并购类型、产权性质与承诺业绩增长率  

Types of M & A, Nature of Property Right and Growth Rate of Committed Performance

作　　者：张敦力[1] 张琴[2] ZHANG Dunli;ZHANG Qin(School of Accounting,Zhongnan University of Economics and Law,Wuhan 430073,China;School of Accounting,Jiujiang University,Jiujiang 332005,China)

机构地区：[1]中南财经政法大学会计学院,湖北武汉430073 [2]九江学院管理学院,江西九江332005

出　　处：《财经论丛》2021年第1期54-63,共10页Collected Essays on Finance and Economics

基　　金：全国会计名家培养工程。

摘　　要：以沪深两市A股上市公司重大资产重组事件为基础,通过对产权性质与并购重组承诺业绩增长率的关系分析,考察国有上市公司在并购重组承诺业绩增长率问题上的诉求偏好,进一步分析并购交易类型对二者关系的调节作用。研究发现,国有上市公司在签订业绩承诺协议时要求的承诺业绩增长率显著更低;但并购类型的作用使国有上市公司的上述做法得到一定程度的改观;横向并购情况下,国有上市公司不再表现出显著更低的承诺业绩增长率偏好。本研究为并购交易双方、投资人和监管层深化对业绩承诺问题的认识提供了新证据。Based on the major asset restructuring events of A-share listed companies in Shanghai and Shenzhen stock markets,this paper explores the demand preference of state-owned listed companies on the issue of the growth rate of M&A commitment performance by analyzing the relationship between the nature of property rights and the growth rate of M&A commitment performance.In addition,this paper also analyzes the moderation effect of the type of M&A transaction on the relationship between the above two.It is found that the growth rate of performance commitment required by state-owned listed companies when signing performance commitment agreements is significantly lower.However,the role of transaction types will make the above practices of state-owned listed companies improve to some extent.In the case of horizontal M&A,state-owned listed companies no longer show significantly lower growth rate preference of performance commitment.This study provides new evidence for both parties of the M&A,investors and regulators to deepen their understanding of performance commitment.

关 键 词：产权性质 并购类型 业绩承诺 增长率 

分 类 号：F275.5[经济管理—企业管理]