业绩补偿承诺影响标的企业价值的机理分析
Mechanism Analysis of Performance Compensation Commitment Affecting the Value of the Underlying Enterprise
刘灿灿 1徐明瑜 2陈健 1邓嘉明1
作者信息
- 1. 天源资产评估有限公司江苏分公司,江苏南京 210001
- 2. 南京审计大学金审学院,江苏南京 211815
- 折叠
摘要
本文以标的企业价值影响因素为研究视角,以业绩补偿承诺为切入点,从一个整体框架研究业绩补偿承诺对标的资产价值的应用动因和经济后果,我们发现:签订业绩补偿协议的标的企业并购溢价率显著高于未签订业绩补偿协议标的企业溢价率;相比未签订协议的企业,签订业绩补偿协议的企业在并购完成后的经营业绩更好;业绩承诺协议中的具体要素会对承诺完成情况产生影响.本文结论为研究企业价值评估提供了新的经验数据,拓展和丰富了业绩承诺条款设置的相关研究,为资产评估专业人员未来参与并购重组提供了新的思路,对于优化并购定价机制具有一定的借鉴意义.
Abstract
In this paper,we take the factors affecting the value of the subject enterprise as the research perspective and take the performance compensation commitment as the entry point,study the motives and economic consequences of the application of the performance compensation commitment to the value of the subject assets from a holistic framework,and we find that:the M&A premium rate of the subject enterprise that has signed the performance compensation agreement is significantly higher than the premium rate of the subject enterprise that has not signed the performance compensation agreement;compared with the enterprise that has not signed the agreement,the enterprise that has signed the performance compensation agreement have better operating performance after the completion of M&A;Specific elements in the performance commitment agreement will have an impact on the fulfillment of the commitment.The conclusion of this paper provides new empirical data for the study of enterprise value assessment,expands and enriches the research related to the setting of performance commitment clauses,provides new ideas for asset appraisal professionals to participate in M&A and restructuring in the future and it is of certain reference significance for optimizing the pricing mechanism of M&A.
关键词
业绩承诺/资产评估/并购重组Key words
Performance commitments/Asset valuation/Mergers and Acquisitions引用本文复制引用
基金项目
江苏省资产评估协会行业研究课题(2023)()
出版年
2024
NETL
NSTL
万方数据