【作者】 刘敏；

【导师】 游家兴；

【作者基本信息】 厦门大学 ， 工商管理（MBA）（专业学位）， 2020， 硕士

【副题名】以九芝堂为例

【摘要】 证券公司股票质押式回购交易业务精准对接民营企业上市公司股东融资需求,已成为其重要的融资来源。业绩承诺作为一种创新的契约形式在并购重组交易中越来越多的被采用,已成为并购协议的重要组成部分。但在实际的操作过程中,证券公司对涉及业绩补偿承诺股东的股票质押式回购交易业务普遍采取极高的风控要求甚至“一刀切”的回避方式,导致业绩承诺股东通过股票质押式回购交易进行融资的难度极大。实际上,完成业绩承诺的标的企业股东所持股份与其他普通股东股份性质并无二致,业绩承诺股东股票质押的风险核心在于标的企业业绩承诺能否达标。本文通过统计分析A股上市公司重大资产重组标的企业业绩承诺的完成情况,总结判断标的企业业绩承诺能否完成的重要参考因素,即标的企业资产评估增值率、承诺利润年增长率、并购对象及重组目的、中证500指数择时选择、业绩指标未达标特殊情况等。根据上述判断因素将业绩承诺标的企业划分为低风险、中低风险、中高风险以及高风险的风险等级组合。论文据此提出证券公司针对质押股份涉及业绩补偿义务的股票质押业务应深入分析业绩承诺标的企业,根据标的企业对应的风险等级采取不同的风险评估及应对策略,不能片面采取全面回避的方式。针对低风险组合建议选择准入策略和严苛的质押要素、中低风险在低风险组合准入基础上强化尽职调查及增信措施、中高风险组合审慎评估或回避、高风险组合选择回避策略。最后,本文结合九芝堂股票质押业务—签署盈利预测补偿协议标的企业控股股东在承诺期内参与股票质押的案例,建议证券公司采取设立业绩承诺标的企业盈利状况专项评估体系、设置个性化质押要素、强化尽职调查及增信等风险管理措施,有条件的开展业绩承诺股票质押业务,缓解业绩承诺股东股票质押融资难的问题。更多还原

【Abstract】 Securities companies launched stock pledged repo transactions to precisely meet the financing demands of shareholders of listed private enterprises,it has become the important financing source of shareholders of listed companies.As an innovative contract form,performance commitment is increasingly used in merger and reorganization transactions,which has become an important component of merger agreement.However,in the actual operation process,securities companies generally adopt extremely high risk control requirements and even the "one-size-fits-all" approach for avoidance on stock pledged repo transactions involving shareholders with performance compensation commitment,which causes that it is very difficult for shareholders with performance commitment to raise funds through stock pledged repo transactions.In fact,the nature of shares held by shareholders who completed the performance commitment is the same as those held by other normal shareholders,and the core risk of stock pledge of shareholders with performance commitment lies in whether the performance commitment of the target enterprise can be met.This paper summarizes and judges the important reference factors for whether the performance of the target enterprise can reach the standard through statistically analyzing the fulfillment of the performance commitment of the target enterprise with material assets reorganization of A-Share listed companies,that are,the value added rate of the asset evaluation of the target enterprise,annual growth rate of promised profits,object of merger and purpose of reorganization,timing selection of CSI 500 index,special circumstances when performance indicators fail to reach the standard,etc.In accordance with the above judgment factors,the target enterprises with performance commitment is divided into low risk,low and medium risk,medium and high risk,and high risk.The paper puts forward that securities companies shall deeply analyze the target enterprises with performance commitment in the stock pledge business involving performance compensation obligation according to this,adopt different risk assessment and risk response strategies in accordance with the risk level of the target enterprise,and not unilaterally adopt the approach of full avoidance.In terms of low risk portfolio,it is recommended to adopt the access strategy and rigid pledge elements.As for the mid-low risk portfolio,on top of the access basis of low risk portfolio,it is advised to add due diligence and credit promotion measures.With regards to the moderate to high risk,prudent assessment or avoidance shall be suggested.As for high risk portfolio,avoidance strategy shall be adopted.Finally,combining with the case that the controlling shareholder of the target company who signed the profit forecast compensation agreement of Jiuzhitang stock pledge business participated in the stock pledge.It is recommended in this paper for security companies to establish the special evaluation system for the profit status of the target enterprise of performance commitment and personalized pledge elements,enhance due diligence and credit promotions measures so as to develop the performance commitment shareholder share pledge and alleviate the difficulty in financing of such business.更多还原