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论文编号：	15768
作者编号：	2320234175
上传时间：	2025/12/9 22:19:54
中文题目：	业绩承诺对Z磁材公司并购绩效的影响研究
英文题目：	Research on the Impact of Performance Commitments on M&A Performance of Z Magnetic Materials Company
指导老师：	姚颐
中文关键字：	业绩承诺；企业并购；并购绩效
英文关键字：	Performance Commitment；Corporate Mergers and Acquisitions （M&A）；M&A Performance
中文摘要：	随着资本市场的发展以及产业结构的调整，并购市场日趋活跃。为了降低并购的风险和成本，业绩承诺被广泛的应用在并购交易当中，业绩承诺通过“激励+约束”的双重机制，对并购整合过程中存在的标的公司估值虚高、整合效率低等核心风险进行管控，最终作用于并购后的市场及财务绩效表现。近年来，随着部分并购事件业绩承诺期的逐渐结束，由于标的企业利润承诺未达成而引发的问题不断增多，业绩承诺是否能够降低并购风险并给上市公司带来正向的绩效引导，这一问题值得研究。 本文选取稀土永磁行业的Z磁材公司并购新能源汽车电机驱动系统领域的S公司为案例，研究业绩承诺对上市公司并购绩效的影响，从中发现问题，给出建议。首先依据信息不对称理论从并购双方冲突的视角分析了签订业绩承诺的动因，之后基于信号传递理论分析了业绩承诺带来的短期市场反应，然后分析业绩承诺的签订在业绩承诺执行期间对S公司与Z磁材公司财务绩效的影响，再运用财务指标分析法基于盈利能力、偿债能力、营运能力分析了业绩承诺给Z磁材公司带来的长期绩效，最后通过以上分析找出并购中出现的问题并给出改善措施。 通过对本案例的研究，发现：第一，业绩承诺对上市公司短期市场绩效有一定刺激作用，同时，业绩承诺的激励机制能够在短期内拉动上市公司的财务绩效，但业绩承诺的签订推高标的公司估值，为上市公司埋下商誉减值隐患，对上市公司的长期财务绩效有一定引导作用。第二，完善的业绩承诺机制是业绩承诺能否充分发挥作用的关键。第三，宏观产业政策和行业环境也同时影响着业绩承诺对并购绩效的影响效果。最后，通过对案例的深入研究我们认为在并购前充分识别并购风险，关注国家与行业政策，制定合理的业绩承诺方案，建立动态业绩承诺完成情况跟踪机制等措施能够充分发挥业绩承诺的作用，正面影响并购绩效。
英文摘要：	With the development of the capital market and the adjustment of industrial structure, the M&A market has become increasingly active. To reduce M&A risks and costs, performance commitments have been widely used in M&A transactions. Through a dual mechanism of "incentive + constraint", performance commitments regulate core risks such as overvaluation of target companies and low integration efficiency during the M&A integration process, ultimately affecting the market and financial performance after the merger. In recent years, as the performance commitment periods of some M&A events have gradually ended, problems arising from the failure of target companies to meet profit commitments have continued to increase. Whether performance commitments can reduce M&A risks and bring positive performance guidance to listed companies is a question worthy of research. This paper selects the case of Z Magnetic Materials Company (a rare earth permanent magnet enterprise) acquiring S Company (engaged in the new energy vehicle motor drive system field) to study the impact of performance commitments on the M&A performance of listed companies, identify problems, and put forward suggestions. Firstly, it analyzes the motivation for signing performance commitments from the perspective of conflicts between M&A parties based on the information asymmetry theory. Secondly, it examines the short-term market reaction brought by performance commitments using the signal transmission theory. Then, it analyzes the impact of performance commitments on the financial performance of S Company and Z Magnetic Materials Company during the implementation period. Furthermore, it evaluates the long-term performance of Z Magnetic Materials Company induced by performance commitments through financial indicator analysis, focusing on profitability, solvency, and operational capacity. Finally, it identifies problems in the M&A process and proposes improvement measures based on the above analysis. The research findings of this case show that: First, Performance commitments have a certain stimulating effect on the short-term market performance of listed companies; meanwhile, the incentive mechanism of performance commitments can drive the short-term financial performance of listed companies, but the signing of performance commitments pushes up the valuation of target companies, laying hidden dangers of goodwill impairment and exerting a certain guiding effect on the long-term financial performance of listed companies. Second, A sound performance commitment mechanism is the key to the effective functioning of performance commitments. Finally, Macroeconomic industrial policies and industry environments also affect the impact of performance commitments on M&A performance. Finally, through in-depth case study, we believe that fully identifying M&A risks before the merger, paying attention to national and industrial policies, formulating reasonable performance commitment plans, and establishing a dynamic tracking mechanism for the completion of performance commitments can give full play to the role of performance commitments and positively impact M&A performance.
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