并购重组业绩承诺与上市公司经营业绩——基于业绩承诺到期视角的分析

发布时间：2018-05-12 17:18

本文选题：并购重组 + 业绩承诺　；参考：《商业研究》2017年04期

【摘要】：并购重组业绩承诺违约事件频现,本文以2008年5月18日至2015年12月31日期间发生重大资产重组交易并做出业绩承诺的上市公司为样本,分三个层次分析并购重组业绩承诺到期后上市公司业绩的变化,并购标的业绩承诺达标与否对上市公司业绩的影响,以及不同补偿方式对上市公司业绩的影响。结果表明:业绩承诺到期后,上市公司的经营业绩会下滑;并购标的业绩达标的上市公司,比并购标的业绩不达标的上市公司经营业绩更好;获得股份补偿的上市公司,经营业绩明显好于获得现金补偿的上市公司。期望本研究为并购重组业绩承诺政策的实施提供更为全面的证据,也为监管机构建立更为有效的补偿机制提供政策参考。
[Abstract]:In this paper, a sample of listed companies with significant asset restructuring transactions and performance commitments between May 18, 2008 and December 31, 2015 is used as a sample. This paper analyzes the changes of listed companies' performance after the expiration of M & A performance commitment, the impact of the target performance commitment on the performance of listed companies, and the effect of different compensation methods on the performance of listed companies. The results show that the operating performance of listed companies will decline after the expiry of their performance commitments; the listed companies whose performance targets meet the target of mergers and acquisitions will be better than those listed companies whose performance is not up to the target of mergers and acquisitions; and the listed companies that have received share compensation, Operating performance is obviously better than the cash compensation of listed companies. This study is expected to provide more comprehensive evidence for the implementation of M & A performance commitment policy and policy reference for regulators to establish a more effective compensation mechanism.
【作者单位】：重庆大学经济与工商管理学院;南开大学商学院;
【基金】：国家社会科学基金项目,项目编号:14BGLO48 中央高校基本科研业务项目,项目编号:106112016CDJXY020012
【分类号】：F275.1;F271;F832.51

【相似文献】