并购业绩承诺是一个有效信号吗？——基于未确认净资产价值和已确认净资产溢价的分析

Is M&A Performance Commitment an Effective Signal? An Analysis Based on Unrecognized Net Asset Value and Recognized Net Asset Premium

《上海财经大学学报》2023年25卷第1期 页码：79 - 92 online：2023年2月1日

作者

中：徐沛勣1, 薛爽2, 李志刚3

英：Xu Peiji1, Xue Shuang2, Li Zhigang3

作者单位：1.复旦大学 管理学院, 上海 200433; 2.上海财经大学 会计学院, 上海 200433; 3.上海商学院 财务金融学院, 上海 200235

摘要及关键词

摘要：并购业绩承诺是我国并购交易中的一项特有安排，其在并购定价中的作用是理论界和实务界共同关注的热点话题。文章基于信号理论，以上市公司重大资产并购重组为样本，将并购总溢价分为未确认净资产价值和已确认净资产溢价两部分，研究并购业绩承诺对这两类溢价影响的差异及其作用机理。研究表明，并购业绩承诺对两个溢价都有正向影响，且其对被并方未确认净资产价值的影响要大于其对已确认净资产溢价的影响。业绩承诺产生上述影响的原因在于其传递了有关被并方未来业绩的积极信号。当主并方对信号的需求更强（如被并方盈利能力较差或并购为非关联交易）时、或信号本身强度更大（如承诺额为“扣非净利润”而非“净利润”）时，并购业绩承诺对两类溢价影响的差异更大。进一步研究表明，主并方为业绩承诺支付溢价的行为是理性的。文章有助于更好地认识并购定价机制和溢价来源，为实践中通过合理利用业绩承诺提高并购效益提供借鉴。

关键词：业绩承诺；并购溢价；已确认净资产；未确认净资产；业绩实现

Summary: M&A performance commitment is a unique arrangement in China’s M&A transactions, which is endogenous to China’s institutional environment and market characteristics. Its role in M&A pricing is a hot topic of common concern in both theoretical and practical fields. Although the existing research has explored the relationship between performance commitment and the total M&A premium, little has explored the differences in the impact of performance commitment on M&A premium from different sources and their causes, which to some extent restricts the understanding of various stakeholders in the capital market on the source and mechanism of M&A premium, and then on the rationality of subsequent accounting treatment of different types of assets incorporated by the main merging party. Based on the signaling theory, taking the major asset restructuring of listed companies as a sample, this paper divides the total M&A premium into two parts: unrecognized net asset value and recognized net asset premium, and studies for the first time the difference and mechanism of the impact of M&A performance commitment on these two types of premium. The research shows that M&A performance commitment has a positive impact on both types of premium, and its impact on the unrecognized net asset value of the merged party is greater than its impact on the recognized net asset premium. The reason why performance commitment has the above impact is that it effectively transmits positive signals about the future performance of the merged party to the merging party. When the main merging party has a stronger demand for such signals (such as the merged party’s poor profitability or non-related party transactions), or the signal itself has a greater strength (such as the commitment amount is “net profit deducted” rather than “net profit”), the difference between the impact of M&A performance commitment on the above two types of premium is greater. Further tests also show that there is a significant positive correlation between the degree of M&A performance commitment and the achievement rate of the merged asset performance after M&A, and when M&A premium is high, the positive relationship is stronger, indicating that the main merging party’s behavior of paying premium for performance commitment is rational. This paper enriches the research on performance commitment and M&A pricing, which helps stakeholders better understand the path and reason of the impact of M&A performance commitment on M&A premium, and provides important inspiration for the main merging party to carry out subsequent evaluation and measurement of assets corresponding to different source premium after M&A. At the same time, it also provides a clear and feasible idea for both sides of M&A to reasonably use performance commitment to improve the efficiency of M&A in practice, for information users to better evaluate the source and rationality of M&A premium, for accounting-standard setting institutions to improve relevant accounting standards, and for the main merging party to achieve a reasonable follow-up measurement of merged assets.

Key words:performance commitment; M&A premium; recognized net assets; unrecognized net assets; achievement of performance

其他信息

DOI：10.16538/j.cnki.jsufe.2023.01.006

收稿日期：2022-09-14

基金项目：国家自然科学基金（72172076，71872107）；高等学校学科创新引智计划（111基地）；2018财政部会计名家培养工程项目；教育部人文社科重点研究基地重大项目（18JJD790010）

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