业绩补偿承诺、协同效应与并购收益分配  

VAM,Synergy and Distribution of Gains from M&A

作　　者：吕长江[1] 韩慧博[2] 

机构地区：[1]复旦大学管理学院,上海200433 [2]对外经济贸易大学国际财务与会计研究中心,北京100029

出　　处：《审计与经济研究》2014年第6期3-13,共11页Journal of Audit & Economics

基　　金：国家自然科学基金项目(71002004)

摘　　要：使用2011年—2013年间中小企业板和创业板市场的并购事件作为样本,研究了并购交易中的业绩补偿承诺对并购协同效应的影响,以及协同效应在并购双方之间的利益分配。文章结果表明,并购交易中引入业绩补偿承诺,可以显著提升并购的协同效应水平,这种协同效应的提升主要来自于业绩补偿承诺的信号作用。进一步研究发现,业绩补偿承诺在显著提高并购溢价的同时,也会提高收购方股东的收益。积极有效地运用业绩补偿承诺这一契约工具,能够有效地提高并购效率,促进并购交易双方达到"双赢"的效果。By using the event of M＆A among medium and small sized board and growth enterprise market during the period from 2011 to 2013, we make a study of the effect of performance compensation commitment on the M＆A synergy in the M＆A transaction and how such effect influences the distribution of gains between both parties. The result demonstrates that the intro- duction of performance compensation commitment remarkably raises the level of M＆A synergy effect and such advancement mainly comes from the signal function of such commitment. Further, we still find that on the one hand, such commitment pu- shes the M＆A overage, on the other hand, it also increases the shareholders＇ profits. So we believe the wise use of VAM on M＆A will Improve the efficiency of M＆A.

关 键 词：业绩补偿承诺 对赌协议 并购协同效应 并购收益分配 并购效率 并购契约形式 上市公司并购交易 公司重组 

分 类 号：F234.4[经济管理—会计学]