摘要本文以京东执行扩张战略形成较高商誉为例，结合相应理论对京东激进并购导致高额的商誉但在短时间内一一变卖，针对其收购方案的合理性和商誉减值存在缺陷这两个方面深入探究了京东收购方案的巨大风险。经过分析近年京东大规模收购导致商誉金额以及一系列比率的变化，自身的内控有效性和收购的审批与复核、每年末商誉减值测试的有效性，发现我国并购中问题产生的根本原因在于商业走向的复杂性、所有权与经营权分离以及对应准则可操作性弱，减值测试的方法给到管理者很多操作空间且存在很多缺陷。基于以上分析，分别从上市公司角度、市场监管者角度、投资者角度对上市公司预防集中性的商誉减值对公司业绩造成意外大幅下滑甚至巨亏的风险提出相应建议。关键词：商誉的风险；公司价值；收购的复杂性AbstractInthispaper,takingJD'simplementationofexpansionstrategyasanexample,Accordingtothecorrespondingtheory,theradicalM&AofJDledtohighgoodwillbutsoldonebyoneinashorttime.Inviewofthetwoaspectsoftherationalityofthepurchaseschemeandthedefectsofthegoodwilldevaluation,thehugeriskoftheJDacquisitionschemewasdeeplyexplored.Afteranalyzingthechangesintheamountofgoodwillandaseriesofratios,theeffectivenessoftheinternalcontroleffectiveness,theapprovalandreviewofthepurchaseandtheeffectivenessoftheimpairmenttestofgoodwillattheendoftheyearareanalyzedbytheanalysisofthelargescalepurchaseofJDinrecentyears.ItisfoundthattherootcauseoftheproblemsinthemergerandacquisitioninChinaliesinthecomplexityofthebusinesstrendandtheseparationofownershipandmanagementright.Andthecorrespondingcriterionisweakinoperation.Thewayofimpairmenttestinggivesmanagerslotsofoperationspaceandtherearemanydefects.Basedontheaboveanalysis,fromtheperspectiveofthelistedcompanies,theperspectiveofthemarketregulators,andtheinvestor'spointofview,thispaperputsforwardsomesuggestionsontheriskofthelistedcompanies'preventionofcentralizedreputationreductiononthecompany'sperformance.Keywords:riskofgoodwill；corporatevalue；complexityofacquisitions目录一、引言.........................................................1二、文献综述..................................................1三、案例背景..................................................2（一）上市公司商誉现状.................................2（二）电商行业简介........................................4四、案例分析..................................................5（一）京东收购项目金额分析..........................5（二）京东商誉变化........................................6（三）减值计提.............................................121：减值不充分..............................................................................................................................132.计提减值方法存在问题..............................................................................................................143．可供选择的减值方法..............................................................................................................15（四）案例小结.............................................16五、结论与建议.............................................17（一）结论....................................................17（二）建议....................................................17参考文献........................................................18致谢...........................................................19一、引言京东(JD.com)是中国最大的自营式电商企业，2013在中国自营式电商市场的占有率为46.5%。该公司以向外扩张的策略为主，故在京东上市后不断地并购其他...
