业绩承诺能提高公司并购的绩效吗?——基于创业板上市公司视角的研究

Can Performance Commitment Improve Corporate Mergers and Acquisitions Performance?--From the Perspective of GEM Listed Companies

本文搜集2013年至2016年间创业板上市公司的并购交易数据,将总资产收益率、净资产收益率和托宾Q值的变化量作为考量企业并购绩效的因变量,将企业规模、净资产增长率、资产负债率、总资产周转率、股权集中度等作为自变量,建立多元线性回归模型,对业绩补偿承诺和并购绩效的关系展开实证研究,探寻签订业绩补偿承诺协议对公司并购绩效产生的影响。研究发现,在并购交易中签订业绩补偿承诺协议能显著提升上市公司的并购绩效;业绩承诺履约期满后并购标的业绩达标的上市公司核心盈利指标提升显著,但对股价提振作用不明显;相较于现金补偿方式,股份补偿对上市公司并购绩效的提升作用更显著。这些结论可以为企业实施并购重组、监管部门修订再融资办法等提供参考。

This paper conducts an empirical research on performance compensation commitments and corporate mergers and acquisitions(M&A)performance.It takes the change of ROA,ROE and Tobin Q as the dependent variable to measure the performance of M&A,and the enterprise size,growth rate of net assets,asset-liability ratio,total assets turnover,equity concentration ratio as the independent variables.Then it designs a linear regression model and uses data on M&A transactions of GEM listed companies from 2013 to 2016.The following three conclusions are reached:First,in the M&A transactions,signing a performance compensation commitment agreement can significantly improve the performance of listed companies’M&A.Second,when the performance commitment period expires,the core profit indicators of listed companies whose performance of M&A meets the standard have increased significantly,but the performance commitment has not significantly boosted stock prices.Third,compared with cash compensation methods,share compensation has a more significant effect on the performance of listed companies’M&A.The research conclusions can provide references for future implementation of M&A and regulatory revising its refinancing measures.