并购重组中业绩承诺对评估增值率影响的实证研究
An Empirical Study on the Impact of Performance Commitment on Evaluating Value-added Rate in Mergers and Acquisitions
汪冬梅 1王雪亚 2张志红1
作者信息
- 1. 山东财经大学会计学院,山东济南 250014
- 2. 国家税务总局菏泽市牡丹区税务局,山东菏泽 274000
- 折叠
摘要
业绩承诺是企业并购重组中缓解信息不对称、降低风险和提高并购绩效的重要手段.本文以我国沪深A股市场中首次公告日在 2015-2021 年的重大资产重组事件为样本,研究业绩承诺与其具体条款以及多条款共存对评估增值率的影响和作用机制.研究发现,并购重组交易中包含业绩承诺时,评估机构出具的标的企业的评估增值率会更高;承诺业绩额越高,评估增值率越高;双向业绩承诺比单向业绩承诺对评估增值率的影响更显著;相较于现金补偿,股份补偿支付方式提高了标的企业的评估价值和评估增值率.边际效用递减效应下,双向业绩承诺与股份补偿支付方式同时存在对评估增值率的影响小于二者单独存在时的影响之和.
Abstract
Performance commitment is an important means to relieve information asymmetry,reduce risk and improve M&Acquisitions performance in corporate Mergers and Acquisitions.This paper takes the major asset reorganization events in the Shanghai and Shenzhen A-share markets from 2015 to 2021 as samples to study the impact and mechanism of performance commitment,its specific terms,and the coexistence of multiple terms on the evaluation of value-added rate.The results show that when performance commitment is included in Mergers and Acquisitions transactions,the value-added rate of the target enterprises issued by the evaluation agency will be higher;The higher the performance commitment,the higher the value-added rate;Two-way performance commitment has more significant impact on the evaluation of value-added rate than one-way.Compared with cash compensation,stock compensation payment improves the appraised value and value-added rate of the target enterprise.Under the diminishing marginal utility effect,the simultaneous existence of two-way performance commitment and stock compensation payment has a smaller impact on the assessed value added rate than the sum of their separate existence.
关键词
并购重组/业绩承诺/评估增值率/股份补偿Key words
Mergers and Acquisitions/Performance commitment/Assessing value added rates/Share compensation引用本文复制引用
基金项目
教育部人文社会科学研究项目(22YJA630118)
山东省优秀研究生课程项目(2022)()
山东省研究生教育教学改革研究面上项目(SDYJSJGC2023052)
山东省重点研发计划(软科学研究计划)(2023RZB01004)
出版年
2024
NETL
NSTL
万方数据