-
(
中英对照
)
证监会问
答之关键词十五：
compensation
agreement
致各位同学：
下列是中英对照证监会问答
第十五期
内容，
是我们旗渡翻译根据证监会
20
15
年
9
月
1
8
日
的
问答内容作出的翻译，
里面包含我们之前讲到的干货，
可以帮助大家从另一个层面学习法律
英语，
而且我可以很负责任地告诉大家，
这
类内容比较接地气，
可以为我们从事法律相关工
作带来一定的信
息，是非常有价值的资料，很多同学之前曾问我：
“
学习实用的
法律英语应
当从哪里入手？
”
，其实就
是这些与实际息息相关的内容。
关于证监会问答，我这里有<
/p>
32
期内容的
word
< br>版和
PDF
版，需要的可以私信我。
微信：
十七、
《上市公司重大资产重组管理办法》第三十五条
“
交易对方应当
与上市公司就相关
资产实际盈利数不足利润预测数的情况签订明确可行的补偿协议
”
应当如何理解？
XVII. How to understand Article 35
of the Measures for Management ofMaterial Assets
Restructuring of Listed Companies that
is“The counter party shall sign a explicit and
feasible compensation agreement with
the listed company regarding the shortfall of the
actual profit comparedwith the
forecasted profit of the related
assets”?
答复：
交易对方为上市公司控股股东、
实际控制人或者其控制的关联人，
应当以其获得的股
份和现金进行业绩补偿。
如
构成借壳上市的，
应当以拟购买资产的价格进行业绩补偿的计算，
且股份补偿不低于本次交易发行股份数量的
90%
。业绩补偿
应先以股份补偿，不足部分以
现金补偿。
Reply: Wherethe counter party is the
controlling shareholder, actual controller of a
listedcompany
or
the
affiliated
person
controlled
by
the
listed
company,
it
shallconduct
the
performance
compensation with the share and cash
acquired by it. Incase of constituting back door
listing, the
performance
compensation
shall
becalculated
with
the
price
of
assets
to
be
purchased,
and
compensation
withshares
shall
not
be
less
than
90%
of
the
shares
issued
in
this
mance
compensation
should
be
firstly
conducted
with
shares,
and
if
theshares
are not enough to
fulfill such performance compensation, cash can
beavailable.
在交
易对方以股份方式进行业绩补偿的情况下，
通常按照下列原则确定应当补偿股份的数量<
/p>
及期限：
If
a
counter
party
conductsthe
performance
compensation
with
the
share,
it
usually
determines
thenumber of shares should to be
compensated and the term based on the
followingprinciples:
（一）补偿股份数量的计算
(I)
Calculation of the number of shares to
becompensated
1.
基本公式
Fundamental
formula
1
）以收益现值法、
假设开发法等基于未来收益预期的估值方法对拟购买资产进行评估或估
值的，每年补偿的
股份数量为：
Where
the
assets
to
bepurchased
are
evaluated
and
assessed
with
the
methods
(such
as
present
earningvalue method,
hypothetical development method, etc.) based on
future returnsexpectation,
the number
of shares to be compensated per year
is:
当期补偿金额
=
（截至当期期末累积承诺净利润数－截至当期期
末累积实现净利润数）
÷
补
偿期限内各
年的预测净利润数总和
×
拟购买资产交易作价
< br>－
累积已补偿金额
Amount
of
compensation
forcurrent
period=(Accumulated
commitment
net
profit
amount
up
to
the end ofcurrent
period
－
Accumulated realized
net profit amount up to the endof current period)
÷
Sum
of
forecasting
net
profit
amount
of
years
within
the
compensation
period
×
Transactionpricing of assets to be
purchased
－
Accumulated
compensated amount
< br>当期应当补偿股份数量
=
当期补偿金额
< br>/
本次股份的发行价格
Number
of
shares
should
tobe
compensated
for
current
period=
Amount
of
compensation
for
currentperiod/Price of shares issued
this time
当期股份不足补偿的部分，应现金补偿
The part of the performance
compensation that theshares of current period are
not enough to fulfill
should be
compensated incash.
采用现金流量法对拟购买资产进行评估或估值的，
交易对方计算出现金流量对应
的税后净利
润数，并据此计算补偿股份数量。
Where the assets to be purchased are
evaluated orassessed in cash flow method, the
counter party
shall
calculate
the
amount
ofnet
profit
after
tax
corresponding
to
cash
flow,
and
calculates
the
number ofshares should to be
compensated accordingly.
此外，在补偿期限届满时，上市公司应当对拟购买资产进行减值测试，如：期末减值额
/
拟
购买资产交易作价
>
补偿期限内已补偿股份总数
/
认购
股份总数，
则交易对方需另行补偿股份，
补偿的股份数量为：<
/p>