Research On Performance Commitment Compensation Agreement In M&A Of High-tech Enterprise

China's economy has shifted from a high-speed growth stage to a high-quality development stage,and accelerating the construction of an innovative country has become one of China's current major tasks.Affected by this,high-tech enterprises,as a knowledge-intensive and technology-intensive economic entity,are an important part of innovative development,and are receiving more and more attention from the government and all society.On the other hand,M & A is an important way to optimize the allocation of stock resources in the capital market,and it plays a positive role in promoting the quality,optimization,transformation and innovation of high-tech enterprises.In recent years,the M & A market has been in the ascendant and there are opportunities along with risks.Performance commitment compensation agreement are widely used in the M & A of high-tech companies as a guarantee of future profitability.However,the related application problem has occurred frequently in recent years.The difficulty in achieving performance commitment and the difficulty in recovering compensation funds have adversely affected the operation and development of enterprises after M & A.Performance commitment compensation agreement cannot fulfill the role of protecting the interest of listed company.This article selects the high-tech enterprise Sliver as the research object,adopts case study,comparative analysis and other methods,according to the time sequence "pre-event-after" to research the application of performance commitment compensation agreement in high-tech enterprise.Through case analysis,it is found that impure motivation and unreasonable performance goals led to excessive performance commitment,which in turn contributed to the formation of high premiums and increase of M & A risk.The incentive effect of performance commitment would be offset by the market and operating risk and large amount of goodwill impairment caused serious financial decline of the company.Market signal effect of performance commitment compensation agreement was weak and did not achieve the role of protecting the interests of listed company investors.Performance compensation after the expiry was difficult to effectively and timely to be repaid.In response to the above problems related to performance commitment compensation agreements in M & A of high-tech enterprise,the author puts forward some suggestions from the perspective of listed company,which plays a certain reference role for the effective application of performance commitment compensation agreement.