摘要
近年来,高估值高业绩承诺并购呈现爆发式增长,文章从行业模仿层面分析高估值高业绩承诺并购产生的原因,并以2013—2018年中小板和创业板上市公司发生的定向增发并购事件为样本,检验标的企业做出的业绩承诺是否存在模仿同行业其他被并公司的行为(同行效应)。结果发现,并购标的企业业绩承诺存在竞相模仿的同行效应,且同行效应受到行业环境不确定性的影响,当标的企业所处行业环境的不确定性越强时,同行效应表现越明显,且这种同行效应的主要模仿对象是行业领先者。进一步研究发现,监管政策的趋严会减弱并购业绩承诺的同行效应,同时减弱了环境不确定性和行业领先者对并购业绩承诺同行效应的影响。
In recent years, mergers and acquisitions(M&A) with high valuation and high performance commitment have shown explosive growth. This paper analyzes causes of M&A with high valuation and high performance commitment from the perspective of industry imitation. Taking private placement mergers and acquisitions events of listed companies in SME Board and GEM from 2013 to 2018, the paper examines whether the performance commitment made by the target company has imitated the behavior of other acquired companies in the same industry(peer effect). The results show that the performance commitment of M&A target enterprises has the peer effect of competing imitation, and the peer effect is affected by the uncertainty of the industry environment. When the uncertainty of the industry environment of the target enterprise is stronger, the peer effect is more obvious, and the main imitation object of this peer effect is the industry leader. Further research has found that tightening of regulatory policies will weaken the peer effect of M&A performance commitment, and weaken the impact of environmental uncertainty and industry leader status on the peer effect of M&A performance commitment.
作者
刘建勇
袁仔兰
LIU Jianyong;YUAN Zilan(School of Economics and Management,China University of Mining and Technology,Xuzhou 221116,China)
出处
《南京财经大学学报》
CSSCI
2022年第6期63-74,共12页
Journal of Nanjing University of Finance and Economics
基金
国家社会科学基金一般项目“并购重组业绩补偿承诺的负面效应与监管策略研究”(18BGL068)
教育部人文社会科学基金规划项目“重组盈利承诺的投资者保护效果与监管对策研究”(17YJA790055)。
关键词
业绩承诺激进程度
同行效应
环境不确定性
行业地位
performance commitment radical degree
peer effect
environmental uncertainty
industry status
