摘要
本文研究发现,出于“风险转移”与“目标甄别”需求,远距离收购方签约意愿更强,承诺金额更高。尤其标的方所在省份的法治环境、商业环境或信任文化环境较差时,结论更显著。排除收购方市值管理动机,财务顾问专业影响与同区域子公司影响,结论仍显著。此外,标的方互联网与社交媒体披露,并购方CEO的家乡背景与前十大会计事务所审计会减少收购方签约需求。结合履约结果发现,签订业绩承诺,并不能帮助远距离收购方有效甄别优质资产,但通过补偿价款,可以实现资产定价风险的部分转移。针对补偿条款的分析,佐证了结论。本研究从地理邻近性与异质性制度环境视角,给出业绩承诺在我国并购市场流行的可行解释。同时,为改进并购交易中业绩承诺补偿协议的使用与监管,优化投资者决策提供参考。
The study finds that distant acquirers are more likely to sign and commit to higher amounts due to the need to transfer risk and screen targets.The results are particularly significant when the target is located in a province with poor legal,business and trust culture.Excluding the acquirer’s market value management motives,the professional influence of financial advisors and the influence of subsidiaries in the same region,the findings remain significant.Further analysis shows that the internet environment and social media disclosure of the target companies,the hometown background of the CEO of the acquirer and the audit of the top 10 accounting firm help to mitigate this problem.Combined with the implementation results,it is found that signing performance commitments does not help distant acquirers to effectively screen high quality assets,but a transfer of asset pricing risk can be achieved through the compensation.Analyses focusing on the terms of the compensation confirm these conclusions.This study provides a plausible explanation for the popularity of performance commitments in China’s M&A market from the perspective of geographical proximity and heterogeneous institutional environments.Meanwhile,it provides a reference for improving the application and regulation of performance commitment compensation agreements in M&A transactions and optimizing investor decision-making.
出处
《会计研究》
CSSCI
北大核心
2024年第7期146-161,共16页
Accounting Research
基金
中央高校基本科研业务费专项资金资助(2024JBW8013)
国家自然科学基金青年项目(72002011)的资助
关键词
业绩承诺
地理邻近性
制度环境
互联网
Performance Commitment Agreement
Geographical Proximity
Institutional Environment
Internet
