Case Study Of Hareon Solar Performance Compensation Supervision

In recent years,asset restructuring has become an important means for some listed companies to achieve market value management and profit growth,and in asset restructuring,performance compensation has been increasingly used.The performance compensation supervision mechanism was first proposed by the Securities Regulatory Commission in the "Management Measures for Major Asset Restructuring of Listed Companies" published in 2008.It explained the concept of performance compensation and the relevant requirements for signing the agreement.The relevant regulations on performance compensation have been revised and supplemented.Performance compensation is essentially a trading strategy adopted by both parties to the transaction to compensate for the valuation bias caused by information asymmetry.The original intention is to protect the interests of listed companies and the majority of small and medium investors in restructuring transactions.Value and stock price have a margin of safety.From a practical perspective,performance compensation plays a unique role in the whole process of mergers and acquisitions,but also faces risks and challenges.Although the performance compensation supervision mechanism has been developed for more than ten years,the performance compensation problem caused by the underperformance of the target company has become increasingly prominent.The performance compensation supervision mechanism has been improved so that performance compensation can truly protect listed companies and companies during the implementation process.The role of the interests of small and medium investors is particularly important.Therefore,taking Hairun Photovoltaic ST * Shenlong as an example to study the problems in performance compensation supervision,with a view to further perfecting the performance compensation system in China,and to put forward certain policy recommendations for the protection of the interests of small and medium investors.From the perspective of performance compensation,it analyzes domestic and foreign research results,and comprehensively uses related theories such as principal-agent theory,private rights theory of control rights and signal transmission theory,and analyzes the sea through case analysis,comparative analysis,and literature induction.Run photovoltaic performance compensation and the regulatory issues behind it.The major shareholders of Hairun Photovoltaic signed a threeyear performance compensation agreement when the company backdoored in 2011.However,the company's three-year performance did not meet the standards,and there were certain Problems,that is,the unreasonableness of signing the agreement,the failure to achieve performance during the agreement,and the source of funds during the implementation of the agreement.Through the analysis of the three stages of performance compensation of Hairun Photovoltaic,it is to find the regulatory problems exposed in it,that is,the lack of verification means,the problem of insufficient punishment,and the problem of low regulatory efficiency,and then emphasize the strengthening of performance compensation supervision The necessity of giving policy recommendations on how to improve the regulatory system to avoid similar phenomena,increase nuclear power,increase penalties,improve regulatory efficiency,and improve related regulatory mechanisms.Through research,it is found that when there is a regulatory problem in performance compensation of listed companies,performance compensation agreements cannot effectively protect the interests of small and medium investors,but instead affect the development of the company and infringe the interests of small and medium investors.Therefore,it is necessary to improve the supervision of performance compensation,and then regulate this behavior,which can create a better capital market environment and help small and medium investors better protect their own interests.