摘要近年来，随着我国市场经济的快速发展，许多企业为谋求更好的经营效益而采取了多种策略，并购则是策略之一。我国自2013年起便掀起了一股并购浪潮，而业绩承诺则被广泛运用于企业并购中，在一定程度上扮演了缓冲风险的作用。但我们不难发现，历来的企业并购交易中，一直存在高溢价、高承诺、高违约的“三高”现象，业绩承诺本该作为企业并购风险控制的一剂良药，最后却可能成为压倒并购双方的一方巨石，致使本该互利共赢的并购双方最终两败俱伤，最终甚至会牵扯进法律诉讼中而对簿公堂。而业绩承诺虽然在一定程度上起到了保护中小股东利益的重要作用，但仍有不少企业无法按时完成业绩承诺，对于业绩承诺补偿也是能拖则拖，这时处于信息劣势的中小股东的利益往往难以得到合理保护。由此看来，研究企业在并购活动中签订业绩承诺而对中小股东利益产生的影响是迫在眉睫的。本文的研究案例为新华医疗并购案，这是并购市场上典型的“三高”例子，时至今日业绩补偿的追偿活动仍在进行中，历时甚久涉及金额甚大，中小股东的利益受侵害严重。本文对该案例进行了详细的描述及分析，探究业绩承诺金额的合理性及其完成情况、追偿情况对中小股东利益的影响，最后提出有关建议，希望能对业绩承诺签订双方以及广大中小投资者起到警醒作用。关键词：业绩承诺；企业并购；中小股东利益AbstractOvertheyears,withthedramaticaldevelopmentofChina'seconomy,aseaofcompanieshaveadoptedavarietyofstrategiesforthesakeofseekingbetteroperatingefficiency,andmergerandacquisitionisoneofthem.From2013,awaveofmergersandacquisitionshasbeensetoffinChina,andperformancecommitmentiswidelyusedinthataction,whichplaysaroleofbufferingriskstoacertainextent.Butapparently,thereisathree-highphenomenon--highpremium,highcommitmentandhighdefault.Performancecommitmentisusuallyagoodmedicineofriskcontrol,butfinallyitcanbetheoverwhelmingrock.Atfirstperformancecommitmentmaybenefitsboththetwosidesinanmergersandacquisitionsactivity,butfinallytheymayinvolvedintoalawsuit.Althoughperformancecommitmentplaysanimportantroleinprotectingtheinterestsofminorityshareholderstosomeextent,therearestillalotofcompaniesbreaktheircommitmentandthecompensationforperformancecommitmenthavebeendelayed.Atthistime,theinterestsofminorityshareholdersininformationdisadvantageareoftendifficulttobereasonablyprotected.Fromthispointofview,itisurgenttostudytheimpactofperformancecommitmentontheinterestsofminorityshareholders.ThecasestudiedinthispaperisthemergercaseofXinhuaMedical,whichisatypicalcaseof"three-high"inthemergerandacquisitionmarket.Uptonow,thepursuitofperformancecompensationisstillinprogress,whichlastsforalongtimeandinvolvesalargeamountofmoney,andtheinterestsofminorityshareholdersareseriouslyinfringed.Thispapermakesadetaileddescriptionandanalysisofthecase,explorestherationalityoftheperformancecommitmentamount,theimpactofitscompletionandrecoveryontheinterestsofminorityshareholders,andfinallyputsforwardrelevantsuggestionstohopealertthepartiessigningtheperformancecommitmentandthemajorityofminorityinvestors.Keywords:performancecommitment;enterprisemerger;minorityshareholders'interests目录摘要..............................................................................................................................................................IAbstract...........................................................................................................................................................II一、绪论..............................................................................................................................................
