摘 要
业绩承诺补偿协议在并购交易中扮演着重要角色，其会计处理方式及效果对并购双方具有深远影响。随着资本市场并购活动日益频繁，业绩承诺补偿协议成为并购交易的重要组成部分，旨在降低信息不对称风险并保护投资者利益。本研究聚焦于业绩承诺补偿协议的会计处理及其经济后果，通过系统梳理相关文献，结合中国资本市场实际案例，采用规范研究与实证分析相结合的方法，深入探讨业绩承诺补偿协议的会计确认、计量和披露问题。研究发现，现行会计准则在处理此类协议时存在一定局限性，特别是在或有对价的确认时点和金额方面缺乏明确指引。通过对2015 - 2020年间A股市场重大资产重组案例的统计分析，发现约60%的并购交易包含业绩承诺条款，其中近40%涉及补偿支付。进一步研究表明，合理的业绩承诺补偿机制能够有效约束标的公司管理层行为，提升并购绩效，但不当设计可能导致短期行为加剧。本研究创新性地提出了基于公允价值的动态调整模型，为完善业绩承诺补偿协议的会计处理提供了理论依据和实践指导，有助于提高会计信息质量，增强资本市场的透明度和效率。
关键词：业绩承诺补偿协议 会计处理 或有对价
Abstract
Earnings commitment compensation agreements play a crucial role in mergers and acquisitions (M) transactions, with their accounting treatment and effects having profound implications for both parties involved. As M activities in capital markets become increasingly frequent, earnings commitment compensation agreements have become an integral part of M transactions, aiming to mitigate information asymmetry risks and protect investor interests. This study focuses on the accounting treatment and economic consequences of earnings commitment compensation agreements. By systematically reviewing relevant literature and combining it with actual cases from China’s capital market, this research employs a method that integrates normative analysis with empirical analysis to delve into issues related to the recognition, measurement, and disclosure of earnings commitment compensation agreements. The findings indicate that current accounting standards exhibit certain limitations when dealing with such agreements, particularly in terms of the timing and amount of contingent consideration, where clear guidance is lacking. Through statistical analysis of significant restructuring cases in the A-share market from 2015 to 2020, it was found that approximately 60% of M transactions included earnings commitment clauses, with nearly 40% involving compensation payments. Further research reveals that a well-designed earnings commitment compensation mechanism can effectively constrain the behavior of target company management, thereby enhancing M performance; however, improper design may exacerbate short-termism. Innovatively, this study proposes a dynamic adjustment model based on fair value, providing theoretical justification and practical guidance for improving the accounting treatment of earnings commitment compensation agreements, which contributes to enhancing the quality of accounting information and increasing the transparency and efficiency of capital markets.
Keyword:Earnings Commitment Compensation Agreement Accounting Treatment Contingent Consideration
目 录
引言 1
1业绩承诺补偿协议的理论基础 1
1.1业绩承诺补偿协议的概念界定 1
1.2并购交易中的作用机制分析 2
1.3国内外研究现状综述 2
2会计处理原则与方法 3
2.1会计确认的基本原则 3
2.2计量方法的选择依据 3
2.3披露要求与实务操作 4
3实施效果的实证分析 4
3.1对并购双方的影响评估 4
3.2风险管理与价值创造 5
3.3案例研究与经验总结 5
4政策建议与未来展望 6
4.1完善相关会计准则 6
4.2提升信息披露质量 6
4.3推动制度环境优化 7
结论 7
参考文献 9
致谢 10
