业绩承诺式并购的财务风险研究——以华谊兄弟为例

Study on the Financial Risk of Performance Commitment M&A-Taking Huayi Brothers as an Example

在我国资本市场中,越来越多的企业为了规避并购中的风险,将业绩承诺协议运用在并购重组活动中。但从国内企业的并购实际来看,业绩承诺式并购的方案设计并不完善,导致并购过程中产生诸多风险,其中财务风险是不可忽视的重要风险问题。本文选取华谊兄弟并购东阳美拉作为案例,深入分析并购过程中的财务风险,并且使用F分数模型对财务风险进行量化,最后针对财务风险问题提出相应的建议。本文旨在为业绩承诺式并购企业在并购估值、支付方式选择等方面提供参考。

In China's capital market,more and more enterprises use performance commitment agreements in mergers and acquisitions in order to avoid the risks.However,from the perspective of the actual M&A of domestic enterprises,the scheme design of performance commitment M&A is not perfect,resulting in many risks in the process of M&A,and financial risk is the content that cannot be ignored in the risk problem.This paper selects Huayi Brothers'acquisition of Dongyang Meila as a case to analyze the financial risks in the process of merger and acquisition,and uses the F score model to quantify the financial risks.Finally,it puts forward corresponding suggestions for the financial risks.The purpose of this paper is to provide reference for performance commitment M&A enterprises in the aspects of M&A valuation and payment method selection.