随着我国资本市场的不断发展，并购重组日益成为企业扩大规模、获取竞争优势、 实现快速发展的重要手段。近年来并购重组受到上市公司青睐，并购在为企业带来发展 机遇的同时也带来新的挑战。由于尽职调查不到位，双方存在信息不对称等因素影响， 并购目标公司股东想获得最高的并购对价，而被并购方则想付出最少的成本获得对方的 股权。为促成交易的完成，目标公司对未来的经营业绩做出较高的承诺，往往这种业绩 承诺是无法兑现的。第一，业绩承诺不兑现影响了资本市场的稳定，损害了公司和中小 股东的利益；第二，业绩承诺乱象横生，带来诸多的监管的问题；第三，业绩承诺涉及 到并购的估值、商誉、财务等一系列的问题。 在此背景下，本文以本中水渔业（000798，SZ）并购新阳洲的案例为研究对象。采 取文献研究法、案例分析、统计描述、对比分析等方法，研究并购过程中业绩承诺内容、 业绩履行、业绩补偿对并购的重要影响。通过案例研究分析，发现目标公司新阳洲的业 绩承诺是虚高的，其原因是尽职调查不到位，产生了虚高的并购对价拉动了业绩承诺虚 高和估值虚高，超出了目标公司的盈利兑现能力，因此，这个业绩承诺是无法实现的。 当然，导致业绩承诺难以兑现的还有其他原因，原目标公司实际控制人挪用资金行为、 并购整合问题、自身经营不善和经营环境的恶化，对业绩承诺的不能达标和不能兑现起 到推波助澜的作用。最终，本次并购活动失败,目标公司进入破产清算程序，并购双方两 败俱伤，留下的经验和教训令人深思。 这个案例给了我们很多的启示。对并购双方而言，应重视尽职调查，客观、全面地 了解交易对手，谨防高估值、高溢价、高业绩承诺“三高”带来的并购风险，对资本市 场要有敬畏之心；对投资者而言，业绩承诺是目标公司对未来的承诺，未来存在诸多的 不确定性，投资风险依然存在，应保持理性和客观的认识；对监管机构而言，建立并购 估值、业绩承诺的欧亿·体育（中国）有限公司参考标准，制定并购对价的支付方式的法规和指导意见，完善对 并购业绩承诺的监管法律，加大恶意并购的惩罚力度，以促进我国资本市场的健康发展。 关键词，并购；业绩承诺；风险控制II Abstract As the Chinese capital market keeps developing, M&A has become an important strategy that helps enterprises to enlarge economic scale, gain competitive advantages and achieve rapid growth. In recent years, M&A has been favored by many listed companies. While the approach offers exciting opportunities, it may also bring challenges. Because of some reasons such as information asymmetry, shareholders of the target company want to get the highest consideration, while the acquiring party wants to own more shares with the lowest cost. In order to speed up the completion of the deal, the target companies are likely to make commitments to future operating performance, which is often too good to turn out true. This common behavior would be problematic because that, firstly the exaggerated performance commitments affects the stability of the capital market and the interests of the company itself and its minority shareholders. Secondly, the chaotic performance commitments would make it more difficult for regulatory supervision. Thirdly, the performance commitment technically relates to the valuation, goodwill and financial issue problems. In the climate of the M&A trend, this study takes the case of CNFCoverseas fishery’s (000798, SZ) acquisition of Xinyangzhou, by means of literature research, case analysis, statistical description and comparative analysis, to demonstrate the importance of the content, fulfillment and compensation of performance commitment in the process of M&A. The case study reaches the conclusion that the performance commitment of the target company Xinyangzhou is unreliably high, and analyzes the reason behind. The high consideration of M&A has led to the inflated performance commitment and the high valuation, which exceeded the actual profitability of the target company. Therefore, the performance commitment turned to unachievable. It is apparent that there are other reasons that contributed to the lacking of performance outcome. For example, the actual controller’s misappropriate action of funds, merger and acquisition integration problems, poor management and deterioration of its business environment. Finally, it ended up with failure and the target company entered into the bankruptcy liquidation procedure. The defeat from both of the two sides of the M&A left the experience and sobering lessons behind. This case brings a lot of insights. As for both parties involved in the acquisition, it is significant that necessary due diligence should be in place, so that to understand the counterparty objectively and comprehensively. Beware of the risks of high valuation, high premium and high performance commitment, and respect rules of the capital market. For theIII investors, it is important to keep rational and objective mind because performance commitment is the target company’s future vision, which contains many uncertainties so the investment risk still exists. As for the regulators, we should establish the industry benchmark as reference for valuation, formulate the laws and regulations on payment of M&A consideration and guidance, improve the supervision on M&A performance, so as to encourage the healthier development of Chinese capital market. Keywords: M&A performance commitment; risk controlIV 目 录 摘要...........................................................................................................................................I Abstract ..................................................................................................................................... II 图表清单.................................................................................................................................VII 第一章 绪论..............................................................................................................................1 1.1 研究背景与意义 ............................................................................................................. 1 1.1.1 研究的背景............................................................................................................... 1 1.1.2 研究的意义............................................................................................................... 2 1.2 文献综述 ......................................................................................................................... 3 1.2.1 业绩承诺的兑现及其风险....................................................................................... 3 1.2.2 业绩承诺的影响与作用........................................................................................... 6 1.2.3 业绩承诺的风险及其应对....................................................................................... 7 1.2.4 研究内容................................................................................................................... 8 1.2.5 研究的方法与思路................................................................................................... 9 第二章 理论基础....................................................................................................................11 2.1 并购及其动机 ............................................................................................................... 11 2.1.1 并购的内涵............................................................................................................. 11 2.1.2 并购动机................................................................................................................. 11 2.2 并购业绩承诺 ............................................................................................................... 13 2.2.1 业绩承诺的形式..................................................................................................... 13 2.2.2 业绩承诺的动机..................................................................................................... 13 2.2.3 业绩承诺风险......................................................................................................... 14 2.3 并购目标公司价值评估 ............................................................................................... 15 2.3.1 目标公司估值与业绩承诺..................................................................................... 15 2.3.