Research On The Performance Commitment In The Merger Of Guanfu Co.,Ltd

Performance commitment in the merger and reorganization of the risk aversion to play an important role in the merger and reorganization,in the selection of a better performance commitment to both the rights and interests of mergers and acquisitions and M & A performance is important.The current performance of a large number of performance commitments are now non-performance led to compensation for performance promised to become the current SFC focus of attention,the Commission on February 8,2017 put forward "strengthen M & A performance compensation supervision" policy.This article is on the basis of the theory of M & A,Analyzed the case of the emerging performance commitment method of Guanfu shares selected during the acquisition of Nengte Technology-performance commitment of both parties(that is,introduction of the controlling shareholder of the acquirer in the commitment),analyzed the reasons why the case main body used performance commitment of both parties,At the same time,using theoretical knowledge to analyze the strengths and weaknesses of performance promises of both parties,and then through the performance of both sides of the performance of mergers and acquisitions and the implementation of the cumulative excess return rate to compare the two shares of Guanfu shares performance commitments into the acquisition of the controlling shareholder of the belt To the short-term market Effect of change,and thereby study the two sides commitment to performance impact on the overall performance of mergers and acquisitions.This paper argues that the performance promises of both parties in mergers and acquisitions have the advantages of taking into account the shareholders' rights and interests of the underlying enterprises and the choice of "support" behavior by the controlling shareholders of the listed companies,which are hard to achieve with common performance commitments,but at the same time are associated with potential risks.However,As far as M & A performance is concerned,the performance commitments of both parties are more conducive to achieving the business goals of both parties.