业绩承诺到期、机构投资者行为与上市公司监管  

Corporate Performance Commitment Expires,Institutional Investor Behavior and Listed Company Supervision

作　　者：沈红波[1] 陈恩 余思娴 SHEN Hongbo;CHEN En;YU Sixian

机构地区：[1]复旦大学经济学院

出　　处：《金融监管研究》2020年第10期34-51,共18页Financial Regulation Research

基　　金：上海市哲学社会科学一般课题“国有企业实施员工持股计划的激励效应研究”(2018BJB006);上海市哲学社会科学一般课题“推进上海生态文明建设的法制保障研究--以上海碳排放权交易的法律制度构建与完善为中心”(2018BFX006);国家自然科学基金面上项目“中国企业嵌入外资创新网络的跨界搜索机理研究:价值共创的视角”(71972050)。

摘　　要：业绩承诺到期前后,企业绩效的变脸现象值得监管机构关注。本文以2010-2017年发生过并购且业绩承诺在2013-2017年到期的公司作为研究对象,实证检验了在业绩承诺到期前后企业绩效的变化以及机构投资者的作用。实证检验发现:业绩承诺到期后,公司绩效会出现明显恶化;机构投资者持股能够缓和业绩承诺到期前后的绩效波动,且机构投资者还会在企业绩效下滑的负面消息释放前进行减持。本文研究结果表明,业绩承诺到期前后企业绩效波动是企业利润操纵的结果,但能被机构投资者持股有效抑制。鉴此,应进一步提升机构投资者的持股比例,强化机构投资者的内部监督;同时,还应加强对上市公司财务造假行为的处罚,强化对投资者的保护,强化外部监管。Performance changes before and after the expiration of performance commitment period deserves the attention of regulators.This article chooses companies that have undergone mergers&acquisitions from 2010 to 2017 and whose performance commitments expire from 2013 to 2017 as the research objects,empirically tested the changes in corporate performance before and after the expiration of performance commitments and the role of institutional investors.The empirical test found that:after the performance commitment expires,the company's performance will deteriorate significantly;institutional investor holdings can alleviate the performance fluctuations,institutional investors will also significantly underweight before the release of negative news about the company's performance decline.The research results of this article show that the fluctuation of corporate performance before and after the performance commitment expires is the result of corporate profit manipulation,but it can be effectively suppressed by institutional investors'holdings.Therefore,the shareholding ratio of institutional investors should be further increased,and the internal supervision of institutional investors should be strengthened.In addition,penalties for financial frauds of listed companies,investor protection systems and external supervision should also be strengthened.

关 键 词：业绩承诺到期 盈余管理 机构投资者 上市公司监管 

分 类 号：F275[经济管理—企业管理]