【作者】 张婷婷；

【导师】 姚海鑫；

【作者基本信息】 辽宁大学 ， 会计（专业学位）， 2022， 硕士

【摘要】 随着近年来并购市场的持续升温,业绩承诺在企业并购中的应用更加广泛,然而业绩承诺失诺的现象却愈发增多,由于业绩承诺失诺给企业带来的负效应更是比比皆是,甚至给我国资本市场也带来了不良影响。企业并购中如何才能有效的应用业绩承诺,如何防范业绩承诺失诺是目前亟待解决的问题。研究并购中业绩承诺失诺及其经济后果问题,对于企业正确运用业绩承诺进行科学的并购决策具有重要现实意义。本文选取了安洁科技并购威博精密这一案例进行研究,以业绩承诺失诺情况为对象,运用多种研究方法并进行全面的数据分析,找出了业绩承诺失诺原因以及其产生的经济后果,并对防范业绩承诺失诺提出了相应的建议。本文首先运用文献研究法梳理了业绩承诺相关文献并界定了相关概念。在此基础上,采用了案例研究法,阐述了安洁科技并购威博精密的并购过程和动因,业绩承诺制定方案以及失诺情况,并找出了其业绩承诺失诺的原因。本文认为导致其业绩承诺失诺的直接原因有:宏观市场环境不友好、标的企业选择和企业估值不合理;间接原因有:协同效应未发挥、业绩承诺期过短以及业绩承诺协议缺乏约束力。其次,本文采用了财务指标分析法和事件研究法,运用大量的数据指标进行了趋势分析和比较分析,从主并方、业绩承诺人和股东三个方面分析了业绩承诺失诺造成的负面经济后果。具体表现在:主并方计提大额商誉减值、财务绩效降低、市场反应消极、公司持续发展受限;业绩承诺人丧失大股东身份、陷入债务危机;特定股东及中小市场投资者利益受损。最后,本文结合研究结论及我国业绩承诺相关制度不完善的现状,针对防范业绩承诺失诺提出了如下建议:一是,主并方需要审慎选择标的企业,从根源上避免失诺现象;二是,对标的企业进行价值评估时要注意避免高估企业价值;三是,需根据实际情况制定期限合适、补偿方式合理的业绩承诺协议;四是,并购双方应尽力实现协同效应;五是,相关监管部门需健全管控体系,优化业绩承诺制度。更多还原

【Abstract】 As the mergers and acquisitions(M&A)market has continued to heat up in recent years,performance commitment has become more common in company M&A activities.However,the frequency of performance commitment failures has also increased.The negative impact of performance commitment failures on companies is seen almost everywhere,which even negatively affected China’s capital market.How to effectively apply performance commitment in company mergers and acquisitions and how to prevent performance commitment failures is a problem that needs to be addressed urgently.Research on performance commitment failures and its economic consequences in company M&A activities has the vital practical significance for the companies to correctly use performance commitment and make scientific M&A decisions.This article selects Anjie Technology’s acquisition of Weibo Precision as a case study.In the study,this article starts from an actual performance commitment failure,uses a variety of research methods and comprehensive data analysis to find out the cause behind the performance commitment failure and its economic consequences,and offers corresponding recommendations to help prevent such performance commitment failures.This article first sorts out relevant literature works on performance commitment and defines relevant concepts.On this basis,through the case analysis method,this article describes the M&A process and motivation for M&A in the selected case,how the performance commitment is formulated,details of performance commitment failure,and the cause of the performance commitment failure.The article believes that unpromising market environment,incorrect selection of target company,and unreasonable valuation of the company are the direct causes of the performance commitment failure.In addition,failed synergy effect,overly short performance commitment period,and lack of binding force of the performance commitment agreement also indirectly lead to the failure.Subsequently,the article performs financial indicator analysis and event research.uses a large number of data indicators to conduct trend analysis and comparative analysis,and uses a combination of qualitative and quantitative methods,so as to analyze the negative economic consequences of performance commitment failure from three perspectives: the acquirer,performance commitment maker and company shareholders.According to the analysis,the performance commitment failure has forced the acquirer to recognize significant goodwill impairment,reduce financial performance,trigger negative market response,and limit the company’s sustainable development.The performance commitment maker has lost its position as a major shareholder and fallen into debt crisis.Certain major shareholders and market investors have suffered a loss.At last,on the basis of research conclusions and current relevant systems,this article puts forward following suggestions to prevent performance commitment failures: First,the acquirer needs to carefully select a target company at the very beginning so as to avoid such failures;second,try to avoid over-valuation of the target company;third,formulate a feasible performance commitment agreement with suitable duration,reasonable compensation methods;fourth,the M&A parties need to enhance resources integration and try their best to achieve synergy effect;fifth,relevant regulators need to improve the management and control system,optimize the performance commitment system.更多还原