并购重组业绩承诺实施风险与中小股东利益保护——以雅百特为例

Implementation Risks of Performance Commitments and Protection of Minority Shareholders' Benefits in Mergers and Acquisitions:Taking Yabaite as an Example

中文关键词:  并购重组  业绩承诺  实施流程  实施风险  中小股东利益保护  雅百特

英文关键词:mergers and acquisitions (M&A)  performance commitments (PC)  implementation process  implementation risk  protection of minority shareholders' benefits  Yabaite

中文摘要:

      业绩承诺制度广泛应用于我国并购重组实践。基于业绩承诺实施流程不同阶段呈现的特征,构建业绩承诺实施风险与中小股东利益保护的分析框架,并以雅百特为例,考察了业绩承诺潜在风险对中小股东利益保护影响的作用机制和经济后果。研究发现:签约阶段呈现“高承诺与高估值并存”的特征,估值体系紊乱和事前监管失效可能导致中小股东利益难以受到切实保护；履约期间呈现“低兑现”和“精准达标”的特征,存在大股东通过盈余管理、财务造假或质押限售股规避补偿风险的现象,加之相关法律条款缺位以及失诺成本极低,会使中小股东利益受到损害。研究结论对于探索业绩承诺的潜在风险及其对中小股东利益保护的影响机理,优化业绩承诺多元目标契约设计,建立并购重组估值调整机制,强化信息披露和中介机构监管,完善业绩承诺相关法规具有政策启示。

英文摘要:

      Performance Commitments (PC) have been widely used in mergers and acquisitions (M&A) in China. Based on the characteristics of the PC implementation at different stages, this paper constructs an analytical framework about the PC implementation risks and the protection of minority shareholders' interests. Taking the case of Yabaite as an example, it examines the mechanism and economic consequences regarding the potential risks of PC that influence the protection of minority shareholders' interests. The research finds the coexistence of “high performance commitments and high valuation” in the early signing period, with the disorder of valuation system and the failure of proactive supervision which might lead to difficulty in protecting the minority shareholders' interests. The execution period is characterized by “low compliance rate” and “precise compliance”, in which there is a phenomenon that major shareholders might avoid the risk of compensation via earnings management, financial fraud or pledge of restricted shares. Besides, the lack of legal provisions and extremely low penalty costs will be detrimental to the minority shareholders' benefits. The research conclusions have policy implications to explore the potential risks of PC and its impact on the protection of minority shareholders' interests, optimize the design of multi-purpose PC contracts, establish a valuation adjustment mechanism for M&A, strengthen information disclosure and supervision of intermediaries, and improve PC-related policies and regulations. 