| Nowadays,more and more enterprises want to improve their strength through mergers and acquisitions to achieve their own better development.Performance commitment can incentive and constraint management and major shareholders to some extent,not only let management and major shareholders make contribution to the enterprise operation,also can reduce the distortion of the market,help the enterprise show its good state of development,Therefore,it can have the role of protecting the interests of minority shareholders.With the widely application of performance commitment in mergers and acquisitions,the incidents of major shareholders blemishing the interests of minority shareholders is increasing,which makes all sectors of society question the protective role of performance commitment.In this context,it is needful for us to study the impact of performance commitment on the interests of minority shareholders.This thesis selects the acquisition of Sitan Instrument by Haimo Technology as a performance commitment established case to study the effect of performance commitment on the interests of minority shareholders from the perspectives of internal response and external response.The indicators selected from the perspective of internal response include CROA value,Tobin Q value,dividend distribution,goodwill impairment and major shareholder reduction.Through the analysis of the changes of minority shareholders’ interests are analyzed from the perspective of external response.Through the research,we have found the following conclusions.Firstly,The signing and achievement of performance commitment on the interests of minority shareholders of Haimo Technology is not clear,the signing of performance commitments has not brought significant changes to the internal and external indicators of Haimo Technology,Performance commitment standards only let Haimo’s share price and excess yield to a certain extent in the market,its internal indicators have not been significantly improved.Secondly,the unrealized performance commitment blemishes the interests of minority shareholders: both from the perspective of internal and external response,the conclusion shows that the performance failed to meet the standard brought a negative impact on Haimo Technology,Major shareholders reduce their own damage by reducing their holdings,the minority shareholders can only passively swallow the bitter fruit.Third,due to the impact of information asymmetry,the interests of minority shareholders are more vulnerable to be damaged than major shareholders.In view of the above conclusions,this thesis puts forward relevant suggestions: set up performance commitment reasonably,improve the governance mechanism of listed companies,optimize the shareholding structure,strengthen the communication with minority shareholders,enrich the knowledge of minority shareholders,and raise the discourse power of the minority shareholders. |
