业绩补偿承诺、定增并购双价格偏离与整合效应

Profit Compensation Commitment,Double Price Deviation in Private Placement & Acquisitions and Integration Effect

业绩补偿承诺在我国企业定增并购中的应用已相当普遍,但制度安排效率问题的研究相对缺乏。从业绩补偿承诺的激励和约束作用出发,通过揭示业绩补偿承诺对整合效应的不同影响路径,试图在更完整的框架下探讨业绩补偿承诺的有效性。运用均值检验和层级回归对237个定增并购样本分析表明:承诺业绩增长率对整合效应具有倒U型影响;承诺业绩增长率对两类价格偏离均具有正向影响;发行价格偏离对整合效应具有负向影响,并购价格偏离对整合效应具有倒U型影响;两类价格偏离在承诺业绩增长率与整合效应关系中均存在部分中介效应。研究结果丰富和拓展了业绩补偿承诺制度和价格偏离的相关研究,对制度的合理安排以及契约价值的发挥具有重要意义。

The application of performance compensation is quite common in the private placement&acquisitions in China,but researches on the efficiency of institutional arrangements are relatively insufficient.From the perspective of incentive and restraint function of performance compensation commitment,this paper reveals the influence of different paths on the performance of the compensation promised commitment to explore the effectiveness of performance compensation commitment in a more complete framework of.The analysis of237 samples through mean test and hierarchical regression shows that the commitment growth rate has an inverted U-shaped impact on the integration effect;the commitment growth rate has a positive impact on the two types of price deviations;the issuance price deviation has a negative impact on the integration effect;the M&A price deviation has an inverted U-shaped impact on the integration effect;and the two types of price deviations have some mediating effects in the relationship between the growth rate of commitment and the effect of integration.This paper enriches and expands the related researches on performance compensation commitment system and price deviation,which is of great significance to the reasonable arrangement of the system and the play of contract value.