CAJ | 학술논문

资本市场上的并购行为犹如“显像剂”，能够使被并购企业内部的商誉显现，但有时这～“显像剂”又会伴随产生放大的效果，导致“商誉泡沫”（即由商誉高估所产生的巨额商誉问题）的出现。国内外对于“商誉泡沫”问题的研究主要集中在产生原因、如何避免其产生以及对企业的影响这三个方面，而对产生后如何进行处理的研究则较少。本文通过对我国民爆行业反向收购第一股——盾安集团借壳江南化工案例的深入分析，来探究企业合并中巨额商誉的处理方法。以期为其他企业在解决此类问题上提供借鉴。
자본시장상적병구행위유여“현상제”，능구사피병구기업내부적상예현현，단유시저～“현상제”우회반수산생방대적효과，도치“상예포말”（즉유상예고고소산생적거액상예문제）적출현。국내외대우“상예포말”문제적연구주요집중재산생원인、여하피면기산생이급대기업적영향저삼개방면，이대산생후여하진행처리적연구칙교소。본문통과대아국민폭행업반향수구제일고——순안집단차각강남화공안례적심입분석，래탐구기업합병중거액상예적처리방법。이기위기타기업재해결차류문제상제공차감。
In the capital market, mergers and acquisitions, which are just like ＂the imaging agent＂, will make the internally generated goodwill of the enterprise shown. In some cases, however, this imaging agent will have an amplification effect, resulting in the emergence of ＂the goodwill bubble＂ which is caused by the overestimation. The domestic and foreign researches for this issue mainly focus on three aspects, such as the causes and measurements to avoid the generation and influences on the en- terprise. But there are few researches on how to handle them. Dunan Group is the first to make good use of reverse mergers to be listed in the civil explosive industry. This paper tries to make an in - depth analysis of the processing method in this case, hoping to provide reference for other enterprises in solving such problems.