并购业绩承诺、资产评估机构声誉与标的资产溢价——基于沪深A股上市公司的经验数据  

M&A Performance Commitment,the Reputation of the Asset Appraisal Agency and the Underlying Asset Premium——Based on Empirical Data of Shanghai and Shenzhen A-share Listed Companies

作　　者：刘建勇[1] 周晓晓 Liu Jianyong;Zhou Xiaoxiao(School of Economics and Management,China University of Mining and Technology,Xuzhou 221116,China)

机构地区：[1]中国矿业大学经济管理学院,徐州221116

出　　处：《工业技术经济》2021年第1期151-160,共10页Journal of Industrial Technological Economics

基　　金：国家社会科学基金项目“并购重组业绩补偿承诺的负面效应与监管策略研究”(项目编号:18BGL068)。

摘　　要：本文以2009~2019年沪深A股市场发生重大资产重组交易的上市公司为样本,研究业绩承诺对标的资产溢价的影响,并考察资产评估机构声誉对二者关系的调节作用。研究结果表明,并购双方签订业绩承诺会使得标的资产溢价显著提高;业绩承诺激进程度越高,标的资产溢价也越高;且与单向业绩承诺相比,双向业绩承诺对标的资产溢价的作用更加明显。进一步研究发现,资产评估机构声誉能够弱化业绩承诺与标的资产溢价之间的关联关系,即资产评估机构声誉越高,业绩承诺与标的资产溢价之间的负向关系越强。This paper studies the impact of performance commitment on the underlying asset premium and the moderating effect of the reputation of asset appraisal institutions on the relationship between the listed companies with major asset restructuring transactions in Shanghai and Shenzhen A-share markets from 2009 to 2019.The results show that the performance commitment signed by both sides of M&A will significantly increase the underlying asset premium;the more radical the performance commitment is,the higher the underlying asset premium will be;and compared with one-way performance commitment,the two-way performance commitment has a more obvious effect on the underlying asset premium.Further research shows that the reputation of asset appraisal institutions can weaken the relationship between performance commitment and underlying asset premium,that is,the higher the reputation of asset appraisal institution is,the stronger the negative relationship between performance commitment and underlying asset premium is.

关 键 词：业绩承诺 标的资产溢价 信息不对称 资产评估机构声誉 上市公司 调节作用 

分 类 号：F275[经济管理—企业管理] F271[经济管理—国民经济]