Case Study On Performance Commitment And Protection Of Small And Medium Shareholders

With the increasing number of mergers and acquisitions in China,in order to better protect the interests of minority shareholders,a new regulation mechanism is generated.With the increasing number of performance pledges,many scholars at home and abroad have also begun to study the protective effect of performance pledges on minority shareholders.However,with the continuous development of performance pledges,the problem of performance compensation promises is becoming more and more prominent.In performance pledge not up to standard,the promise of performance compensation or major shareholders because of various reasons failed to timely to compensation of promise,that harm the interests of minority shareholders,is another kind of phenomenon is the enterprise in order to realize the restructuring,has promised to improve the performance evaluation value,shows that the enterprise future development good means to the world and the high valuations draft promise phenomenon.This article selects a representative of a company,hope that through the analysis of the case enterprise research results promise whether can promote enterprise business development and protect the interests of minority shareholders,as well as performance pledge system provide reference and reference.This article selects the promise falls below companies for three consecutive years*ST branded as the research object,first of all,commitment to the performance of the related concepts and the research status of domestic and foreign scholars to performance pledge is described,then the current situation of the performance commitment scale on the market of our country,did not amount to mark number and distribution of the industry overview,the promise of case companies performance and the implementation of performance pledge,and from their own disclosure performance falls below the reason and internal reason falls below an overview,in the promise and performance before and after compensation performance before and after the change of financial index were analyzed.This paper focuses on the impact of the market effect of the performance pledge on the stock price and the cumulative excess return of the event.Hope that through this paper research and analysis on merger,acquisition and reorganization of listed companies is able to think,from the long-term development of the enterprise reasonable evaluation value and performance pledge clauses,also make the small and medium-sized shareholders investment decisions to make prudent investment analysis,avoid speculative copycat behavior,reduce the investment risk.