会计学院知识库

伴随着经济的蓬勃发展以及资本市场的不断完善，我国企业市场竞争愈加激烈，众多自主增长乏力的企业选择通过并购重组以提升市场竞争力。由于企业并购规模不断扩张，与之相关的并购风险也随之暴露，因此为了防范企业并购风险，促进企业公平交易，业绩承诺机制作为一种风险管理工具被越来越多的并购企业所选择。但随着业绩承诺爽约现象的频繁发生，业绩承诺机制在企业并购重组中所带来的衍生风险也逐渐显现，因此，在保护投资者利益的前提下，如何识别企业在并购重组过程中引入业绩承诺机制后所带来的风险，以及如何对其风险进行有效的风险防范变得愈加重要。

本文以东方精工并购普莱德为例，在企业引入业绩承诺机制的基础上，利用等级全息模型将其并购阶段分为了业绩承诺设定前、业绩承诺设定中、业绩承诺设定后三个阶段，从每个阶段入手，识别并分析企业在并购重组过程中引入业绩承诺机制所引发的风险，并提出有效的风险防范措施，使得未来企业在运用业绩承诺机制时规避风险的能力能够有所提升。本文通过研究得出，业绩承诺机制在企业并购过程中所产生的作用与其对企业并购所带来的风险是相伴而生的。在业绩承诺设定前，并购企业通常会因为风险偏好等主观因素而选择给出较高业绩承诺的标的企业，使得标的企业的劣势被进一步弱化，高业绩承诺背后所存在的风险也被进一步忽视。在业绩承诺设定中，由于估值方法的不同，使得企业在选择标的企业时存在高估值风险以及过高的业绩目标设定风险等。在业绩承诺设定后，由于并购企业整合能力的不足，跨界并购所产生的控制权风险、关联交易风险等逐渐显现，从而产生业绩争议，最终可能造成并购失败。因此，企业运用业绩承诺机制时，应对标的企业的价值进行合理的评估判断，提高企业的并购整合能力，使得业绩承诺的完成率有进一步的提升。同时企业应仔细评判衡量业绩承诺对企业并购带来的的正负效应，采取有效的风险防范措施增加业绩承诺机制在企业并购过程中的正面效应，从而降低企业并购失败的可能性。

With the booming economic development and the continuous improvement of the capital market, the market competition of Chinese enterprises is becoming increasingly fierce. Many enterprises with weak independent growth choose to enhance their market competitiveness through merger and reorganization. Due to the continuous expansion of the scale of mergers and acquisitions, the related risks of mergers and acquisitions are also exposed. Therefore, in order to prevent the risks of mergers and acquisitions and promote fair trade among enterprises, performance commitment mechanism, as a risk management tool, has been selected by more and more mergers and acquisitions enterprises. But as performance promise a promise phenomenon occur frequently, performance commitment mechanism in the enterprise merger, acquisition and reorganization of the derivative risk also gradually revealed, therefore, on the premise of protection of investors, how to identify the enterprise in the process of merger, acquisition and reorganization performance commitment mechanism are introduced to the risks, and how the risk for effective risk prevention is becoming increasingly important.

Pride as an example, this paper takes the east seiko m&a in the enterprise, on the basis of introducing performance commitment mechanism, using hierarchical holographic model set its commitment to the merger and acquisition phase is divided into the performance, performance, performance of the commitment before setting after three stages, from each phase, to identify and analyze the enterprise introducing performance commitment in the process of merger, acquisition and reorganization mechanism caused by risk, and put forward effective risk prevention measures, make the future enterprise's ability to avoid risk when applying performance commitment mechanism can be improved. Through the study, this paper concludes that the role of performance commitment mechanism in the process of enterprise merger and acquisition is accompanied by the risks it brings to the enterprise merger and acquisition. Before the setting of performance commitment, M&A enterprises usually choose the target enterprises with higher performance commitment due to subjective factors such as risk preference, which further weakens the disadvantages of the target enterprises and further ignores the risks behind the high performance commitment. In the setting of performance commitment, due to the different valuation methods, enterprises have high valuation risk and high performance target setting risk when choosing target enterprises. After the performance commitment is set, due to the lack of integration ability of mergers and acquisitions, the risks of control rights and related transactions arising from cross-border mergers and acquisitions gradually appear, resulting in performance disputes, which may eventually lead to the failure of mergers and acquisitions. Therefore, when an enterprise uses the performance commitment mechanism, it should reasonably evaluate and judge the value of the target enterprise, improve the merger and integration ability of the enterprise, and further improve the completion rate of the performance commitment. At the same time, enterprises should carefully evaluate and measure the positive and negative effects of performance commitment on M&A, and take effective risk prevention measures to increase the positive effects of performance commitment mechanism in the process of M&A, so as to reduce the possibility of failure of M&A.