并购重组中业绩补偿承诺对长期并购绩效影响的实证研究

An Empirical Study on the Effect of Performance Compensation Commitment in M&A on Long-Term M&A Performance

并购重组是上市公司增强竞争力和可持续发展能力的重要途径。由于交易双方间严重的信息不对称,并购方不能完整获得真实有效的信息,进而对绩效造成损害。针对2015—2017年的并购重组事件,从是否签订业绩承诺、承诺补偿的方式及方向3个维度对上市公司长期并购绩效进行了研究分析,发现业绩补偿承诺协议的签订在并购重组交易中发挥了积极作用,"现金+股份"的补偿方式相较于其他方式对绩效提升的作用更显著,但其补偿方向与绩效间并不存在明显的相关关系,并结合研究结论为企业在并购重组交易中合理选择业绩承诺协议提出了建议。

Mergers and acquisitions are an important way for listed companies to enhance their competitiveness and sustainable development capabilities.Due to the serious information asymmetry between the two parties to the transaction, the acquirer cannot obtain complete and effective information, which will damage performance.In response to the M & A and restructuring events from 2015 to 2017,the long-term M & A performance of listed companies is studied and analyzed from the three dimensions of whether to sign performance commitments, the way and direction of commitment compensation.It is found that the signing of performance compensation commitment agreements has played a positive role in mergers and acquisitions and restructuring transactions in comparison with other methods.However, there is no obvious correlation between the compensation direction and performance.And combining with the research conclusions, the author provides some suggestions for companies to reasonably choose performance commitment agreements in mergers and acquisitions.