会计学院知识库

业绩承诺制度始于2005年我国启动的股权分置改革，但近年来市场上频繁爆出的业绩承诺未兑现案例似乎显示出该制度在逐渐背离其保护收购方及中小股东利益的初衷，因此，重新认识业绩承诺制度在并购重组全流程中的运用情况及其实施效果，对推动该制度在企业并购重组中发挥积极作用具有重要意义。

本文通过梳理业绩承诺现有研究成果，选取南京新百[600682.SH]为案例公司，采用案例研究法分析南京新百在并购世鼎香港中如何运用业绩承诺以及业绩承诺实施效果。整个论证分为三部分，第一部分在论述近十年我国A股市场并购重组概况的同时向读者介绍此次重组的主要情况；第二部分在描述近十年我国A股市场业绩承诺应用现状指出现存问题的同时介绍案例公司签署业绩承诺的整个过程以及业绩承诺完成情况，并结合案例探讨业绩承诺运用动因；第三部分用事件研究法检验股票市场对南京新百宣告业绩承诺相关事件的市场反应，同时以承诺期为界用传统的财务指标法和剔除财务维度的平衡记分卡分别分析实施业绩承诺前后的财务绩效和非财务绩效，以此检验注入南京新百的资产是否优质以及业绩承诺是否促进南京新百绩效提升。通过上述论证过程本文得出以下研究结论：短期来看签署业绩承诺可以刺激股价并在承诺期内对标的公司管理层起到一定激励作用，进而改善上市公司业绩，但长期来看，随着投资者投资决策的更加理性以及承诺年份的到期，股票价格最终回归稳定，上市公司的经营业绩也因受到内外部环境的多重影响而变得无法预期，业绩承诺制度无法全面保障收购方和中小股东利益。最后基于本案例得出的结论，分别针对实施并购的企业、投资者和监管部门提出对应的建议。

本文的创新点在于：（1）研究内容不局限于单一的动因或效果，包含业绩承诺运用过程、动因以及实施效果三部分；（2）有关业绩承诺实施效果的评价角度多元，从市场反应、财务绩效以及非财务绩效三个视角切入，分层分析逐步探讨进而得出结论。

The performance commitment system began with the split share structure reform launched in China in 2005. However, the frequent cases of unfulfilled performance commitments in the market in recent years seem to show that the system is gradually deviating from its original intention to protect the interests of acquirers and minority shareholders. Therefore, reinterpret the application and implementation effect of the performance commitment system in the whole process of M&A, It is of great importance to boost the performance commitment mechanism to play a positive role in enterprise M&A.

This paper combs the existing research results of performance commitment, selects Nanjing Xinbai [600682. SH] as a case company, and uses the case study method to analyze how Nanjing Xinbai uses performance commitment and the implementation effect of performance commitment in the merger and acquisition of shiding Hong Kong.The whole discussion is divided into three parts. The first part introduces the main situation of the reorganization while discussing the general situation of M&A in China's A-share market in current ten years; The second section describes the recent situation of the application of performance commitment in China's A-share market in recent ten years, points out the existing problems, introduces the whole process of signing performance commitment and the completion of performance commitment,and discusses the positivity of the application of performance commitment associated with the case; In the third section, the event study method is used to test the market response of the stock market to the events related to Nanjing Xinbai's announcement of performance commitment. At the same time, taking the commitment period as the boundary, the traditional financial quota means and the Balanced Scorecard excluding the financial aspects are used to examine the financial performance and non-financial performance before and after the implementation of performance commitment, To test whether the assets injected into Nanjing Xinbai are of high quality and whether the performance commitment promotes the performance improvement of Nanjing Xinbai. Through the above demonstration process, this paper draws the following research conclusions: in the short term,signing the performance commitment can stimulate the stock price and play a certain incentive role for the management of the target company during the commitment period, so as to improve the performance of listed companies, but in the long term, with the more rational investment decisions of investors and the expiration of the commitment year, the stock price finally returns to stability, The operating performance of listed companies has also become unpredictable due to the multiple effects of internal and external environment, and the performance commitment system can not fully protect the interests of acquirers and minority shareholders. Finally, based on the fruit of this case, this paper puts forward relevant proposals for the enterprises, investors and regulatory authorities implementing M&A.

The innovations of this paper are: (1)the research main part is not limited to a single motivation or result, including three parts: the application process, motivation and implementation effect of performance commitment; (2)The evaluation of the implementation effect of performance commitment is diversified from three perspectives: market response, financial performance and non-financial performance. Hierarchical analysis is gradually discussed and conclusions are drawn.