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论文编号：	13487
作者编号：	2320200340
上传时间：	2022/12/3 17:04:01
中文题目：	YST公司收购JL公司业绩承诺研究
英文题目：	Research on Performance Commitment of YST Company''''''''s Acquisition of JL Company
指导老师：	张晓农
中文关键字：	股权收购；业绩承诺；优化措施
英文关键字：	Equity acquisition; Performance commitment; Optimization measures
中文摘要：	近年来随着我国经济的快速发展，企业之间的投资收购案例越来越多，其中以股权收购的方式居多。企业进行股权收购由于信息不对称等原因，为了降低股权收购的风险，多数都会在股权收购协议中附上业绩承诺条款。虽然很多股权收购案例都有相应的业绩承诺方案，但是最终业绩承诺未达成的案例不在少数。业绩承诺的失诺对交易双方都会造成不同程度的损失，不少案例最终双方因为业绩补偿而对簿公堂。由于园林绿化行业内企业数量多、规模小、区域分散等特点，为了加快园林绿化行业的整合，近年来行业内发生了不少股权收购案例。随着股权收购中业绩承诺被越来越多的使用，业绩承诺方案和相关条款的设置也在不断优化，但是仍然还有不少待改进优化的地方。通过哪些措施可以促进股权收购中业绩承诺顺利完成，减少交易双方的损失是本文的研究重点。 本文选取的YST公司收购JL公司的业绩承诺案例，是一起园林绿化企业的股权收购，最终也因业绩承诺未达成导致交易双方陷入纠纷和僵局中。本文主要采取了文献研究法和案例分析法，通过对案例的简单介绍，提出了业绩承诺中存在的问题并分析了问题的原因，然后结合理论基础针对业绩承诺提出优化措施，重点围绕收购前业绩指标的设定、收购中业绩承诺方案的设计以及收购后的监督管理三个方面展开。首先，文章的理论基础部分包括了股权收购和业绩承诺相关概念以及公司控制权、信息不对称、委托代理、激励理论和税收原则理论，在查阅了国内外相关文献的基础上，形成了本文的理论基础部分。其次，本文对YST公司收购JL公司的案例进行了简要介绍，包括了案例背景和行业、企业介绍，重点介绍了业绩承诺方案和最终完成情况。然后，针对本案例总结提出了业绩承诺过程中存在的问题并分析了问题产生的原因。最后结合相关理论基础，针对业绩承诺过程中存在的问题，围绕业绩指标设定、业绩承诺方案优化和后期的监督管理提出了相应的优化措施。
英文摘要：	In recent years, with the rapid development of China's economy, there are more and more investment acquisitions among enterprises, most of which are equity acquisitions. Due to information asymmetry and other reasons, in order to reduce the risk of equity acquisition, most enterprises put performance commitment clauses into equity acquisition agreements. Although many equity acquisition cases have corresponding performance commitment plans, there are many cases which the final performance commitment has not been achieved. The loss of performance commitment will cause losses to both parties of the transaction in different degrees, and in many cases, both parties finally went to court because of performance compensation. Due to the large number, small scale and regional dispersion of enterprises in the landscape industry, in order to speed up the integration of the landscape industry, there have been many equity acquisition cases in recent years. With the increasing use of performance commitment in equity acquisition, the setting of performance commitment and relevant terms has been continuously optimized, but there is still much to be improved. What measures can be taken to promote the successful completion of performance commitments in equity acquisition and reduce the losses of both parties is the focus of this paper. The performance commitment case of YST Company's acquisition of JL Company selected in this paper is an equity acquisition between landscaping enterprises, and the failure of achieving the performance commitment eventually led to disputes and deadlock between the two parties. This paper mainly adopts the literature research method and case analysis method. Through a brief introduction to the case, it puts forward the problems in performance commitment and analyzes the causes of the problems. Then it puts forward optimization measures for performance commitment based on theoretical basis, focusing on the setting of performance indicators before acquisition, the design of performance commitment scheme during acquisition, and the supervision and management after acquisition. First of all, the theoretical basis part of the article includes the relevant concepts of equity acquisition and performance commitment, as well as corporate control theory, information asymmetry theory, principal-agent theory, incentive theory and tax principle theory. On the basis of consulting relevant literature at home and abroad, the theoretical basis of this paper is formed. Secondly, this paper gives a brief introduction to the case of YST's acquisition of JL Company, including the case background, industry and enterprise introduction, focusing on the performance commitment plan and the final completion. Then, it puts forward the problems in the process of performance commitment and analyzes the causes of the problems in view of this case. Finally, combined with the relevant theoretical basis, aiming at the problems existing in the process of performance commitment, the corresponding optimization measures are proposed around the performance indicator setting, performance commitment program optimization and later supervision and management.
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