Profit Compensation Commitment, Double Price Deviation in Private Placement & Acquisitions and Integration Effect

Abstract

Abstract:

The application of performance compensation is quite common in the private placement & acquisitions in China, but researches on the efficiency of institutional arrangements are relatively insufficient. From the perspective of incentive and restraint function of performance compensation commitment, this paper reveals the influence of different paths on the performance of the compensation promised commitment to explore the effectiveness of performance compensation commitment in a more complete framework of. The analysis of 237 samples through mean test and hierarchical regression shows that the commitment growth rate has an inverted U-shaped impact on the integration effect; the commitment growth rate has a positive impact on the two types of price deviations; the issuance price deviation has a negative impact on the integration effect; the M & A price deviation has an inverted U-shaped impact on the integration effect; and the two types of price deviations have some mediating effects in the relationship between the growth rate of commitment and the effect of integration. This paper enriches and expands the related researches on performance compensation commitment system and price deviation, which is of great significance to the reasonable arrangement of the system and the play of contract value.

Key words: profit compensation commitment, committed profit growth rate, double price deviation, integration effect

Li Bingxiang, Jian Guanqun, Li Hao. Profit Compensation Commitment, Double Price Deviation in Private Placement & Acquisitions and Integration Effect[J]. , 2019, 31(4): 19-33.

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