业绩补偿承诺、研发投入与定增并购价值创造

Profit Compensation Commitment,R&D Investment and Value Creation of Private Placement & Acquisitions

借助业绩补偿承诺契约工具的特性,探讨承诺业绩对定增并购价值创造的直接影响,以及通过主并企业研发投入决策产生的间接影响以揭示业绩补偿承诺制度的实施效果。对223个签署业绩补偿协议的定增并购样本实证分析发现,逐年业绩承诺及累计业绩承诺对定增并购价值创造均具有倒U型影响;逐年业绩承诺及累计业绩承诺对研发投入均具有正向影响;研发投入对定增并购价值创造具有倒U型影响;研发投入在两类业绩承诺与定增并购价值创造关系中存在部分中介效应。

With the help of the characteristics of performance compensation commitment contract,this paper discusses the direct influence of commitment performance on the value creation of mergers and acquisitions,as well as the indirect influence of R&D Investment decision of master and merger enterprises so as to reveal the the implementation effect of performance compensation commitment system.The empirical analysis of 223 Private Placement & Acquisitions samples with performance compensation agreements shows that:Continuous performance commitments and cumulative performance commitments have an inverted U-shaped impact on the value creation of private placement &acquisitions.Continuous performance commitments and cumulative performance commitments have a positive impact on R&D investment;R&D investment have an inverted Ushaped impact on the value creation of private placement &acquisitions.The R&D investment have some mediating effects in the relationship between the two types of commitment and the value creation of private placement &acquisitions.This conclusion not only helps us to explain the formation of the relationship between the performance compensation commitment and the value creation of private placement & acquisitions,but also is more conducive to the value expansion of performance compensation commitment system,which enriched the incentive theory.