摘要
基于2007—2017年110家借壳上市A股样本公司的实证分析,发现借壳上市附加业绩承诺对累计超常收益率产生显著正向影响,具有强烈的短期市场效应,对交易完成后三年的公司绩效提升也发挥着积极的促进作用。但是,进一步的分析表明,无论是民营背景还是国有背景的借壳方,交易完成后的三年内均存在盈余管理行为。
based on the empirical analysis of 110 a-share companies with backdoor listing from 2007 to 2017, it is found that the additional performance commitment of backdoor listing has A significant positive effect on the accumulated abnormal return rate, which has A strong short-tem market effect, and also plays A positive role in promoting the company performance improvement three years after the completion of the transaction. However, further analysis showed that both private and state-owned backdoor parties had surplus management within three years after the completion of the transaction.
作者
谢海东
谭琦颖
Xie haidong;Tan Qiying
出处
《河南社会科学》
CSSCI
北大核心
2018年第9期34-39,共6页
Henan Social Sciences
关键词
借壳上市
业绩承诺
盈余管理
Backdoor Listing
Performance Commitment
Earnings Management
