物业管理企业收并购中业绩承诺的价值评估——以碧桂园服务收购富良环球为例

Evaluation of Performance Commitment in M&A of Property Management Companies——Taking Country Garden Services’ Acquisition of WBG as an Example

受益于近年来物业管理企业的大规模上市融资,行业收并购发展迅速。在收并购过程中,为减少信息不对称对收购方带来的损失,被收购标的公司通常需要进行业绩承诺。本文利用实物期权法研究了近期发生的碧桂园服务收购富良环球案例,并对其中的业绩承诺进行了价值评估,着重研究了参数设置和敏感度分析方法。该方法有利于收购方更精确地评估实际收购价格,为将来全面评估行业收并购案例打下基础。

Benefiting from the recent massive listing and financing of property management companies, industry mergers and acquisitions(M&A) have developed rapidly. In the process of M&A, the acquiree usually needs to make a performance commitment in order to reduce the loss from information asymmetry to the acquirer. This paper uses the real option technique to study the recent case of Country Garden Services‘ acquisition of Wealth Best Global(WBG). The paper evaluates the value of WBG’s performance commitment, focusing on the parameter settings and sensitivity analysis method. This method is useful for the acquirer to evaluate the actual purchase price more accurately and lays a basis for the comprehensive evaluation of industry M&A cases in the future.