随着我国资本市场的发展，上市公司并购私有企业以及上市公司之间的并购日益增加。 为了规范上市公司并购行为，维护上市公司股东权益和稳定证券市场秩序，中国证监会于 2014年10月发布了《上市公司重大资产重组管理办法》，针对并购交易中的两种情形，强 制要求交易对方就未来的经营做出业绩承诺。对上述情形之外的并购，虽然没有强制要求交 易对方做出业绩承诺，但许多上市公司在并购中也自主引入业绩承诺与补偿机制。在业绩承 诺被广泛应用的同时，近年业绩承诺无法兑现问题也成为市场关注的焦点。 鉴于上述背景与针对业绩承诺应用中存在的问题，本文基于委托代理理论、交易成本理 论、信息不对称理论、协同效应理论，借鉴国内外学者们的研究成果，从当前上市公司并购 重组过程中的实际情况出发，分析阐述了上市公司并购业绩承诺的内涵、运用背景、动机与 现实意义和风险因素。 通过对国内并购重组市场情况、上市公司并购重组运用业绩承诺情况、业绩承诺兑现结 果进行总结分析，归纳出上市公司并购业绩承诺中存在的问题，分析业绩承诺无法兑现问题 的主要成因，以及问题带来的不利影响，并以解决业绩承诺无法兑现问题作为研究最终目标。 通过对众多并购业绩承诺案例的深入剖析，归纳出业绩无法兑现、期后业绩快速下滑与 补偿障碍等问题，主要分析就业绩无法兑现问题主要成因，包括：高估盈利能力、估值过高； 业绩承诺方案不合理；利益相关者的投机心态；并购整合不到位；环境变化和不可抗力；不 容忽视的业绩虚构等。同时，论述了无法兑现业绩承诺带来的五种不利影响，包括：拖累并 购方公司业绩；造成并购方合并商誉资产减值；影响并购方二级市场股票价格；损害并购方 股东利益；影响资本市场秩序。 在案例部分，本文对华谊兄弟并购浙江常升交易中的双方情况、参与主体、收购方案、 并购协议中业绩承诺条款、交易细节、并购后业绩兑现情况等，作了全面而细致的分析；从 产品及财务层面，提炼出对业绩承诺期间个别年度没有完成兑现的问题，以及成因作了深入 分析。随后，针对包括华谊兄弟并购浙江常升在内众多并购案例业绩承诺问题，从并购方与 利益相关方视角并购过程、业绩方案设计、并购后整合、监督与信息披露等四个维度，提出 加强商业调查与审慎估值、合理设计业绩承诺方案、强化并购投后整合以及完善监管与信息 披露机制等四大方面十三类项规避和解决业绩承诺无法兑现问题对策结论。 建议主要立足于企业科学发展观与长效价值的视角，强调效率与效果兼顾，约束与激励 并行，短期利益与长期利益协调，不仅对承诺方实现业绩承诺有利，同时也有利于并购方实 现整体协同效应、发挥下属企业自身优势，有利于从源头上缓解业绩承诺难兑现产生的一系 列问题。 关键词：上市公司；并购；业绩承诺 2 ABSTRACT With the development of China's capital market, the mergers and acquisitions between listed companies and private companies are increasing. In order to regulate the mergers and acquisitions of listed companies, safeguard the rights and interests of listed companies' shareholders and stabilize the order of the securities market, China Securities Regulatory Commission (CSRC) issued the Measures for the Management of Material Assets Reorganization of Listed Companies in October 2014, which forced the counterparty to make a performance commitment on the future operation for two situations in mergers and acquisitions transactions. For mergers and acquisitions outside the above circumstances, although there is no mandatory requirement for the counterparty to make performance commitment, many listed companies also introduce performance commitment and compensation mechanism independently in the mergers and acquisitions. While performance commitment is widely used, in recent years, the failure of performance commitment has become the focus of the market. In view of the above background and according to the problems existing in the performance commitment; this article is based on the principal-agent theory, transaction cost theory, information asymmetry theory, synergy theory, draw lessons from the domestic and foreign scholars' research results, from the current actual situation in the process of merger, acquisition and reorganization of listed companies, analyzed the connotation of the M&A performance of listed company commitment, using background, motivation, and the practical significance and risk factors. Through to the domestic market situation of merger, acquisition and reorganization, merger, acquisition and reorganization of listed companies to use performance commitments, performance pledges results summarized analysis, induce the problems existing in the M&A performance of listed companies promise, analyzing performance promises unable to meet the question primary cause, as well as the negative influence of the problem, and in order to solve the problem as the research results promise can't keep the ultimate goal. Through the in-depth analysis of many M&A performance commitment cases, summed up the performance can not be fulfilled, the performance after the rapid decline and compensation obstacles and other problems, mainly analyzed the performance can not be fulfilled the main causes of the problem, including: overestimate of profitability, valuation is too high; The performance commitment program is not reasonable; The speculative mentality of stakeholders; M&A integration is not in place; Environmental change and force majeure; Can not ignore the 3 achievement fictitious etc. At the same time, it discusses five kinds of adverse effects brought by failure to fulfill the performance commitment, including: drag on the performance of the acquirer; Cause impairment of the merged goodwill assets of the acquirer; Affect the secondary market stock price of the acquirer; Damages the interests of shareholders of the acquirer; Affect the capital market order. In the part of the case, this paper makes a comprehensive and detailed analysis of Huayi Brothers merger and acquisition of Zhejiang Changsheng, including the situation of both parties, the main participants, the acquisition plan, the terms of the performance commitment in the merger and acquisition agreement, the transaction details, and the performance fulfillment situation after the merger. From the aspect of product and finance, this paper summarizes the problems of not fulfilling the performance commitment in some years, and analyzes the causes. Then, in view of performance commitment in many M&A cases, including Huayi Brothers' merger and acquisition of Zhejiang Changsheng, from the perspective of mergers and acquisition parties and stakeholders, the four dimensions of merger and acquisition process, performance plan design, post-merger integration, supervision and information disclosure are analyzed. The paper puts forward the countermeasures and conclusions of strengthening business investigation and prudent valuation, reasonably designing performance commitment scheme, strengthening merger and acquisition post-investment integration, and improving supervision and information disclosure mechanism to avoid and solve the problem of unfulfilled performance commitment. KEY WORDS: Listed company, Mergers and acquisitions, Results promise 1 目 录 第一章 绪论 .... 1 第一节 研究背景 ........................... 1 第二节 研究意义 ........................... 1 一、理论意义 .......................... 1 二、实践意义 .......................... 2 第三节 研究内容及方法 ..................... 2 一、研究内容 .......................... 2 二、研究方法 .......................... 3 第四节 国内外研究综述 ..................... 3 一、业绩承诺的功能研究 ................ 3 二、业绩承诺可能带来负面作用的研究 .... 4 三、影响业绩承诺兑现的风险因素研究 .... 5 四、防范业绩承诺风险的研究 ............ 6 五、研究综述小结 ...................... 6 第二章 概念及理论综述 ......................... 7 第一节 概念综述 ........................... 7 一、并购 .............................. 7 二、业绩承诺 .......................... 7 第二节 理论基础 ........................... 8 一、委托代理理论 ...................... 8 二、交易成本理论 ...................... 8 三、信息不对称理论 .................... 8 四、协同效应理论 ...................... 9 第三章 上市公司并购业绩承诺现状与问题 ........ 10 第一节 并购重组市场现状 .................. 10 一、并购重组总体现状 ................. 10 二、上市公司并购现状 ................. 11 第二节 并购业绩承诺应用现状 .............. 11 一、并购业绩承诺相关法规解析 ......... 11 二、并购业绩承诺的