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本文对近期上市公司定向增发收购标的资产过程中业绩对赌协议进行了分析,发现目前比较流行的业绩对赌条款存在多处对标的公司股东显失公平的做法。虽然这些不公平做法短期会剌激上市公司股价上涨,但会在一定程度上阻碍我国资本市场对社会资源的配置效率,不利于上市公司做大做强。而消除这些不公平做法,需要从恢复真正对赌关系和修正业绩补偿金额的计算公式两方面着手解决。
This paper analyzes the performance of gambling agreements in the process of private placement of the underlying assets by private placement in the near future, and finds that there are many prevailing practices in the gambling clauses for the gambling clauses. Although these unfair practices will short-term stimulate the stock price of listed companies, it will hinder the allocation of social resources in our country’s capital market to a certain extent, which is not conducive to making the listed companies bigger and stronger. And to eliminate these unfair practices, we need to solve the problem of restoring the relationship between real betting and formulating the compensation for performance.