The impact of VAM on goodwill impairment —Based on civil engineering construction industry

摘要

Based on the background of the Ministry of Finance’s concern about the issue of goodwill impairment and the frequent outbreak of goodwill impairment risk, this paper analyzes the difference in the proportion of goodwill impairment during the valuation adjustment mechanism ( VAM ) period and after the VAM period, with a view to providing theoretical and data reference suggestions for the standard-setters and regulators on preventing goodwill impairment risk and improving the relevant regime of VAM, and also providing theoretical support and risk warning for stakeholders in M&A. Combining the normative research method and the empirical research method, this paper takes the merger and acquisition event completed by the A-share listed companies of civil engineering construction industry in 2014-2016 as the initial sample, and studies the difference in the proportion of goodwill impairment during the VAM period and after the VAM period. The conclusion of this paper is: In the merger and acquisition transaction with VAM, the proportion of goodwill impairment of listed companies after the VAM period are greater than that of the VAM period.