安洁科技高估值高业绩承诺并购的动因及效果研究

LZUFE-KMS > 会计学院

作者	张逸帆
姓名汉语拼音	Zhangyifan
学号	2019000008048
培养单位	兰州财经大学
电话	15036961449
电子邮件	903077715@qq.com
入学年份	2019-9
学位类别	专业硕士
培养级别	硕士研究生
一级学科名称	会计
学科代码	1253
授予学位	会计硕士
第一导师姓名	李培根
第一导师姓名汉语拼音	Lipeigen
第一导师单位	兰州财经大学
第一导师职称	教授
第二导师姓名	刁玉柱
第二导师姓名汉语拼音	Diaoyuzhu
第二导师单位	临沂大学
第二导师职称	教授
题名	安洁科技高估值高业绩承诺并购的动因及效果研究
英文题名	Research on the motivation and effect of high valuation and high performance commitment M&A of Anjie Technology
关键词	安洁科技业绩承诺并购估值动因及效果
外文关键词	Anjie technology ; Performance commitment ; Merger and valuation ; Motivation and effect
摘要	并购重组作为促进市场产业结构调整，实现公司发展战略的重要途径，在我国资本市场上发挥着举足轻重的作用。2015 年，我国并购市场开始爆发式发展，业绩承诺作为降低交易风险、保护中小投资者利益的有利工具被越来越多地使用。2018 年末大批公司的承诺期已满，业绩承诺未完成的公司不在少数，这其中不乏盲目并购、恶意使用业绩承诺的事件发生，对上市公司的财务状况造成极大的影响并使中小投资者利益受损，让人不得不质疑业绩承诺还能否发挥出当初预想的作用。近年来，并购市场上的高估值高业绩承诺现象愈发明显，成为我国资本市场的显著特征。于是，本文选择以此为切入点，对高估值高业绩承诺并购的动因和效果进行研究。本文研究内容主要分为以下两部分：第一，以安洁科技在 2017 年并购威博精密为起点梳理并购过程，基于各利益相关者角度，从经营状况、现金流状况、赔付成本角度分析被并购方做出高估值高业绩承诺，基于协同效应理论、信号传递理论、信息不对称理论和管理者过度自信理论分析并购方接受高估值高业绩承诺以及宏观环境和第三方机构在其中发挥的促进作用，深刻剖析各方为达成“双高”并购的动因所在。第二，分析了在并购结束后业绩承诺完成情况以及大额商誉减值带来的财务风险，并通过短期市场波动和长期财务指标以及托宾Q值对并购效果进行衡量，识别并总结出并购过程中出现的问题。研究发现，上市公司进行高估值高业绩承诺型并购，并不一定代表具有购入“优质资产”的信号，不恰当的使用可能会带来负面影响。双方预期过高致使业绩目标不合理，第三方机构为促成交易达成所产生的短视行为等多重因素导致了高额业绩承诺，而高业绩承诺又推高了估值水平，加大了并购风险。进一步发现，并购后公司内部资源整合效率不高，外部监管机制以及业绩承诺会计处理的规范仍不健全。最后本文从内部治理和外部政策制定、监督管理以及第三方独立机构方面提出合理建议，以期业绩承诺能发挥出当初预设的积极作用。
英文摘要	As an important way to promote the adjustment of market industrial structure and realize the company's development strategy, Merger and Acquisition plays an important role in China's capital market. In 2015, China's M&A market began to develop explosively, and performance commitment, as a tool to reduce transaction risks and protect the interests of small and medium-sized investors, is increasingly used. At the end of 2018, the commitment period of a large number of companies has expired, and there are not a few companies whose performance commitments have not been completed. Among them, there are many cases of blind mergers and acquisitions and malicious use of performance commitments, which have had a great impact on the financial status of listed companies and damaged the interests of minority shareholders. People have to question whether the performance commitments can play the role originally expected. In recent years, the phenomenon of high valuation and high performance commitment in the M&A market has become more and more obvious, which has become a significant feature of China's capital market. Therefore, this paper chooses this as the starting point to study the motivation and effect of M&A with high valuation and high performance commitment. The research content of this paper is mainly divided into the following two parts: first, starting from the acquisition of Weibo precision by Anjie technology in 2017, from the perspective of various stakeholders, from the perspective of operating conditions, cash flow conditions and compensation costs, this paper analyzes the high valuation and high performance commitments made by the acquiree, based on the synergy theory, signal transmission theory, information asymmetry theory and the Manager Overconfidence Theory analyze the acquirers' acceptance of high value and high performance commitments, as well as the promotion role played by the macro environment and third-party institutions, and deeply analyze the motivation of each party to achieve "double high" M&A. Second, it analyzes the completion of performance commitments and the financial risks caused by the impairment of large goodwill after the M&A, measures the M&A effect by using short-term market fluctuations, long-term financial indicators and Tobin’s Q value, and identifies and summarizes the problems in the M&A process. The research finds that the high valuation and high performance commitment M&A of listed companies does not necessarily represent the signal of purchasing "high-quality assets", and improper use may bring negative effects.The high expectations of both parties led to unreasonable performance targets. Multiple factors, such as the short-sighted behavior of third-party institutions to facilitate the transaction, led to high performance commitments, which pushed up the valuation level and increased the risk of M&A. It is further found that the internal resource integration efficiency of the company is not high, and the external regulatory mechanism and the accounting treatment of performance commitments are still not perfect. Finally, this paper puts forward reasonable suggestions from the aspects of internal governance and external policy-making, supervision and management, as well as third-party independent institutions, in order to make the performance commitment play a positive role.
学位类型	硕士
答辩日期	2022-05-28
学位授予地点	甘肃省兰州市
语种	中文
论文总页数	74
参考文献总数	57
馆藏号	0004451
保密级别	公开
中图分类号	F23/774
文献类型	学位论文
条目标识符	http://ir.lzufe.edu.cn/handle/39EH0E1M/32148
专题	会计学院
推荐引用方式 GB/T 7714	张逸帆. 安洁科技高估值高业绩承诺并购的动因及效果研究[D]. 甘肃省兰州市. 兰州财经大学,2022.

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