摘要
以2016―2018年深市实施的重大资产重组案例为研究样本,本文分析了深市公司重组业绩承诺履行情况。研究发现,深市公司重组业绩承诺存在自愿性业绩承诺占比高、业绩承诺未完成率逐期上升、"精准达标"占比较高、承诺期满业绩大幅下滑等特点,同时,承诺履行亦存在交易各方就业绩补偿存在分歧、标的失控致使无法履约、标的财务造假逃避补偿义务等问题。本文建议,一是完善规则,加强重组标的资产的信息披露要求;二是重点关注业绩补偿条款的设置情况,督促交易各方履约尽责;三是引导公司设置多元对赌机制。
Taking the case of major asset restructions implemented in Shenzhen stock market from 2016 to 2018 as a research sample,this article analyzes the performance of Shenzhen stock market restructuring performance commitments.The study found that Shenzhen’s restructuring performance commitments have characteristics such as a high proportion of voluntary performance commitments,an increase in the unfulfilled rate of performance commitments,a relatively high proportion of"accurate compliance",and a significant decline in performance at the end of the commitment period.At the same time,there are also transactions in the fulfillment of commitments.There are problems about the fulfillment of commitments:the parties have disagreements on performance compensation,the out-of-control of the target makes it impossible to perform the contract,and the financial fraud of the target evades the compensation obligation.Recommendations:First,improve the rules and strengthen the information disclosure requirements of the restructuring assets;second,focus on the setting of performance compensation clauses,and urge all parties to the transaction to perform due diligence;third,guide the company to set up a diversified gambling mechanism.
出处
《证券市场导报》
CSSCI
北大核心
2021年第11期68-73,共6页
Securities Market Herald
关键词
并购重组
业绩承诺
承诺履行
业绩补偿
mergers and acquisitions
performance commitment
commitment fulfillment
performance compensation
作者简介
罗振吉,任职于深圳证券交易所上市公司管理二部,研究方向:公司监管。
