对赌协议业绩补偿涉税问题研究--以A上市公司收购C有限责任公司为例.pdf

兰州财经大学硕士学位论文对赌协议业绩补偿涉税问题研究

AC

——以上市公司收购有限责任公司为例

Abstract

The2024GovernmentWorkReportmentionsthatitisproposedto

promotereformsinthefieldsoffinance,taxationandfinance.Plananew

roundoffiscalandtaxationsystemreform,andimplementthefinancial

systemreformanddeployment.Withthedevelopmentofthefinancial

marketandtheadvancementoffinancialinnovation,VAMasanewtype

ofinvestmentandfinancingtoolhasemerged.SigningVAMagreements

hasbecomeanimportantmeansformanyenterprisestocopewithmarket

uncertainty,reduceinvestmentrisks,andimprovefinancingefficiency.

EspeciallysincethesuccessfulVAMofMengniuDairyin2006,VAM

agreementshavebecomemoreandmorewidelyusedinmergersand

acquisitionsofChineseenterprises.Performancecompensationisoneof

thecoreclausesintheVAMagreement,andbysettingperformance

targets,bothpartiescannotonlyincentivizetheinvesteecompanyto

improveitsperformance,butalsoprotecttherightsandinterestsof

investors.However,duetothefactthatChinahasnotyetpromulgateda

taxpolicyonperformancecompensationforVAMagreements,many

financialandtaxdisputeshavearisenwhentheperformance

compensationclauseistriggered,whichhasbroughtgreattaxrisksto

enterprisesthathavesignedVAMagreements.Thisarticlehopesto

provideareferenceforenterpriseswithsimilarconfusionthroughthe

studyofthetax-relatedissuesofperformancecompensationunderVAM,

andalsotoindirectlypromotetheimprovementofChinastaxregulations

relatedtoVAM.

First,thispaperintroducesthebackgroundandsignificanceofthe

study,aswellastheoverallframeworkandresearchmethodology.

Secondly,thedefinitionandclassificationofVAMagreementsare

expou