Research On The Risk Of M&A Based On Business Performance Commitment

In recent years,my country's capital market has developed rapidly,and mergers and acquisitions and reorganization in my country's capital market have become increasingly frequent.In order to reduce the problem of information asymmetry between the two parties of the merger and acquisition,the introduction of the contract form of performance commitment in the merger agreement has become a new normal.From the perspective of system design,the performance commitment mechanism does carry expectations such as protecting the interests of small and medium shareholders,eliminating the asymmetry of merger and acquisition information,and inspiring the target company managers and other expectations.The research in this paper is based on the performance commitment perspective of high-priority M&A risk research.First,it summarizes and reviews the literature related to M&A risk and performance commitment,and uses the existing mature economic theory foundation to carry out the M&A process of the case object of Meinian Health And high premium M&A and high performance commitment motivation analysis.Then,this article attempts to describe the path of risk formation through the logic of pre-M&A,M&A,M&A acquisition effect and potential risk formation.So as to achieve the perfect performance commitment and corporate merger risk related theory,and put forward practical suggestions for related risks.The main conclusions as follows:(1)The interaction between companies and high-performance commitments in high-premium M&A runs through the entire M&A process and is mutually causal.Before corporate mergers and acquisitions,the selection of performance commitments based on the evaluation method will increase the valuation of mergers and acquisitions;in corporate mergers and acquisitions,due to the pressure of performance under the previous mergers and acquisitions,the incentive for companies to have short-sighted behaviors continues to pass high premium mergers and acquisitions;The short-sighted behavior of managers and the motive of managers to hollow out,the two parties after the merger and acquisition cannot obtain effective resource integration,forming many risks such as goodwill impairment.(2)Enterprises form corporate pricing risk,corporate merger payment risk,and post-merger integration risk before,during,and after the merger.They also propose governance opinions based on the corporate perspective and the supervisor perspective.The innovation of this paper as follows:(1)The selection of cases has not attracted the attention of the regulatory agencies,but the potential risks are obvious.This case of selection in this paper can better examine the motivation and risk formation of the two parties from the perspective of pre-analysis,so as to better Propose system improvement suggestions to the supervisor.(2)Previous studies rarely analyzed corporate merger and acquisition analysis from the perspective of performance commitment.This article studies corporate merger and acquisition analysis from the perspective of performance commitment from the perspective of corporate merger pricing,financing options,merger payment,and post-merger merger,and proposes solutions to each risk.Measures to promote the healthy development of the capital market.The disadvantage of this article is that the case study method focuses on single case studies,and the conclusion may lack universality.At the same time,this article is affected by the actual conditions in the research process,and it is difficult to obtain more comprehensive data through field collection.