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我国经济的持续发展推动着越来越多的企业通过并购实现扩张发展，因此对赌协议也被更多地运用在并购交易中。但并购失败的情况也层出不穷，不仅让签订对赌协议的并购企业遭受损失，也对我国经济的发展和资本市场造成了极其不好的影响。国瓷材料的并购活动由于爱尔创业绩的超额完成而获得成功，对这一案例进行研究，不仅在理论意义上可以补充对赌协议的案例研究，还可以为行业内其他企业提供经验，为各方提供不同参考依据，对各企业提高协议实施成功率、推动产业发展具有重要意义。

文章从企业并购、对赌协议的基本理论和实际的研究现状出发，对国瓷材料并购签订对赌协议的动因、对赌协议的具体条款，如企业估值方法、业绩补偿的计算等进行剖析，对国瓷材料并购后的市场效应，即收益率变动和股价变动进行了分析，随后以财务绩效和经济增加值分析为主要对象，对签订对赌协议的财务效果进行评价，最后综合考虑国瓷材料的战略布局，得出研究结论：对赌协议有助于规避因估值不准确产生的风险，为并购方减少代理成本、交易成本等，同时也可以保障企业战略转型的实现。值得所有企业共同注意的问题是：签订对赌协议要谨慎选择被并购企业，综合考虑各方面因素对并购方进行合理估价，并购后对企业进行整合，加强各种协同效应。最后指出了文章的不足之处。

China's rapid economy development provides a good environment,which promotes more enterprises to achieve expansion and development through merger and acquisition, so the betting agreement is normally used in the merger and acquisition transactions.But the failure of M&A is also emerging one by one,which makes the merger and acquisition enterprises sign the gambling agreement suffer losses and have bad influence . In December 2017, China Ceramics announced that it planned to acquire the remaining shares of Shenzhen Altron. Given the extremely high valuation of the acquisition, it signed a three-year betting agreement with Altron to protect its rights and interests. By 2019, Altron has overfulfilled the performance of the agreement, this is a successful story in the M&A world, so this study can complement the bet on a case study of the agreement and help other businesses grow promote industry development is of great significance.

From the basic theory and the actual research status of M&A and bet on agreement , to study the porcelain material M&A motivation, bet against the terms of the agreement, such as enterprise valuation method, the calculation of performance compensation are analyzed, the effect of porcelain material after M&A market, the yield changes and stock price changes are analyzed, then emphatically analyzed financial performance and EVA to appraise the financial effects of bet agreement, finally considering the strategic layout of porcelain material and then get the research conclusion:In the M&A,enterprises can sign a bet agreement to reduce the valuation risk and cost.We should notice following problems: to choose the acquired enterprise carefully when signing the gambling agreement,to evaluate the acquirer reasonably considering all aspects of factors,and strengthen various coordination effects.Finally, it explains the lack in this paper.