风险承担视角下业绩补偿承诺的企业价值创造效应机制研究

On the Mechanism of Enterprise Value Creation Effect of Performance Compensation Commitment from the Perspective of Risk-taking

以风险承担为切入点研究企业并购重组中业绩补偿承诺的签订对企业价值创造的影响。研究表明:并购实践背景下,业绩补偿承诺可有效提高企业风险承担水平,有助于企业整体价值创造;风险承担在业绩补偿承诺与企业价值关系中存在部分中介作用。调节作用检验结果发现,环境不确定性和财务柔性能强化业绩补偿承诺的价值创造效应。研究不仅为业绩补偿承诺提升企业价值提供了更为严谨的证据,而且从全新的视角揭示了业绩补偿承诺对企业价值的作用路径。

This paper takes risk-taking as the starting point to study the impact of the signing of performance compensation commitment on enterprise value creation in merger,acquisition and reorganization.The results show that under the background of merger,acquisition and reorganization,performance compensation commitment can effectively improve the risk-taking level of enterprises and contribute to the overall enterprise value creation;risk-taking has a partial mediating effect on the relationship between performance compensation commitment and enterprise value.The test result of regulating effect shows that environmental uncertainty and financial flexibility can strengthen the value creation effect of performance compensation commitment.This study not only provides more rigorous evidence of the promotion effect of performance compensation commitment on enterprise value,but also reveals an acting path of performance compensation commitment on enterprise value from a new perspective.