能)(以)(52亿)(高)(溢)(价)(收)(购)(了)(动)(力)(电)(池)(企)(业)(沃)(特)(玛)(,由)(此)(形)(成)(了)(46亿)(元)(的)(巨)(额)(商)(誉)(。然)(而)(2017年)(4月)(,标)(的)(因)(激)(进)(扩)(张)(导)(致)(出)(现)(了)(资)(金)(链)(危)(机)(,经)(营)(停)(滞)(,人)(员)(流)(失)(,上)(市)(公)(司)(2017年)(年)(报)(中)(对)(46亿)(商)(誉)(计)(提)(了)(全)(额)(减)(值)(准)(备)(,当)(年)(巨)(额)(亏)(损)(37.34亿)(元)(。
此)(外)(,商)(誉)(减)(值)(还)(有)(一)(个)(较)(大)(的)(问)(题)(,是)(被)(用)(作)(业)(绩)(管)(理)(,也)(就)(是)(俗)(称)(的)(“大)(洗)(澡)(”。
以)(三)(泰)(控)(股)(为)(例)(,2015年)(收)(购)(烟)(台)(伟)(岸)(信)(息)(科)(技)(有)(限)(公)(司)(,这)(一)(投)(资)(在)(未)(来)(两)(年)(中)(,造)(成)(了)(其)(业)(绩)(大)(起)(大)(落)(。
2015年)(的)(三)(泰)(控)(股)((当)(时)(叫)(三)(泰)(电)(子)()牛)(股)(正)(当)(时)(,以)(7.5亿)(元)(收)(购)(烟)(台)(伟)(岸)(信)(息)(科)(技)(有)(限)(公)(司)(100%股)(权)(,该)(收)(购)(事)(项)(形)(成)(商)(誉)(6.78亿)(元)(。
2016年)(,牛)(股)(光)(环)(消)(散)(,前)(三)(季)(度)(亏)(损)(达)(2.7亿)(,眼)(看)(扭)(亏)(无)(望)(,三)(泰)(控)(股)(顺)(便)(计)(提)(了)(6亿)(商)(誉)(减)(值)(,最)(终)(亏)(损)(13亿)(元)(。
不)(过)(,2017年)(三)(泰)(控)(股)(的)(净)(利)(润)(就)(很)(“好)(看)(”了)(。年)(报)(显)(示)(,2017年)(净)(利)(润)(同)(比)(增)(加)(123.19%,但)(实)(际)(上)(,当)(年)(的)(营)(业)(收)(入)(同)(比)(减)(少)(22.5%。
退)(市)(股)(或)(增)(加)(,并)(购)(重)(组)(更)(为)(谨)(慎)(
所)(谓)(商)(誉)(摊)(销)(,就)(是)(将)(产)(生)(的)(商)(誉)(值)(逐)(年)(慢)(慢)(扣)(减)(。对)(于)(摊)(销)(的)(年)(限)(,各)(国)(的)(标)(准)(不)(同)(,我)(国)(以)(前)(实)(行)(的)(是)(10年)(,而)(美)(国)(是)(40年)(,欧)(共)(体)(规)(定)(为)(5年)(,日)(本)(也)(是)(5年)(。
老)(虎)(财)(经)(统)(计)(发)(现)(,目)(前)(A股)(有)(2077家)(公)(司)(存)(在)(商)(誉)(,若)(是)(以)(2018年)(三)(季)(度)(末)(的)(商)(誉)(和)(2017年)(净)(利)(润)(为)(参)(考)(标)(准)(,同)(时)(以)(商)(誉)(摊)(销)(期)(为)(10年)(,那)(么)(在)(目)(前)(A股)(中)(,有)(13.33%的)(公)(司)(,会)(因)(为)(连)(续)(三)(年)(亏)(损)(面)(临)(退)(市)(;有)(9.4%的)(公)(司)(净)(利)(润)(会)(下)(滑)(达)(50%以)(上)(,有)(17.8%的)(公)(司)(净)(利)(润)(下)(滑)(在)(30%以)(上)(。
以)(并)(购)(稠)(化)(估)(值)(著)(称)(的)(蓝)(色)(光)(标)(为)(例)(,2018年)(三)(季)(度)(末)(其)(商)(誉)(值)(为)(47.14亿)(,而)(其)(2017年)(的)(净)(利)(润)(仅)(为)(2.47亿)(。即)(便)(是)(以)(平)(均)(摊)(销)(,蓝)(色)(光)(标)(每)(年)(摊)(销)(的)(商)(誉)(也)(高)(达)(4.71亿)(;而)(若)(是)(按)(照)(会)(计)(准)(则)(委)(员)(会)(的)(委)(员)(们)(的)(意)(见)(递)(减)(的)(摊)(销)(,那)(么)(在)(前)(三)(年)(蓝)(色)(光)(标)(将)(会)(摊)(销)(更)(多)(的)(商)(誉)(。在)(没)(有)(其)(他)(收)(入)(的)(情)(况)(下)(,蓝)(色)(光)(标)(会)(因)(为)(连)(续)(三)(年)(亏)(损)(面)(临)(退)(市)(风)(险)(。
有)(盈)(利)(的)(企)(业)(更)(是)(如)(此)(,更)(不)(用)(说)(目)(前)(还)(在)(亏)(损)(,并)(有)(高)(额)(商)(誉)(的)(上)(市)(公)(司)(了)(。而)(即)(便)(是)(能)(完)(成)(商)(誉)(摊)(销)(的)(公)(司)(,也)(要)(面)(临)(净)(利)(润)(的)(大)(幅)(度)(下)(滑)(。
以)(近)(期)(复)(牌)(的)(万)(达)(电)(影)(来)(说)(,其)(2018年)(三)(季)(度)(末)(的)(商)(誉)(值)(为)(96.6亿)(,2017年)(万)(达)(电)(影)(的)(净)(利)(润)(为)(15.16亿)(,按)(照)(平)(均)(摊)(销)(,万)(达)(电)(影)(的)(商)(誉)(高)(达)(9.6亿)(,其)(净)(利)(润)(大)(幅)(下)(滑)(近)(6成)(。
不)(过)(,若)(这)(一)(政)(策)(实)(施)(,会)(在)(一)(定)(程)(度)(上)(会)(减)(少)(盲)(目)(并)(购)(、为)(炒)(作)(股)(价)(并)(购)(的)(出)(现)(。
2013年)(,A股)(市)(场)(开)(启)(了)(并)(购)(重)(组)(之)(路)(;2014年)(并)(购)(重)(组)(达)(到)(了)(“井)(喷)(”态)(势)(,在)(近)(200单)(的)(上)(会)(中)(,仅)(9单)(未)(被)(通)(过)(。而)(当)(年)(的)(并)(购)(重)(组)(与)(产)(业)(升)(级)(与)(转)(型)(存)(在)(紧)(密)(联)(系)(。
不)(少)(传)(统)(行)(业)(上)(市)(公)(司)(盈)(利)(能)(力)(较)(弱)(,已)(经)(遇)(到)(市)(场)(的)(“天)(花)(板)(”,这)(促)(使)(上)(市)(公)(司)(借)(道)(并)(购)(实)(现)(产)(业)(升)(级)(,从)(而)(维)(持)(业)(绩)(的)(增)(长)(和)(股)(东)(价)(值)(的)(升)(值)(。据)(悉)(,在)(2014年)(,因)(为)(并)(购)(重)(组)(实)(现)(净)(利)(上)(升)(的)(不)(在)(少)(数)(。这)(一)(也)(造)(就)(了)(A股)(“牛)(股)(集)(中)(营)(”,同)(时)(也)(造)(成)(了)(A股)(目)(前)(的)(高)(额)(的)(商)(誉)(。
而)(在)(进)(行)(商)(誉)(摊)(销)(后)(,未)(来)(对)(于)(只)(想)(炒)(高)(股)(价)(,利)(用)(并)(购)(重)(组)(筹)(划)(估)(值)(的)(上)(市)(公)(司)(来)(说)(,会)(产)(生)(一)(定)(的)(制)(约)(作)(用)(。而)(相)(应)(的)(,从)(另)(一)(方)(面)(来)(说)(,优)(质)(标)(的)(会)(出)(现)(溢)(价)(,或)(许)(会)(成)(为)(上)(市)(公)(司)(争)(抢)(的)(并)(购)(的)(目)(标)(。返)(回)(搜)(狐)(,查)(看)(更)(多)(
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