(中英对照)证监会问答之关键词十五：compensation agreement_证监会中英对照
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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2015年9月18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。
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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 Aets 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 aets”?
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 aets to be purchased, and compensation withshares shall not be le than 90% of the shares iued in this transaction.Performance 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 aets to bepurchased are evaluated and aeed 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－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 aets to be purchased－Accumulated compensated amount
当期应当补偿股份数量=当期补偿金额/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 iued 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 aets to be purchased are evaluated oraeed 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： In addition, in the eventthat the period for compensation expires, a listed company should have animpairment test on aets to be purchased.If the impairment at the end of theperiod/the transaction pricing of aets to be purchased>the sum of sharescompensated in the compensation period/the sum of shares purchased, the counterparty should otherwise compensate shares, the number of which shall be:
期末减值额/每股发行价格－补偿期限内已补偿股份总数
the impairment at the endof the period/iuing price per share－the sum of shares compensated in the compensationperiod
2）以市场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：期末减值额/每股发行价格－补偿期限内已补偿股份总数
Where the aets to be purchased are evaluated oraeed in market method, the number of shares to be compensated per yearshould be: the impairment at the end of the period/ iuingprice per share－the sum of shares compensated in the compensationperiod
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.2.其他事项 Other matters
按照前述第1）、2）项的公式计算补偿股份数量时，遵照下列原则：
Calculation of the number of shares to becompensated in accordance with aforesaid formulas 1)and 2)shall comply withthe following principles:
前述净利润数均应当以拟购买资产扣除非经常性损益后的利润数确定。
Aforesaid net profit amountshould be determined based on the profit amount of aets to be purchased afterdeducting the non-recurring profit and lo.前述减值额为拟购买资产交易作价减去期末拟购买资产的评估值并扣除补偿期限内拟购买资产股东增资、减资、接受赠与以及利润分配的影响。会计师应当对减值测试出具专项审核意见，同时说明与本次评估选取重要参数的差异及合理性，上市公司董事会、独立董事及独立财务顾问应当对此发表意见。
Aforesaid impairment equals tothe transaction pricing of aets to be purchased minus the aeed value ofaets to be purchased at the end of period and deducts the capital increase,decrease, gifts accepted for the shareholders of aets to be purchased as wellas affects of profit distribution within the period of compensation.Accountants should iue special verification advice on the impairment test,and meanwhile explains the difference and reasonability on selection of majorparameters compared with this evaluation, and board of directors of listedcompanies, independent directors and independent financial advisor should voicetheir opinions on such test.在逐年补偿的情况下，在各年计算的补偿股份数量小于0时，按0取值，即已经补偿的股份不冲回。
In the event ofcompensation year by year, the number of shares to be compensated le than 0calculated each year can be taken as 0, that is to say the shares compensated alreadyshall not be refunded.拟购买资产为非股权资产的，补偿股份数量比照前述原则处理。
Where aets to bepurchased are non-equity aets, the number of shares to be compensated can becalculated in the light of principles mentioned above.拟购买资产为房地产公司或房地产类资产的，上市公司董事会可以在补偿期限届满时，一次确定补偿股份数量，无需逐年计算。
Where aets to bepurchased are real estate companies or the aets of real estate, the board ofdirectors of listed companies may determine the number of shares to becompensated in one time upon the expiry of the compensation period, need not tocalculate year by year.3.上市公司董事会及独立董事应当关注拟购买资产折现率、预测期收益分布等其他评估参数取值的合理性，防止交易对方利用降低折现率、调整预测期收益分布等方式减轻股份补偿义务，并对此发表意见。独立财务顾问应当进行核查并发表意见。
The board of directors and independent directors oflisted companies shall pay close attention to the reasonability of otherevaluation parameters such as discount rate of aets to be purchased,distribution of returns in the forecast period, etc.to prevent counter partyfrom diminishing its duty to compensate shares by taking advantage of reducingdiscount rate, adjusting distribution of returns in the forecast period andother methods, and expre their opinions on such reasonability.The independentfinancial advisor shall review and provide advice.（二）补偿期限(II)Compensation period
业绩补偿期限一般为重组实施完毕后的三年，对于拟购买资产作价较账面值溢价过高的，视情况延长业绩补偿期限。Usually the performance compensation period shall bethree years from completion of implementation of restructuring.Where thepricing of aets to be purchased is much too higher than book value premium,such period can be extended as appropriate.以上仅代表旗渡观点，欢迎批评指正讨论交流。
