医药行业商誉减值成因及防范分析——以众生药业为例

Analysis on the Causes and Prevention of Goodwill Impairment in Pharmaceutical Industry—Taking Guangdong Zhongsheng Pharmaceutical Co., Ltd. as an Example

摘要: 随着企业发展、经济全球化，上市公司并购其他非上市公司成为一种热潮，社会也较为关注上市公司商誉大爆雷事件。新冠肺炎疫情的爆发，无疑将对我国医药产业产生影响，医药行业竞争更加激烈，本文以众生药业为案例背景，运用数据统计法和内容分析法对该上市公司2017~2020年的年报进行深入分析，研究医药行业商誉及其减值现状、商誉减值存在的问题。研究发现，我国医药行业商誉减值的成因主要在于并购过程的高溢价，利用商誉减值进行不正当盈余管理，业绩承诺未完成等方面，基于上述分析，本文提出了理性并购，合理估值，合理设计业绩承诺，监管机构强化监管力度等对策，以降低商誉减值风险，稳定我国资本市场。

Abstract: With the development of enterprises and economic globalization, it is a kind of upsurge for listed companies to acquire other non-listed companies. The society also pays more attention to the listed company goodwill explosion thunder incident. The outbreak of NCP will undoubtedly have an im-pact on China’s pharmaceutical industry, and the competition in the pharmaceutical industry is be-coming more intense. This paper analyzes the annual report of the listed company from 2017 to 2020 by using the method of data statistics and content analysis, and studies the current situation and problems of goodwill impairment in the pharmaceutical industry. It is found that the causes of goodwill impairment in China’s pharmaceutical industry mainly lie in the high premium M&A, the use of goodwill impairment for earnings management and the incomplete performance commit-ments, etc. To reduce goodwill impairment risk, and stabilize China’s capital market, companies should develop M&A more rationally, design performance commitment more reasonably and the regulators should also strengthen supervision.