摘要
借壳上市过程中业绩补偿承诺协议是并购交易定价事后调整的一种契约安排,能够显著影响借壳企业的风险承担水平。使用手工搜集的借壳上市数据,结合倾向得分匹配法(PSM)可检验借壳企业签订业绩补偿承诺对风险承担水平的影响。研究发现,业绩补偿承诺能显著提高借壳企业的风险承担水平,这一结果在股份补偿方式下更为明显。机制分析表明,业绩补偿承诺通过提高借壳企业的业绩压力和降低企业融资约束来提高风险承担水平。进一步研究发现,业绩补偿承诺对风险承担水平的提升作用只在非国有企业以及承诺完成方式为每年完成的样本中显著。对风险承担的经济后果检验发现,借壳企业签订业绩承诺引发的风险承担水平变化最终有助于企业绩效的提升。
The valuation adjustment mechanism in backdoor listing are contract arrangements for the trading prices of M&As,which significantly affect the level of risk-taking of backdoor companies.Using the propensity score matching method(PSM),this paper examines the impact of the valuation adjustment mechanism on the level of risk-taking of backdoor companies.The results show that the valuation adjustment mechanism significantly increases the risk-taking level of backdoor companies,especially under the stock compensation method.Mechanism analysis shows that the valuation adjustment mechanism increases risk-taking levels by raising the performance pressure of backdoor companies and reducing financing constraints.Further research finds that the effect of the valuation adjustment mechanism on the level of risk-taking is only significant in non-state-owned enterprises and in samples whose commitment method is completed each year.Examining the economic consequences of risk-taking,it is found that changes in the level of risk-taking caused by the valuation adjustment mechanism ultimately contributes to the improvement of corporate performance.The paper sheds light on the value of the valuation adjustment mechanism,and its conclusions contain suggestions for enterprises to improve the effectiveness and optimize contract design of M&As.
作者
潘爱玲
吴倩
徐悦淼
PAN Ai-ling;WU Qian;XU Yue-miao(School of Management,Shandong University,Jinan 250100,Shandong;School of Business Administration,Shandong University of Finance and Economics,Jinan 250014,Shandong;Shandong Hi-speed Development Co.,Ltd.,Jinan 250014,Shandong)
出处
《厦门大学学报（哲学社会科学版）》
CSSCI
北大核心
2021年第6期120-132,共13页
Journal of Xiamen University(A Bimonthly for Studies in Arts & Social Sciences)
基金
国家社会科学基金重点项目“企业绿色并购的驱动因素、决策选择与长效机制研究”(19AGL010)
教育部人文社会科学青年基金项目“业绩补偿承诺在并购中的风险:衍生机理、传导路径及经济后果”(19YJC630132)
山东省自然科学基金项目“新旧动能转换背景下重污染企业绿色并购的推动机制与创新绩效研究”(ZR2019MG004)。
关键词
业绩补偿承诺
风险承担
借壳上市
倾向得分匹配法
valuation adjustment mechanism
risk-taking
backdoor listing
propensity score matching
