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上市公司重大资产重组中的核心问题,是交易双方能否在交易资产定价上达成一致,业绩补偿制度是对交易定价公平性的一种法律约束。本文首先介绍了业绩补偿的含义和发展过程,接着以争议事件梳理的方式,归纳出业绩补偿在不同的重组交易类型中所呈现的不同问题,即关联性重组中大股东业绩承诺违约损害中小股东利益的问题,和市场化并购中业绩补偿对交易产生负面影响的问题。本文的第三和第四部分分别对解决上述两个问题的不同路径进行了讨论。本文第四部分对盈利能力支付计划(Earn-out)的介绍,或许可以为市场化并购中的业绩对赌方案设计提供一个新的思路。
The core issue in the major assets reorganization of a listed company is whether the parties to the transaction can agree on the pricing of the trading assets, and the performance compensation system is a legal constraint on the fairness of the transaction pricing. This paper first introduces the meaning and development process of performance compensation, then summarizes the different issues presented by performance compensation in different types of restructuring transaction, that is, the major shareholder in the reorganization performance commitment breach of contract damages the minority shareholders The problem of interest, and the performance compensation in the market-oriented M & A have a negative impact on the transaction. The third and fourth parts of this article discuss different paths to solve the above two problems respectively. The introduction of Earn-out in the fourth section of this article may provide a new idea for the design of gambling schemes in the performance of market-oriented M & A.