摘要

在医药行业中的很大一部分企业，在达到一定规模之后往往需要寻求上市。一般来说，借壳上市可以更快、更有效地帮助企业完成上市，所面对的监管要求也往往更低，因此不少企业选择了借壳上市。作为借壳合约里常见的附属条款，业绩承诺的初衷是保障交易公平，却间接导致了企业利用信息不对称的单项优势进行盈余管理。企业有强烈的动机通过各种方式来完成业绩目标，而这往往会影响公司的健康运营，损伤中小股东的权益。因此，探索企业在业绩承诺压力下可能进行的盈余管理行为是有研究意义的。本文将以贝瑞基因为例，先分析案例得出其盈余管理的动机，之后通过修正的Jones模型检验盈余管理程度，得出肯定结果后，再根据公司的财务数据和经营行为识别其进行盈余管理的行为及后果。通过分析，得出贝瑞基因的盈余管理程度较大，扰乱了资本市场的秩序，透支了企业未来发展的潜力。最后，基于分析结论，针对业绩承诺里普遍存在的盈余管理现象，从完善监管等方面提出建议，并为其他企业与外部信息使用者提供参考。

关键词：借壳上市、业绩承诺、盈余管理

ABSTRACT

A large number of companies in the pharmaceutical industry needto seek access to capital markets after reaching a certain level. And in general, back-door listings can help companies complete the listing more quickly and effectively,and face lower regulatory requirements either, which makes many enterprises choose back-door listing. As a common subsidiary clause in back-door listings contracts,the original intention of performance commitment is to guarantee trade fairness, but often indirectly leads to the use of unilateral information asymmetry advantage for earnings management. Enterprises have strong motivation to achieve performance targets by various means, which often impacts the healthy operation of the company and damages the rights and interests of minority shareholders. Therefore, exploring the possible earnings management behaviors under the pressure of performance commitment is of research significance. Taking Berry Genomics as an example,this paper will analyze the case andfind out the motivation of earnings management first, and then test the degree of earnings management through the Modified Jones Model. After obtaining the positive result,the behavior and consequences of earnings management can be identified according to the company's financial data and operating behavior. Through the analysis, it is concluded that Berry Genomics’ degree of earnings management is relatively large,which disrupts the normal operation of the capital market and overdraws the potential of the future development. Finally, based on the analysis conclusions,for the ubiquitous earnings management in the performance commitment, this paper table some proposal, such as improving supervision, and provides reference for other enterprises and external information users.

Key words: Back-door Listing, Performance Commitment, Earnings Management