In 2008,China Securities Regulatory Commission promulgated Management Measures for Major Asset Restructuring of Listed Companies,which introduced the performance commitment system into M&A activities.A series of negative consequences such as goodwill impairment and stock price crash were caused by performance failure.It is worthy of in-depth discussion as to how to improve the reliability of performance commitment.Taking the M&A events during the performance commitment period from 2011 to 2022 as the research object,this paper explores the governance effect of institutional investors'shareholding on the achievement of performance commitment from the two aspects of commitment period and M&A events.The empirical results show that the shareholding of institutional investors can promote the achieve-ment of performance commitment,which is of reference significance for listed companies to improve the quality of mergers and acquisitions and for the regulatory authorities to improve the performance commitment system.
关键词
机构投资者持股/并购业绩承诺达标/并购活动
Key words
institutional investor ownership/achievement of M&A performance commitment/M&A activity
万方数据