Case Study On Performance Commitments Of Blue Focus Merged Bojie

In recent years,with the slowdown in macroeconomic growth,lack of endogenous growth momentum,the development of epitaxial mergers and acquisitions more favored by enterprises.In 2015,the Commission,the Ministry of finance,the SASAC,China Banking Regulatory Commission four ministries jointly issued the policies to enhance the enthusiasm of listed companies mergers and acquisitions.However,with the increase of mergers and acquisitions of listed companies,the problem of high valuation and high premium is exposed.At the same time,performance commitments have been difficult to play a role in constraining the high valuation of mergers and acquisitions,and some of the results of the performance of an unfair commitment to boost the acquisition of the underlying valuation of the acquisition method.Performance commitment is one of the important reasons for the low efficiency of high valuation mergers and acquisitions.These problems are caused by the regulatory attention,the Commission recently said in the law of the listed companies and related parties in the performance commitments and fulfill the process of information disclosure regulation,for illegal matters strictly punish.In January 4,2016,Blue Focus released results notice,2015 net profit fell 93%-95%.There is a great gap between the actual operating performance and commitment to performance in Bojie,then the provision of goodwill and impairment of intangible assets has shrunk dramatically to net profit.In addition,the two sides agreed to compensate for the performance of the contract has also created a dispute.In the event of disputes around the mergers and acquisitions performance commitments,so the Blue Focus merged Bojie as a case to study.This paper starts from the theoretical basis of performance commitment,compares and analyzes the characteristics of performance commitments,summarizes the characteristics of the performance commitments in 2015,and studies the current situation of performance commitments.This paper selects Blue Focus merged Bojie the event as a case,set up performance evaluation scheme promised by the inquiry commitment to performance problems in the performance,summed up the enlightenment,and proposes relevant suggestions.In this paper,we hope that through the study of the performance commitment,we can make a contribution to the improvement of the merger and acquisition of Chinese listed companies and the maintenance of the equity of the capital market.