Research On Performance Commitment And Protection Of Small And Medium Shareholder's Interests In The Acquisition Of Palm Technology

Since 2013,some emerging industries have started special high-frequency mergers and acquisitions and acquisitions.In these emerging industries,most listed companies will conduct mergers and acquisitions according to the principle of marketization.Many companies will choose to sign performance commitments in mergers and acquisitions.These performance commitments show a high premium and high performance commitment.feature.However,some irresponsible listed companies have apologized to small and medium shareholders for failing to fulfill their performance commitments.They want to make changes to the commitments made when mergers and acquisitions are acquired,which has caused serious problems for the interests of small and medium shareholders.harm.Therefore,it is a very important task to discuss and study the impact of performance commitments in mergers and acquisitions on the interests of small and medium shareholders.This paper studies the case of the acquisition of the acquisition of the technology,mainly from three aspects,the first,the starting aspect can be financial indicators,through the analysis of 2012 to 2016 earnings per share,net assets per share,return on net assets The changes in indicators indicate the impact of performance commitments on the company's financial status and operating performance;second,the use of event research methods to collect and calculate the amount of events related to performance commitments such as stock prices and excess returns,analysis The signing commitment of performance commitment,the adjustment method of compensation,and the series of market reactions triggered by the implementation of compensation schemes;Thirdly,it analyzes whether the performance commitments given by Palmtech are reasonable or not.Through research,it is known that in a short period of time,performance commitment can encourage and limit the management of the acquired counterparts to some extent,so that they can work harder to achieve the merger and acquisition in order to protect the interests of small and medium shareholders.Performance Commitment,work harder to improve the profitability of listed companies,but this approach obviously can not fundamentally improve the performance of listed companies and protect the long-term interests of small and medium shareholders;performance commitments signed at the time of merger can promote positive The occurrence of the announcement effect,which can bring certain excess returns to the small and medium-sized shareholders,and play a certain protective role for them.However,when making changes to the content of the performance compensation commitment agreement,there is also a compensation for the change.At that time,the reaction of the capital market was a negative negative reaction,which to a certain extent seriously jeopardized the interests of small and medium shareholders.This paper takes the status quo of the performance commitment of M&A in the interests of small and medium shareholders as the research direction,supplements the theoretical basis of the impact of performance commitment on the protection of minority shareholders' interests;after analyzing the case of the acquisition of a number of companies by Palm Technology Some immature countermeasures and suggestions for perfecting the performance commitment laws and regulations have been put forward,which has important practical significance for strengthening the normativeness of listed companies' mergers and acquisitions and strengthening the interests of small and medium shareholders who protect performance commitments in mergers and acquisitions.