管理评论 ›› 2022, Vol. 34 ›› Issue (3): 268-277.

• 会计与财务管理 • 上一篇    下一篇

并购重组业绩承诺与企业融资约束——基于文本分析的经验证据

潘欣, 余鹏翼, 苏茹, 王琳   

  1. 1. 中国科学院大学经济与管理学院, 北京 100012;
    2. 广东外语外贸大学会计学院, 广州 510420;
    3. 珠海格力电器股份有限公司, 珠海 519070
  • 出版日期:2022-03-28 发布日期:2022-04-20
  • 通讯作者: 苏茹(通讯作者),珠海格力电器股份有限公司财务部职员,硕士
  • 作者简介:潘欣,中国科学院大学经济与管理学院博士研究生;余鹏翼,广东外语外贸大学会计学院教授,博士生导师,博士;王琳,广东外语外贸大学会计学院讲师,博士
  • 基金资助:
    国家自然科学基金项目(71972057);广东省软科学重点项目(2020B1010010012)。

Research on Performance Commitment in M&A and Corporate Financial Constraints——Empirical Evidence Based on Text Analysis

Pan Xin, Yu Pengyi, Su Ru, Wang Lin   

  1. 1. School of Economics and Management, University of Chinese Academy of Sciences, Beijing 100012;
    2. School of Accounting, Guangdong University of Foreign Studies, Guangzhou 510420;
    3. Zhuhai Gree Electric Appliance Co., Ltd., Zhuhai 519070
  • Online:2022-03-28 Published:2022-04-20

摘要: 本文以2016-2019年间中小板和创业板发生的1316个并购事件为研究对象,从并购重组业绩承诺行为和类型两个角度出发,通过文本分析法构建融资约束指标,考察了并购重组业绩承诺对企业融资约束水平的影响。研究发现:并购重组业绩承诺签订行为和业绩承诺总金额能够显著降低企业融资约束;相比强制性业绩承诺,自愿性的业绩承诺更能缓解企业融资约束。考虑到并购风险因素的影响,过高的并购溢价反而会抑制并购重组业绩承诺的融资约束缓解效应。本文研究结论进一步验证了业绩承诺的信号效应,为业绩承诺在并购重组中的运用提供了理论依据和现实启示。

关键词: 并购重组, 业绩承诺, 融资约束, 文本分析

Abstract: Based on 1,316 M&A events that occured in the SME Board and ChiNext from 2016 to 2019, this paper focuses on the behaviors and types of performance commitments in M&As, and constructs the relevant indexes with text analysis method to investigate such commitments’ impacts on corporate financing constraints. The findings are as follows.Firstly, the performance commitment behaviors in M&As can significantly reduce corporate financing constraints. Secondly, voluntary performance commitments in M&As can better relieve corporate financing constraints than mandatory ones. If the influence of M&A risk factors is taken into consideration, it is not hard to conclude that excessive M&A’ premiums will inhibit the mitigating effect of performance commitments on corporate financing constraints. The findings above validate the signal effect of performance commitment in M&As, and provide theoretical basis and practical enlightenment for the application of performance commitment in M&As.

Key words: merge and acqusition, performance committment, financial constraint, text-analysis