摘要
近年来并购业绩承诺违约事件频发,严重损害了上市公司及其股东的利益。以2013—2017年完成并购交易业绩承诺协议的创业板、中小板公司为样本,研究了并购支付方式对目标公司业绩承诺达标率的影响。研究发现:在并购重组中,与单一现金支付方式相比,包含股份形式的两种支付方式更能实现业绩承诺;目标公司原股东担任收购方董监高参与公司治理,有利于实现业绩承诺。
In recent years,the frequent occurrence of merger and acquisition performance commitment defaults has seriously damaged the interests of listed companies and their shareholders.Taking the GEM and small and medium-sized board companies which have fulfilled their performance commitment agreements during their merger and acquisition transactions from 2013 to 2017 as samples,this paper studies the impact of the payment method of mergers and acquisitions on the rate of reaching the performance commitments of the target enterprises.The findings show that during the process of merger and reorganization,the two payment methods including the share form are more likely to realize the performance commitment than the single cash payment method.The original shareholders of the target enterprise serving as the acquirer’s board or supervisor and participating in corporate governance are conducive to the realization of the performance commitments.
作者
余玉苗
冉月
YU Yu-miao;RAN Yue(Wuhan University,Wuhan 430072,China)
出处
《当代财经》
CSSCI
北大核心
2020年第3期137-148,共12页
Contemporary Finance and Economics
基金
国家自然科学基金面上项目“审计契约压力传导对审计质量的影响及契约参与方应对策略研究”(71672131)。
关键词
业绩承诺实现
并购支付方式
公司治理参与
realization of performance commitment
payment method for mergers and acquisitions
corporate governance participation
