Research On Performance Commitment And Earnings Management In Aurora’s Backdoor Listing

With the rapid development of my country’s economy,mergers and acquisitions have become the main channel for companies to achieve capital expansion and accelerate transformation and upgrading.Backdoor listings have been sought after by many companies due to their low capital cost and low time cost.It is a rapid entry into the securities market for companies to achieve long-term An important financial tool for strategic goals.In backdoor transactions,in order to alleviate the risk of falsely high valuations under information asymmetry and enhance the synergy between the backdoor parties,my country introduced a performance commitment mechanism,which was gradually used in my country’s capital market mergers and acquisitions in 2005 and became a backdoor contract An indispensable subsidiary clause in the.As an emerging financial product,the development of performance commitments is immature.As the utilization rate of performance promises in my country’s backdoor transactions has been increasing year by year,the shortcomings of performance promises have slowly begun to become prominent.For example,high performance promise targets have contributed to the occurrence of management earnings management behavior.In order to achieve high performance goals and avoid paying huge performance compensation,the backdoor tries to achieve the performance agreed with the listed company through earnings management methods,which is not only detrimental to the company’s future operations,but also damages the rights and interests of investors and hinders the orderly market economy development of.Therefore,the thesis research is driven by the performance commitment,the earnings management behavior of backdoor listed companies has very important practical significance.The thesis adopts the literature research method,case research method and comparative-analysis method.It is supported by signal transmission theory,information asymmetry theory,contract theory and goal setting theory.Based on the relevant research results of domestic and foreign scholars,through the backdoor Analyze the relationship between the performance commitments of listed companies and earnings management,take Orid Company as a case,study the earnings management motivations,methods,and the impact of earnings management in Orid’s backdoor listing performance commitments,and analyze the performance commitments Implementation status,proposed to improve the performance commitment system,standardize the correct implementation of performance commitments by enterprises,and strengthen external supervision and penalties.It is hoped that the performance commitment and earnings management research and improvement suggestions in the process of Orid’s backdoor listing can be used as a reference for other companies.