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论文编号：	9298
作者编号：	2120152430
上传时间：	2017/6/19 20:44:52
中文题目：	业绩承诺对上市公司重大资产重组绩效的影响及承诺失败原因探究
英文题目：	The Impact of Value Adjustment Mechanism on Material Assets Reorganization Performance and Exploration on the Reasons for Substandard
指导老师：	李姝
中文关键字：	业绩承诺；重大资产重组；收购方长期绩效；承诺失败原因
英文关键字：	Valuation Adjustment Mechanism ;The material assets reorganization; The long-term performance of listed companies;Reasons for failure
中文摘要：	随着我国资本市场的发展及行业间竞争压力的加大，并购重组成为企业进行规模扩张和产业转型的重要手段。国内外对并购绩效及其影响因素等问题已经进行了较为丰富的研究，但对于并购重组是否能够真正改善收购方的经营绩效尚未取得统一的研究结论。“并购悖论”成为了国内外学者研究的重点问题。 为缓解并购重组过程中双方的信息不对称问题，证监会在2008年颁布的《上市公司重大资产重组管理办法》中规定，如果在交易过程中采用收益法对标的资产进行评估，则交易双方应当就标的资产未来实际盈利与预测盈利之间的差额签订补偿协议，即本文所称业绩承诺。此举目的在于降低收益法带来的估值泡沫、对标的方形成约束，从而降低上市公司的收购风险。但是，近年来，业绩承诺不达标的现象频现，因为业绩承诺引发的收购方与标的公司之间的法律纠纷也时有出现。业绩承诺作为标的资产质量的重要信用背书，其对于购买方的利益保障作用受到了质疑。因此，探究业绩承诺是否能够真正提升并购重组绩效以及业绩承诺不达标的原因具有非常重要的现实意义。 本文采用2008-2013年A股市场完成重大资产重组的上市公司为样本，针对业绩承诺对上市公司绩效的影响以及并购重组业绩承诺不达标的原因进行了实证研究。主要结论有以下几点。第一，如果标的资产做出业绩承诺，则收购方在宣告日到重组完成之前的过渡期内会有更好的经营绩效。第二，如果标的资产做出业绩承诺，则收购方在承诺期间内会有更好的绩效。第三，在承诺期后，相比于没有应用业绩承诺的样本，在交易中应用业绩承诺的上市公司经营绩效会出现反转，并且如果标的资产业绩承诺不达标，则上市公司的绩效会更差。第四，收购方的管理层过度自信以及控股股东的掏空动机与标的资产业绩承诺不达标正相关。 尽管业绩承诺已经成为上市公司重大资产重组过程中的重要环节，但是对其的实证研究仍然较少，特别是尚没有研究关注其对收购方长期绩效的影响。本文通过实证研究探究了业绩承诺制度的价值和缺陷，为我国上市公司重大资产重组制度的完善提供了一些启示。
英文摘要：	With the development of Chinese capital market and increase of industry competition pressure, merger,acquisition and reorganization become the important means of enterprise scale expansion and industrial transformation and upgrading. To alleviate the information asymmetry problem , CSRC in 2008 promulgated the ‘measures for the administration of material assets reorganization of listed companies’, if the income method is adopted in the process of trading,the both parties should sign the Performance Compensation Agreement. The aim is to reduce the valuation bubble and form a constraint on the target company,thus to reduce the risk of the acquisition of listed companies.However, in recent years, the performance commitment substandard phenomenon appear frequently, legal disputes appear occasionally. Performance promise as an important credit endorsement of the quality of the asset, its interests safeguard role to the purchaser being questioned. Therefore, to explore the promise whether can truly enhance performance of reorganization performance and the reasons of substandard has very important practical significance. The main conclusions of this article are the following. First, if the asset performance commitment is applied, the acquirer in the transition period will have a better business performance. Second, if the asset performance commitment is applied, the acquirer will have a better performance in commitment period. Third, after the commitment period, compared with no application performance promised samples, the performance of companies using asset performance commitment will be reversed, and if the target company failed to complete the commitment, the performance of listed companies will be more poor. Fourth, if the acquiring firm's controlling shareholder is overconfidence, or the controller has stronger tunneling motivation, the possibility of the target company fail to complete the commitment is higher.
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