上市公司业绩承诺对并购绩效影响研究——基于华宏科技的案例分析
摘
要
随着我国经济的快速发展，越来越多的上市公司通过并购来优化自身的资源配置、
进行产业链延伸、拓展公司规模，以提升自身各项发展能力从而持续为广大投资者带来
收益。众多的实际操作案例也引来了学者的关注研究，并购操作对上市公司的影响如何
来评价，其影响因素有哪些，市场反应如何，皆是研究的热点。在并购中，主并双方为
了降低由于信息不对称产生的交易风险，通常会签订业绩承诺协议，被并购方将在被并
购后的一段时间内对标的资产进行一定的业绩承诺，如果没有完成承诺业绩，将按约定
进行现金或股份的补偿。本文思考并购事件是否可以为上市公司带来预设的目标收益，
业绩承诺对并购事件的影响几何，承诺业绩额度的大小、承诺的实现情况等在资本市场
上的反应如何。本文选择华宏科技公司历次并购事件作为研究对象，以案例分析的方式，
研究具体个案的并购绩效问题。
本文首先介绍了文章研究的背景与意义，介绍了工作思路和方法。其次对并购绩效
以及业绩承诺对并购绩效的影响的相关文献进行了回顾整理，形成了一定的研究理论背
景。然后本文结合华宏科技的上市以来的各类季报、年报及相关事件公告，对其基本情
况、历次并购简要情况和业绩承诺细节问题做了介绍。另外，采用事件研究法和会计指
标研究法对有无绩效承诺、承诺业绩额度大小、业绩承诺的实现情况三个方面所产生并
购绩效影响问题进行了研究。最后，本文得出结论，总体上有业绩承诺的并购绩效较好，
承诺额度的高低造成的并购绩效差异不大，按期完成业绩承诺的市场比较认可，并购绩
效比较好。
关键词：业绩承诺；并购绩效；事件研究法；会计指标研究法
I
Abstract
Abstract
With the rapid development of China's economy, more and more listed companies
optimize their resource allocation, extend the industrial chain and expand the scale of the
company through mergers and acquisitions, so as to improve their development capabilities
and continue to bring benefits to the majority of investors. A large number of practical cases
have attracted the attention of scholars. How to evaluate the impact of M&A on listed
companies, what the influencing factors are, and how the market reaction are all hot topics of
research.
In mergers and acquisitions, in order to reduce transaction risks caused by
information asymmetry, both parties usually sign performance commitment agreements, in
which the acquired party will make certain performance commitment to the underlying assets
within a period of time after the acquisition. If the performance commitment is not completed,
cash or shares will be compensated as agreed.This thesis considers whether m&a event can
bring the expected ideal income for listed companies, the impact of performance commitment
on M&A event, the size of commitment performance amount, the realization of commitment
and other reactions in the capital market.
This thesis chooses huahong Technology
Company's m&a events as the research object, through the way of case analysis to find the
answer, to study the specific case of m&a performance.
This thesis first introduces the background and significanceof the research, and
introduces the working ideas and methods. Secondly, it reviewsand collates relevant
literatures on M&A performance and the influence of performance commitment on M&A
performance, forming a certain theoretical background. Then this thesis introduces the basic
information, the brief information of previous mergers and acquisitions and the details of
performance commitments of Huahong Technology based on various quarterly reports, annual
reports and announcements of related events since its listing. In addition, the influence of
whether there is performance commitment, the size of performance commitment and the
realization of performancecommitment is studied by usingevent study method and
accounting index study method. Finally, the conclusion is drawn that, on the whole, the
m&a performance with performance commitment is better, the level of commitment level
causes little difference in M&A performance, and the timely completion of performance
commitment is recognized by the market, and the M&A performance is better.
Key Words: Performance commitment;M&A performance;Event study method;
Accounting index research method
II
上市公司业绩承诺对并购绩效影响研究——基于华宏科技的案例分析
目录
1引言.....................1
1.1研究背景与意义..................1
1.2研究方法和结构..................2
1.3创新与不足...................3
2文献综述....................4
2.1关于并购绩效的相关研究................4
2.2关于业绩承诺与并购绩效研究...............5
2.3文献评述................7
3案例介绍....................8
3.1案例公司简介...............8
3.2并购情况介绍...............8
3.2.1历次并购交易概况..........8
3.2.2并购一的情况介绍..........9
3.2.3并购二的情况介绍...............10
3.2.4并购三的情况介绍...............11
3.2.5并购四的情况介绍...............11
3.2.6并购五的情况介绍...............12
3.2.7并购六的情况介绍...............13
3.2.8并购七的情况介绍...............14
3.2.9并购八的情况介绍...............14
3.3业绩承诺情况介绍............15
3.3.1业绩承诺内容................15
3.3.3业绩承诺额度对比...............16
3.3.3业绩承诺的实现情况...........17
4案例分析..................20
4.1基于事件研究法的并购绩效分析.........20
4.1.1研究方法与数据处理...........20
4.1.2短期并购绩效的比较...........23
4.1.3有无绩效承诺与短期绩效好坏的分析...........25
4.1.4承诺业绩倍率与短期绩效分析.........26
4.1.5业绩承诺实现情况与并购绩效分析........26
4.2并购绩效差异分析............31
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