盈利补偿承诺对中小股东利益影响研究——基于青岛金王收购广州韩亚和上海月沣的案例分析

盈利补偿作为保护股东利益的一种契约机制,近年来已成为并购重组的重要组成部分。通过对青岛金王并购广州韩亚和上海月沣的案例解析,旨在探究盈利补偿机制对中小股东利益的影响。研究发现:盈利补偿的签署,在一定时期内会对公司的财务状况和经营业绩带来积极影响,给投资者带来了正向收益;在宣布盈利承诺未实现时,股价持续低迷,套牢了投资者的利益;此外,即便承诺方完成了盈利补偿承诺,股价仍无回转迹象,盈利补偿机制给中小股东利益带来了负面影响。因此,中小股东不要盲目相信盈利补偿机制的保护作用,相关监管部门应严格执行监管责任,加强对资本市场的实时监控。

Research on the Impact of Profit Compensation Commitment on the Interests of Minority Shareholders——Based on the Case Analysis of Qingdao Golden King′s Acquisition

In recent years,profit compensation which is a kind of contract mechanism protecting the interests of shareholders,becomes a crucial part in merger and acquisition reorganization.We analyze the merger and acquisition between Qingdao Golden King Applied Chemistry Co.,Ltd and Guangzhou Hanya Co.,Ltd and Shanghai Yuefeng Co.,Ltd.in order to explore whether the profit compensation mechanism can protect the interests of minority shareholders.The results show that the signing of profit commitment has a positive impact on the company′s financial condition and operating performance in a certain period of time,and brings positive returns to investors.When the profit commitment is not realized,the stock price continues to be depressed,which holds the interests of investors.In addition,even if the commitment party completes its profit compensation commitment,the stock price still shows no signs of turning around.The profit compensation mechanism has a negative impact on the interests of minority shareholders.Therefore,minority shareholders should not blindly believe in the protective effect of the profit compensation mechanism.Relevant regulatory authorities should strictly implement regulatory responsibilities and strengthen real-time monitoring of the capital market.