会计学院知识库

近年来，随着我国经济结构的不断优化和国家政策对行业提升集中度的不断引导，上市公司并购重组的案例逐渐增多。业绩承诺也应时而生，为企业防范风险和提高并购效率做出了一定贡献。然而，在并购市场规模逐步扩大的如今，为维护上市公司良好的投资市场形象，一些进行业绩承诺的公司往往会为了防止因失约而带来的交易市场的严重震荡，采用各种会计管理手段对公司的经营状况进行盈余管理。

本文首先对已有的业绩承诺和盈余管理方面的研究成果进行了梳理和总结来确定研究方向，并对相关的概念与理论进行阐述。以奥赛康重组为具体案例，分析了业绩承诺对该企业盈余管理的影响，以及该企业盈余管理的方式。具体包括：首先对交易各方的基础情况、并购重组、业绩补偿等内容作出了简单说明，进而分析案例公司业绩承诺的实际完成情况；其次，根据本文中所述的理论基础，对奥赛康进行盈余管理的动因加以分析；然后，根据两种盈余管理计量模型进行计算，以判断企业盈余管理水平；最后，归纳总结了案例企业盈余管理的手段和其所产生的经济结果。

结果表明，奥赛康采用一些盈余管理手段完成了业绩承诺，没有进行业绩补偿，帮助外部投资者获取短期利益，但长期来看不利于公司的发展，也不能满足中小股东对长期利益的获得。本文在研究案例的基础上，提出建议以对业绩承诺期内的盈余管理行为进行合理控制，希望能在一定程度上丰富我国资本市场对于该主题的案例研究，分别为监管部门、外部投资者和上市公司识别以及压缩业绩承诺背景下的企业盈余管理行为提供一定的参考价值。

 In the last few years, with the constant majorization of China's economic construction and a number of policies to guide the industry to enhance concentration, mergers and acquisitions of listed companies have gradually increased. Performance commitment is also timely, which makes a certain contribution to preventing risks and improving m&a efficiency. However, in order to maintain the good investment market image of listed companies, in order to prevent the serious shock of cash and securities market caused by non-engagement, some companies that undertake performance commitment often adopt various accounting management methods to carry out earnings management on the company's operating conditions.

In this paper, the existing research achievements in performance commitment and surplus management are summarized and summarized, and the relevant concepts and theories are expounded. This paper takes the listing of AOSAIKANG as a specific case,analyzes the influence of results promise on control of earnings of the firm and the way of control of earnings of the company. Specifically, it includes: first of all, it makes a brief description of the basic situation of all parties to the transaction, mergers and acquisitions, and performance compensation, and then analyzes the actual completion of the performance commitment of the case company; Secondly, according to the theoretical basis described in this paper, the motivation of earnings management is analyzed. Then, according to the calculation of two kinds of earnings management measurement models, to judge the level of earnings management; Finally, it summarizes the means of earnings management and its economic results.

The results show that AOSAIKANG has fulfilled its performance commitments by means of earnings management without performance compensation, which helps external investors to obtain short-term benefits, But in the long run, it works against the company, nor can it satisfy minority shareholders to obtain long-term benefits. On the basis of case study, this paper put forward a proposal to commitment to performance during the period of the earnings management behavior to carry on the reasonable control, hoping to enrich our country capital market to a certain extent for the subject of case study, respectively, regulators, identification of outside investors and listed companies, and compression performance commitments under the background of corporate earnings management behavior provide the certain reference value.