并购业绩承诺的同行效应研究——来自中国上市公司定向增发并购标的企业的经验证据

Peer Effect of M&A Performance Commitment:Empirical Evidence from China’s Listed Companies’Private Placement and Acquisition of Target Enterprises

近年来,高估值高业绩承诺并购呈现爆发式增长,文章从行业模仿层面分析高估值高业绩承诺并购产生的原因,并以2013—2018年中小板和创业板上市公司发生的定向增发并购事件为样本,检验标的企业做出的业绩承诺是否存在模仿同行业其他被并公司的行为(同行效应)。结果发现,并购标的企业业绩承诺存在竞相模仿的同行效应,且同行效应受到行业环境不确定性的影响,当标的企业所处行业环境的不确定性越强时,同行效应表现越明显,且这种同行效应的主要模仿对象是行业领先者。进一步研究发现,监管政策的趋严会减弱并购业绩承诺的同行效应,同时减弱了环境不确定性和行业领先者对并购业绩承诺同行效应的影响。

In recent years, mergers and acquisitions(M&A) with high valuation and high performance commitment have shown explosive growth. This paper analyzes causes of M&A with high valuation and high performance commitment from the perspective of industry imitation. Taking private placement mergers and acquisitions events of listed companies in SME Board and GEM from 2013 to 2018, the paper examines whether the performance commitment made by the target company has imitated the behavior of other acquired companies in the same industry(peer effect). The results show that the performance commitment of M&A target enterprises has the peer effect of competing imitation, and the peer effect is affected by the uncertainty of the industry environment. When the uncertainty of the industry environment of the target enterprise is stronger, the peer effect is more obvious, and the main imitation object of this peer effect is the industry leader. Further research has found that tightening of regulatory policies will weaken the peer effect of M&A performance commitment, and weaken the impact of environmental uncertainty and industry leader status on the peer effect of M&A performance commitment.