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论文编号：	14646
作者编号：	2120223678
上传时间：	2024/6/5 16:42:25
中文题目：	风险资本对并购业绩承诺签订的影响研究——基于标的企业风险资本持股的证据
英文题目：	Research on the impact of venture capital on the signing of performance commitments in mergers and acquisitions: Based on the evidence of venture capital ownership in the target firm
指导老师：	黄福广
中文关键字：	业绩承诺；风险资本；声誉；网络联结
英文关键字：	Performance commitment; Venture capital; Reputation; Network connection
中文摘要：	随着创业活动的活跃，并购未上市创业企业成为并购的主要特征。风险资本作为创业企业的主要融资来源和重要利益相关者，对被投企业的经营决策具有重要影响。业绩承诺作为并购中一项重要的投资者保护契约，其签订与否经并购各方博弈而定，这就为风险资本通过影响业绩承诺的签订从而实现自身并购退出、获取提出收益提供了契机。本文以未上市企业作为标的公司的并购事件作为研究对象，在梳理国内外相关文献的基础上，运用规范研究法和实证研究法，探讨在并购交易中，标的企业风险资本持股对并购业绩承诺签订的影响。 本文选取我国2013-2022年A股上市企业并购未上市创业企业的事件为样本，基于信息不对称理论、信号传递理论和风险资本相关理论，分析并检验标的企业风险资本持股对业绩承诺签订的影响，得出以下结论：（1）风险资本持股标的企业可以显著提升并购业绩承诺的签订；风险资本持股比例越高，对业绩承诺签订的促进作用越强；（2）风险资本声誉对业绩承诺签订存在负向调节效应；（3）风险资本网络联结丰富度对业绩承诺签订存在负向调节效应。考虑模型稳健性问题，本文通过PSM、替换因变量衡量方式以及剔除国有样本的方法对模型进行检验，结果依然稳健。进一步考虑异质性因素的影响，通过分组检验异地并购与本地并购、主并方存在股权质押与不存在股权质押情况下，风险资本持股对业绩承诺签订与否、签订额度及签订额度占交易规模比重的异质性，研究发现：相较于本地并购，异地并购时风险资本持股更易签订业绩承诺，而业绩承诺签订额度以及签订额度占交易规模比重在异地并购和本地并购之间不存在显著差异；相较于主并方不存在控股股东股权质押的情况，主并方存在股权质押时，风险资本持股更易签订业绩承诺，且签订额度占并购交易总额的比重更高，但签订额度在主并方是否存在股权质押中未表现出显著差异。 本文丰富了资源配置理论、业绩承诺签订动因和风险资本作用的研究，也为我国并购市场上业绩承诺盛行的原因提供更全面的解释，同时也有助于全方位洞察风险资本的特征，为业绩承诺在未来的应用提供有益的参考和借鉴，也为政府优化风险资本相关政策提供依据，促进风险资本市场的健康发展。
英文摘要：	With the active entrepreneurial activities, merger and acquisition of unlisted entrepreneurial enterprises has become the main feature of merger and acquisition. As the main source of financing and an important stakeholder, venture capital has an important impact on the operation decision of the invested enterprise. As an important investor protection contract in M&A, the signing of performance commitment depends on the game of the parties involved in M&A, which provides an opportunity for venture capital to realize its own exit from M&A and obtain proposed benefits by influencing the signing of performance commitment. This paper takes the M&A events of unlisted enterprises as the target companies as the research object. Based on the review of relevant literatures at home and abroad, this paper uses normative and empirical research methods to explore the impact of venture capital shareholding of the target enterprises on the signing of M&A performance commitments in M&A transactions. This paper takes the M&A events of China's A-share listed enterprises from 2013 to 2022 as samples, and based on the theories of information asymmetry, signal transmission, venture capital supervision and governance, value-added services, information certification and name-by-name effect, analyzes and tests the impact of venture capital shareholding on performance commitment signing of the target enterprises, and draws the following conclusions: (1) The target enterprises held by venture capital can significantly improve the signing probability of M&A performance commitment, and the higher the proportion of venture capital shares, the stronger the promoting effect on M&A signing; (2) Risk capital reputation has a negative moderating effect on performance commitment signing; (3) Venture capital network connection richness has a negative moderating effect on performance commitment signing. Considering the robustness of the model, this paper tested the model by propensity score matching, replacing performance commitment measurement methods and eliminating state-owned enterprise samples, and the result is still robust. Further considering the influence of heterogeneity factors, by grouping to test the heterogeneity of venture capital shareholding on performance commitment signing, signing quota and the proportion of signing quota in transaction scale under the conditions of remote mergers and acquisitions and local mergers and acquisitions, as well as the presence and absence of equity pledge between the main and merging parties, the research finds that: Compared with local M&A, it is easier for venture capital shareholding to sign performance commitments in the process of remote M&A, but there is no significant difference in the amount of performance commitment signed and the proportion of performance commitment signed in the transaction scale between remote M&A and local M&A. Compared with the situation where there is no equity pledge of the controlling shareholder in the main merger party, when there is equity pledge of the main merger party, it is easier for venture capital shareholding to sign performance commitment, and the proportion of performance commitment quota accounts for a higher proportion of the total M&A transactions, but there is no significant difference in whether there is equity pledge of the main merger party. This paper has enriched the research on the theory of resource allocation, the motivation of performance commitment signing and the role of risk capital, and also provided a more comprehensive explanation for the reasons for the prevalence of performance commitment in China's M&A market. At the same time, it also helps to comprehensively understand the characteristics of risk capital, provide useful reference for the application of performance commitment in the future, and provide a basis for the government to optimize the policies related to risk capital. Promote the healthy development of the venture capital market.
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