A-share goodwill10.45 trillion SMEs account for a large proportion and the growth rate is fast.
According to a research report of Zheshang Securities, the current goodwill of A shares is 1.45 trillion, an increase of 15. 18% over the same period of 20 17. Behind this is the substantial increase in the scale of 20 15 mergers and acquisitions, which has driven the rapid growth of goodwill; In 20 15 years, the amount and quantity of M&A increased by 23.9% and 69% respectively.
Previously, the CSRC pointed out that there are usually three problems in determining the timing of goodwill impairment test: first, at least at the end of each year, goodwill impairment test is not carried out; Second, we did not pay enough attention to the macro environment, industry environment, actual operating conditions and future business planning of the asset group or asset group combination where the goodwill is located, did not reasonably judge whether there were signs of impairment of goodwill, and failed to conduct impairment test in time without reasonable reasons when there were specific signs of impairment of goodwill; Third, simply because the parties to the merger have a performance compensation commitment and are still in the performance compensation period, the goodwill impairment test is not carried out.
Among the goodwill of 1.45 trillion yuan, the goodwill of GEM accounts for a large proportion of the net assets and grows rapidly. At present, the goodwill of the main board is 794.9 billion yuan, the goodwill of the small and medium-sized board is 377.4 billion yuan, and the goodwill of the Growth Enterprise Market is 276,654.38+0 billion yuan, and the overall ratio is stable at 7: 3: 2.
From the perspective of industry, the goodwill of media, medicine and computers is relatively large. Judging from the absolute scale of goodwill, media, medicine and computers rank in the top three. Judging from the proportion of goodwill to net assets, media, leisure services and computers rank in the top three.
In fact, the impairment of goodwill is a common market phenomenon. It is not terrible if a listed company sincerely conducts mergers and acquisitions in the industrial chain, encounters industry downturn or changes in domestic and foreign policies, and impairs losses, leading to a sharp drop in stock prices. As long as the company has a competitive advantage and mergers and acquisitions have a synergistic effect, then a lower valuation may mean better investment opportunities. On the contrary, if listed companies try to chase hot spots and create high market value, thus reducing their shares and cashing in more, they will only try their best to linger on the edge of the accounting system, try their best to disclose less information, cover up risks and deceive investors.
Damocles sword on the head
Take Ziguang University as an example. This benchmark enterprise, which once returned to A shares through privatization, has now become a shell stock. The huge goodwill generated by the acquisition of Xueda Education in 20 15 years accounted for 1 17 1% of the net assets by the end of the third quarter of 20 1527.
By the end of the third quarter of 20 18, there were more than 2,000 listed companies with goodwill in their accounts, with a total balance of 1.45 trillion yuan. Judging from the absolute scale of goodwill, the balance of goodwill of China Petroleum (60 1857), Midea Group (000333), Weichai Power (000338) and other 13 companies all exceeded1000 billion yuan, ranking in the forefront of the market.
However, the relative scale of goodwill may better reflect the potential risks caused to the company when goodwill is impaired. According to the data, by the end of the third quarter of 20 18, there were 134 companies whose goodwill balance accounted for more than half of shareholders' equity (i.e. net assets), among which 18 companies such as Ziguang Xueda (000526) and Kairuide (002072) exceeded shareholders' equity in the same period.
After M&A, the performance of some companies fell far short of expectations.
In the list of listed companies with high goodwill, there are still some companies whose performance expectations after mergers and acquisitions are far from each other. Tian Zi Science and Technology (300280), formerly known as Nantong Forging, was listed on the Growth Enterprise Market on February 20165438. In the second year of listing, the performance quickly "changed face", and the net profit returned to the mother after deducting non-profit decreased by 59.35% year-on-year. In the following years, the net profit returned to the mother after deduction was either a loss or a small profit, and the overall performance was far from the good expectations before listing.
Or in order to change their poor operating conditions, the original controlling shareholder of Tian Zi Science and Technology tried to solve the company's declining operating problems through mergers and acquisitions, and launched a series of mergers and acquisitions since 20 14. However, during the period from 20 14 to 20 17, the company held 0/00% equity interest in Hengrun Heavy Industry/kloc-0 and Yijia Shi Jing100, Beijing Zhuo Wei100, and Shanghai Guangrun100.
2065438+July 2007, Tian Zi Science and Technology finally completed the acquisition of 0/00% equity of Shenzhen Olive Leaf Technology Co., Ltd. at a price of 250 million yuan, and successfully entered the Internet and advertising fields. The merger generated a goodwill of 243 million yuan. Unfortunately, the acquisition of Olive Leaf Technology failed to bring much improvement to the performance of listed companies. The net profit of listed companies in that year was only 45 1.95 million yuan, and the net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was even more loss.
From 2065438 to May 2008, the company successfully acquired 70% equity of IKEA Shi Jing through twists and turns. According to the financial data disclosed by listed companies, the operating income in the first three quarters after consolidated statements was 490 million yuan, up 98.17% year-on-year; The net profit was 77,042,000 yuan, a year-on-year increase of 1.604.66%. Although the report looks good, the cost is not low. The total transaction consideration paid by listed companies for 70% equity of Yijia Shi Jing reached 924 million yuan, and the new goodwill was 746 million yuan.
(Article source: Investment Express)
(Original title: How to prevent goodwill impairment "mines" after the scale of mergers and acquisitions of listed companies rises? )