| In 2008,the China Securities Regulatory Commission added the Performance Commitment Mechanism to the "Measures for the Administration of Major Assets Reorganization",which aims to ensure that the reorganization and mergers and acquisitions of enterprises can be conducted fairly,rationally and effectively.However,there is a certain risk when listed companies application of performance of the commitment system in the significant asset restructuring,that is,the value of assets absorbed by listed companies fell and performance commitment can not be honored,the final listed companies are facing the risk of lack of compensation.Therefore,Research the Risk Prevention and Control of Listed Companies in Application Performance Commitment System has important significance for listed companies successfully and effectively complete the major asset restructuring.Based on the summary of scholars' research on performance commitment risk,this paper takes the performance commitment risk of the two extreme cases as the research object,chooses the indicators related to the cash flow of the net operating activities as the index of the risk assessment,and set the risk of three aspects of the analysis point of view that the valuation of the underlying assets risk,market risk and performance goals set risk.The comparative analysis found that:the case of the company's valuation of the underlying assets of the degree of caution is different,the valuation process and valuation method used there are differences in the two cases;listed companies on the single customer risk response measures are different,the actual financial situation of the two case companies is different.Finally,based on the above cases we found that the risk prevention and control of listed companies' performance commitment should be divided into three stages:before,in process and after draw up commitment agreement,proposed risk control measures of performance of listed companies commitment. |
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