商业研究

商业研究

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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

饶茜1，侯席培2   

  1. 1.重庆大学 经济与工商管理学院，重庆 400030；2.南开大学 商学院，天津 300071
  • 收稿日期:2016-12-06 出版日期:2017-04-18
  • 作者简介:饶茜（1976-），女，四川德阳人，重庆大学经济与工商管理学院副教授，研究生导师，会计学博士，研究方向：财务管理、会计政策和税收筹划；侯席培（1994-），女，四川眉山人，南开大学商学院研究生，研究方向：财务管理，公司理财。
  • 基金资助:
    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。

Mergers and Acquisitions Performance Commitment and Operating Performance of Listed Company——A Study based on the Perspective of Performance Commitment Expiry

RAO Xi1, HOU Xi-pei2   

  1. 1.School of Economics and Business Administration, Chongqing University, Chongqing 400030, China;2. Business School, Nankai University, Tianjin 300071, China
  • Received:2016-12-06 Online:2017-04-18

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。

关键词: 并购重组, 业绩承诺, 补偿方式, 经营业绩

Abstract: M&A performance commitment default events occur frequently. This paper chooses listed companies that signed M&A performance commitment from May 18th 2008 to December 31st 2015 as samples to analyze changes in performance of listed companies after the mergers and acquisitions performance commitment expiry from three levels and the effects of whether the M&A performance commitment realizes or not and different compensation methods on performance of listed companies. The results are as follows: after the compensation commitment expiry, the operating performance of listed company will decline; the operating performance of listed company whose M&A target achieves the performance goal is better than the listed company whose M&A target does not achieve the performance goal; the operating performance of listed company that obtains stock compensation is significantly better than the listed company that obtains cash compensation. This study is expected to provide a more comprehensive evidence for the implementation of the mergers and acquisitions performance commitment policy, and provide policy reference for the establishment of a more effective compensation mechanism.

Key words: merger and acquisition, compensation commitment, compensation type, operating performance