上市公司业绩承诺与并购行为研究——以斯太尔为例

发布时间：2018-02-04 15:19

本文关键词： 业绩失诺随意变更补偿责任分析　出处：《财会通讯》2017年35期 　论文类型：期刊论文

【摘要】：近几年上市公司并购浪潮汹涌,业绩承诺成为市场常态,同时也伴随着业绩失诺的大量增加。本文以斯太尔业绩失诺后随意变更补偿方案为例,从收购方、被收购方、并购项目中的资产评估机构三个角度出发,分析斯太尔随意变更补偿方案的后果以及造成它业绩失诺的原因。分析表明,并购中的业绩失诺受多方影响,收购方对并购的过于乐观、被收购方为促进并购而过高许诺业绩、中介评估机构对市场的过于乐观都能会影响业绩承诺的指标。为避免业绩失诺的发生,参与并购的三方都应该谨慎行为。
[Abstract]:In recent years, the wave of mergers and acquisitions of listed companies has been surging, performance commitment has become the normal market, but also accompanied by a large number of performance loss increase. From the three angles of the acquired party and the asset appraisal institution in the M & A project, the author analyzes the consequences of the arbitrary alteration of the compensation scheme by Steyr and the reasons for the loss of its performance. The analysis shows that. The lost performance in M & A is affected by many factors. The acquirer is too optimistic about M & A, and the acquirer promises too much performance in order to promote M A. Mediators' over-optimism about the market can affect indicators of performance commitments. In order to avoid a loss of performance, all three parties involved in mergers and acquisitions should be cautious.
【作者单位】：广东外语外贸大学会计学院;广东外语外贸大学财经学院;
【分类号】：F271;F275;F832.51
【正文快照】： 一、引言资本市场追捧重组股由来已久,上市公司并购浪潮更是汹涌,2015年A股公布的并购事件中,超过70亿元的有20起,2015年上市公司全年并购重组交易2669单,交易总金额约2.2万亿元,同比增长52%,并首次超过2万亿元,创出了A股市场的又一个高峰。只要上市公司有并购预期,股票即迎来

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