分类号D912.28密级
U D C 346.6编号10486
硕士学位论文
上市公司重大资产重组中业绩承诺异化
的法律矫正
研究生姓名：范鑫
学号：2018201060117
指导教师姓名、职称：冯果教授
专业名称：经济法学
研究方向：金融法学
二〇二一年五月
上市公司重大资产重组中业绩承诺异化的法律矫正
The Legal Correction of Compensation
Agreement’s Disorders in Material Asset
Reorganization of Listed Companies
College ：School of Law
Subject ：Economic Law
Name ：Fan Xin
Directed by ：Prof.Feng Guo
May 2021
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上市公司重大资产重组中业绩承诺异化的法律矫正
摘要
现代资本市场的发展史，即是人性逐利与规则理性的博弈史。由上市公司重
大资产重组衍生而来的业绩承诺制度，亦犹如行走在光明与黑暗之间的使者，既
有着抵御恶意掏空、维护正当权益的初始功能设定，又存在合同缔约狂热、业绩
操纵频发的现实异化乱象。剖析业绩承诺的内涵实质，其并非在于传统民法中合
同缔约行为的承诺之名，而是在于现代商法意蕴上估值调整的对赌之实，并经由
行政化向市场化的阶段演变，而逐渐呈现出合同自由与组织治理杂糅的时代特
质。归结业绩承诺的市场异化显征，其核心主线亦在于原始价值传导与现实履行
行为的直接冲突，具体凸显为估值虚高、业绩操纵以及履约困难等三重市场表征，
如此异化不仅无益于保护与促进的既定目标实现，更逆向触发了盲目与投机的风
险漩涡。然而，业绩承诺的异化显现并非意味着其制度应用彻底滑向失控，而是
在正常的运行秩序中出现了无序的应用乱象，亟待予以必要重视与合理矫正。需
知，业绩承诺已超出了传统民法框架下单一权利义务的合同范畴，而具备了现代
商法视野下多元股权交易的组织特性；由此，将业绩承诺纳入合同与组织的双重
视角分析，即为梳理其价值紊乱脉络、提炼其市场异化根源的应然进路。
以合同分析为切入，主体价值上产生了利益共谋与成本投机，内容设定中残
余有模式固化与权益不均，以及履约选择时存在着支付短板与补偿漏洞。以组织
分析为深化，新型两权分离的权责配置放大业绩操纵可能，股东异质化分层与信
息不对称扰乱原有利益群设定，中介机构推责与监管被动触发最终致使矫正力量
难以真正落地。然而，异化表象的合同分析与组织分析远非最终目的，真正探得
市场化与法治化的进路选择，方为矫正业绩承诺市场异化的希冀所在。具体而言，
在总体思路规划上，应坚持市场培育与规则约束的刚柔并济，尝试注重市场要义
解读与激发交易理性，着力织密组织框架与细化监管程式，以推动市场化与法治
化的二元并进。在基本框架构建上，应坚持从规则设计、运行落实及主体赋能的
三重维度予以展开，联动《公司法》与《重组办法》修订，贯通全流程监管与鼓
励承诺条款创新，并强化公司博弈能力与投资者决策参与。在具象制度落地上，
应立足合同约束、组织内控与监管呵护的制度协同，坚持合同自由的正向指引与
柔性干预，注重公司运行的权责明定与义务落实，完善市场环境风险防控与投资
者保护，三措融合并举，一体形成矫正业绩承诺市场异化乱象的强大制度合力。
关键词：上市公司重大资产重组；业绩承诺；对赌协议；市场异化；法律矫正
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武汉大学硕士学位论文
Abstract
The history of the modern capital market is the history of institutional gameplay
between human nature’s profit-seeking and rule-based rationality.The compensation
agreement derived from the material asset reorganization of listed companies,is also
like a messenger walking between the light and darkness,which not only has the
initial function setting to resist malicious hollowing out and maintain legitimate rights
and interests,but exists the disorders of enthusiasm for contract signing and frequent
performance manipulation.Analyzing the essence of the connotation of compensation
agreement,it is not in the name of the acceptance of contract signing in traditional
civil law,but lies in the reality of valuation adjustments in the meaning of modern
commercial law.And evolving through the stage of administration to marketization,it
gradually presents the mixed characteristics of contract freedom and organizational
governance.Concluded the disorders of compensation agreement,its core lies in the
direct conflict between the original value transmission and the actual fulfillment
behavior,and embodies in the triple market characterization of falsely high valuations,
performance manipulation,and difficulty in fulfilling contracts.It is not conducive to
the goals realization of protection and promotion,furthermore triggers the risk of
blindness and speculation reversely.However,the appearance of the disorders does
not mean that its system application has completely slipped out of control,but that
the operation chaos has appeared in the normal order,which urgently needs necessary
attention and reasonable correction.It should be noted that compensation agreement
already has exceeded the single contract scope of rights and obligations under the
traditional civil law framework,and possesses the organizational characteristics of
multiple equity transactions under the perspective of modern business law.Therefore,
it is that incorporation the dual analysis of contract and organization,to sort out the
context of value disorders and refine the root cause of market disorders.
Analyzed by contract aspect,conspiracy of interests and cost speculation
occurred in the value of the subject,mode solidification and uneven rights exited in
the content setting,payment shortcomings and compensation loopholes keep in the
selection of performance.Analyzed by organization aspect,the new separation of
ownership and management amplifies the possibility of performance manipulation,
shareholder's heterogeneity and information asymmetry disrupt the original interest
group setting,and the responsibility shirking of intermediary agency and the passive
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上市公司重大资产重组中业绩承诺异化的法律矫正
trigger of supervision ultimately make it difficult for the corrective force to truly
implement.However,the analysis of contract analysis and organization is far from the
ultimate goal,and exploring the path of marketization and rule of law is the hope of
correcting the disorders.Specifically,in the overall planning,we should adhere to
market cultivation and rule constraints,try to make the interpretation of market
principles and stimulate transaction rationality,and focus on weaving organizational
framework and detailing regulatory procedures,to promote the dual goals of
marketization and rule of law.In the construction of the basic framework,the three
dimensions of macro integrity,medium innovation and micro protection should be
carried out,link the revision of the "Company Law"and "Restructuring Measures",
connect the whole process of supervision and encourage innovation of commitment
clauses,and strengthen the abilities of companies transaction gaming and investors
decision making.In the implementation of the concrete rules,it should be based on
the system coordination of contract constraints,organizational internal control and
supervise concern,adhere to the positive guidance and flexible intervention of
contract freedom,pay attention to the defined rights and responsibilities of the
company's operation and the implementation of obligations,and improve the market
risk prevention and investor protection.Integrate of the three measures,and form a
strong institutional synergy to correct the market disorders of compensation
agreement.
Key words:material asset reorganization of listed companies;compensation
agreement;valuation adjustment mechanism;market disorders;legal correction
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