坐以待毙还是殊死一搏——业绩承诺下的控制权争夺风险

梁上坤 董青 闫珍丽 管悦含¹

摘要 在并购重组市场持续升温、业绩承诺协议签订热潮的背景下，业绩承诺引发的成本与风险逐渐引起理论界和实务界的关注。本文基于并购支付方式与业绩承诺两个视角，结合东凌国际的控制权争夺事件，分析了业绩承诺引发控制权争夺的动因、路径和后果，讨论了其中的成本与风险。研究发现，股份支付引发的控制权稀释以及业绩承诺未达成导致的巨额赔付是诱发承诺方加入控制权争夺的重要因素，而随后的控制权争夺对各方利益相关者均造成了严重的负面影响。本文拓展了已有业绩承诺经济后果与影响路径的相关研究，也为并购双方利益保护、投资者风险防范以及监管机构效率提升提供了有益启示。

关键词 并购重组 业绩承诺 控制权争夺 并购支付方式 风险防范

Sit and Wait or Fight to Death: The Control Rights Competition Risk under the Performance Commitment

SHANGKUN LIANG QING DONG ZHENLI YAN YUEHAN GUAN

Abstract In the context of the continuous heating up of the M&A market and the continuous signing of performance commitment agreements, the cost and risk caused by the performance com-mitment gradually aroused the attention of both theoretical and practical fields. Based on the two perspectives of M&A payment method and performance commitment, combined with Donlink’s con-trol rights competition, this paper discusses the costs and risks, and analyzed the motivations, paths and results of the control rights competition, which triggered by performance commitment.This study finds that, the dilution of control rights caused by share-based payment and the huge compensation caused by the failure to achieve performance commitment are two important factors, which induce the seller to participate in the control rights competition. The subsequent control rights competition has caused serious negative effects on all stakeholders. This study expands the relevant research on the economic consequences and impact paths of existing performance commit-ment, and also provides useful enlightenment for the protection of the interests of both parties to the merger, the prevention of investor risks, and the improvement of the efficiency of regulatory a-gencies.

Key words Merger and Acquisition; Performance Commitment; Control Rights Competition;M&A Payment Method; Risk Prevention