【作者】 李阳；

【导师】 周青浮； 陆志华；

【作者基本信息】 河南科技大学 ， 会计专硕（专业学位）， 2023， 硕士

【摘要】 随着我国市场经济的发展以及互联网时代的到来,越来越多的企业开始重视技术创新,各行各业纷纷向数字化、智能化靠拢。很多想要快速获得核心技术,扩大业务规模的上市公司纷纷选择走上并购重组的道路。但在近年来层出不穷的并购案件中,失败的案例屡见不鲜,这往往是因为交易双方存在信息不对称等问题,导致并购方对标的企业估值过高,进而产生大额的商誉减值,影响公司业绩,损害中小股东利益。此时,引入有效的并购风险应对措施显得尤为重要。业绩补偿承诺作为一种估价调整机制,可以调整交易对价,缓解信息不对称带来的估值不准确问题,而且随着近些年我国业绩承诺的相关事项规定越来越完善,业绩承诺在我国并购交易中的应用也越来越广泛。在此背景下,如何利用好业绩承诺,避免高溢价并购带来的风险,成为资本市场关注的热点。本文结合并购重组与业绩承诺的相关理论,通过案例研究,介绍了业绩补偿承诺在并购重组中的应用及影响。本文以千方科技并购宇视科技作为案例进行研究,运用事件研究法对千方科技与宇视科技签订业绩承诺的三个关键事件日进行短期市场绩效评价,通过财务指标法和财务战略矩阵来分析千方科技并购前后七年的财务数据,探讨签订业绩承诺对企业中长期财务绩效的影响。结果显示,企业在业绩承诺签订时和业绩承诺完成时的短期市场绩效有明显提升,但业绩承诺期结束时的短期市场绩效变化不明显,中长期财务绩效在业绩承诺期内显著提升。总体上来说业绩承诺的签订对并购的长短期绩效起到了保驾护航的作用,企业的价值创造能力有明显提高。本文对千方科技引入业绩承诺并购宇视科技的成功经验进行了总结,并以此得出启示,以期为其他引入业绩承诺进行并购的企业提供借鉴和参考意义。更多还原

【Abstract】 With the development of China’s market economy and the advent of the Internet era,more and more companies are beginning to attach importance to technological innovation,and various industries are moving towards digitization and intelligentization.Many listed companies that want to quickly gain core technology and expand their business scale have chosen to embark on the path of mergers and acquisitions.However,in the numerous M&A cases in recent years,failed cases are common,often due to issues such as information asymmetry between both parties,resulting in the acquiring party overestimating the valuation of the target company and subsequently generating large amounts of goodwill impairment,affecting company performance and harming the interests of small and medium shareholders.At this point,introducing effective M&A risk response measures becomes particularly important.Performance compensation commitments,as a price adjustment mechanism,can adjust the transaction price and alleviate the problem of inaccurate valuation caused by information asymmetry,and with the increasing improvement of performance commitment related matters in recent years in China,the application of performance commitments in M&A transactions has become increasingly widespread.Against this background,how to use performance commitments well and avoid the risks of high premium M&A has become a hot topic in the capital market.This article,combining the relevant theory of performance compensation commitments,introduces the application and impact of performance commitments in M&A transactions through case studies.Taking the acquisition of Uniview Technologies by Qianfang Technology as a case study,this article uses an event study to evaluate short-term performance of Qianfang Technology based on three key event dates of performance commitment signed with Uniview Technologies.Through financial indicator analysis and financial strategic matrix analysis,this article explores the impact of the performance commitment on the long-term M&A performance of Qianfang Technology by analyzing its financial data before and after the acquisition for seven years.The use of performance commitments and the avoidance of the risks of high premium M&A has become a hot topic in the capital market.The results show that there was a significant improvement in the short-term performance of companies when performance commitments were signed and completed,but there was no significant change in short-term performance when the performance commitment period ended.Long-term performance,however,improved significantly during the performance commitment period.Overall,signing performance commitments had a positive impact on the short-term and long-term performance of M&A,improving the company’s value creation ability.However,the impact on performance after the performance commitment period was not significant.This article summarizes the successful experience of Qianfang Technology’s acquisition of Uniview Technologies in order to provide reference and guidance for other companies using performance commitments in M&A.更多还原