| With the deepening of economic globalization and more intense competition in the market,more and more enterprises frequently adopt mergers and acquisitions to achieve strong alliance between enterprises,enhance the core competitiveness of enterprises and realize the strategic objectives of enterprises.The nature of the gambling agreement is that it is an option,and the target is the uncertain future earnings of the enterprise.Then,through the foreign venture capital institutions,the gambling agreement is introduced from abroad to the mainland,namely the performance commitment agreement.However,when the performance commitment agreement is used,the enterprise is also accompanied by high risk at the same time.The merger and acquisition enterprise may not only improve the value of the company by the merger and acquisition enterprise.On the contrary,the merger and acquisition enterprise may make a large amount of Devaluation Preparation and disrupt the operation plan after the merger and acquisition because of the failure of the performance compensation.This paper,based on real option theory,information asymmetry theory,Overconfidence Theory and market value management theory,selects the performance commitment agreement in a series of mergers and acquisitions since 2013,focusing on the analysis of its acquisition of upstream information and the double impact of performance commitment on the handheld technology management,especially the performance.The specific risks of the commitment agreement on the development of handheld technology include the risk after failure of performance commitment to seek measures to deal with risks by using performance commitment agreements.The conclusion of this case shows that the performance commitment has both positive and negative effects on the development of the enterprise.It can ensure that the M & A enterprises get part of the compensation when the performance of the M & A enterprises do not reach the standard,so as to make up for the loss of the M & a enterprises,but it also brings a high premium,a disorderly operation plan,and an enterprise.A series of malpractices,such as blind confidence in industry,etc.Therefore,the enterprise in the future development road should correctly understand the performance commitment of this tool,the reasonable use of good performance commitment agreement,to help enterprises in mergers and acquisitions to grow themselves. |
