业绩补偿承诺对定增并购双价格偏离的影响机理  

Influence Mechanism of Performance Compensation Commitment on Double Price Deviation of Private Placement&Acquisitions

作　　者：简冠群 李秉祥[2] JIAN Guan-qun;LI Bing-xiang(School of Economics, Gansu University of Political and Law, Lanzhou 730070, China;School of Economics and Management, Xi’an University of Technology, Xi’an710054, China)

机构地区：[1]甘肃政法大学经济学院,甘肃兰州730070 [2]西安理工大学经济与管理学院,陕西西安710054

出　　处：《运筹与管理》2021年第8期205-210,共6页Operations Research and Management Science

基　　金：国家自然科学基金资助项目(71772151);甘肃政法大学重大项目(GZF2019XZD02);甘肃省高等学校创新基金项目(2021A-095)。

摘　　要：业绩补偿承诺制度的初衷是降低估值溢价,引入盈利预测增长率探究其对定增并购双价格偏离的影响机理进而揭示制度发挥作用的路径。采用层级回归分析表明:业绩补偿承诺对双价格偏离具有正向影响,对盈利预测增长率具有负向影响;盈利预测增长率对双价格偏离具有正向影响,其在业绩承诺与价格偏离之间的作用机制呈现出“遮掩效应”;进一步分析发现,业绩补偿承诺对定增并购绩效具有价值促进作用,并提升了并购双方互利共赢的空间,大股东因业绩承诺所获得的高价格偏离是价值补偿的体现。研究结果丰富和拓展了业绩补偿承诺和双价格偏离的相关研究,对制度的合理安排及契约价值的发挥具有重要的意义。The original intention of the performance compensation commitment system is to reduce the valuation premium.This paper discusses the influence mechanism of performance compensation commitment under the influence of the growth rate of earnings forecast on the double price deviation of private placement&acquisitions,so as to reveal the path of the system.Hierarchical regression analysis shows that:performance compensation commitment has a positive impact on double price deviation;performance compensation commitment has a negative impact on earnings forecast growth;the growth rate of earnings forecast has a positive impact on double price deviation;the mediating effect of the growth rate of earnings on performance commitment and price deviation shows a“cover effect”.Further analysis shows that performance compensation commitment has the function of value enhancement and promote mutual benefit and win-win result.The high price deviation obtained by large shareholders is the embodiment of value compensation.The research results enrich and expand the relevant research of performance compensation commitment and double price deviation,which is of great significance to the reasonable arrangement of system and the value of contract.

关 键 词：业绩补偿承诺 盈利预测增长率 双价格偏离 补偿方式 

分 类 号：F275[经济管理—企业管理]