The Game Between The Two Parties When The Gambling Agreement Is Withdrawn

As a kind of signal transmission,the performance commitments can reduce the risk of information asymmetry,thus help investors find good investment targets,and financiers obtain funds for expansion.It has been widely used in the current capital market through the performance compensation and reward mechanism to alleviate the principal-agent problem.From the conclusion to the withdrawal of the bet agreement is the result of the game between the investment and financing parties,the process of the bet between the investor and the financing party is the game process.In this process,the two parties conduct the game interaction in the best way to achieve a win-win situation.As an important outcome of the market-oriented reform,the regulation of the performance commitments should not only respect the law,protect the legitimate rights and interests of the company and minority shareholders,but also respect the law of the market and give the micro subject sufficient flexibility.Recently a lot of target companies fail to reach the promised performance,and they choose the "compensation+ sale" means.This method respects the market mechanism of the bet agreement and the willingness of the investment and financing parties,it can solve the bet litigation between the listed company and the performance commitment party,and also can avoid the impact of huge goodwill on the company's performance and valuation,which has a profound reference value.In this paper,using the game theory analysis tools,answer the reason why the target company's performance is not up to standard,and how "compensation + sale" means satisfy the interests of all parties,calculate the parties win-win game strategy,thus new train of thought and ideas about the exit way.