| Under the current environment of strategic adjustment of economic structure and supply-side structural reform in full swing,merger and acquisition market is developing rapidly.With the increasing heat of merger and acquisition market,more and more Merger and acquisition transactions involving performance compensation commitment are involved.Performance mergers and acquisitions is the compensation promised a mechanism of price adjustment afterwards,set up the performance compensation commitment to prevent the process of mergers and acquisitions is the purpose of "high value,high premium" phenomenon and safeguard the legitimate rights and interests of relevant shareholders,etc.,with the continuous development of merger and acquisition contract and widely used,and provided evidence of the theory and practice,The economic effect of performance compensation commitment on both sides of m&a transaction is also deepening.Because performance compensation commitment can alleviate information asymmetry and deliver good information,it is considered that performance compensation commitment can effectively improve the efficiency of Mergers and acquisitions,alleviate principal-agent problems and financing constraints of mergers and acquisitions,guarantee the interests of mergers and acquisitions,and thus affect the risk decision-making and risk-taking level of mergers and acquisitions.Therefore,this paper makes an in-depth discussion on the correlation between performance compensation commitment and enterprise risk-taking level.In this paper,companies with A-share merger and acquisition events from 2008 to2018 are selected as the research samples to test whether performance compensation commitment improves the risk-taking level of master and acquier enterprises and the difference of risk-taking level under different terms of performance compensation commitment.The empirical research indicates that the existence of performance compensation commitment can apparently improve the level of risk-taking in m&a transactions.If the payment method of performance compensation commitment is share-based payment,the adoption of two-way performance commitment and additional asset impairment compensation clauses will also significantly promote the improvement of the level of risk-taking of the master enterprise.This indicates that enterprises should not only consider whether performance compensation commitment is signed or not,but also carefully consider performance compensation terms when conducting m&a transactions.In addition,further research finds that :(1)performance compensation commitment can improve the level of ris-taking by alleviating financing constraints;(2)Performance compensation commitment under different policies has different impacts on the level of enterprise risk-taking;(3)Regional marketization level and enterprise growth will restrain the effect of performance compensation commitment on risk-taking level;(4)In non-state-owned enterprises,performance compensation commitment has a more significant impact on the level of risk-taking;(5)The improvement of risk-taking caused by performance compensation commitment will ultimately contribute to the improvement of short-term operating results and future value of enterprises.This paper proves the positive effect of performance compensation commitment from a new research perspective,supplements the effect and influence of different performance commitment terms,and also enriches the related research on the influencing factors of risk-taking.In practice,for the study of performance compensation terms and risk-taking relationship provides a relatively reliable empirical evidence,help enterprises to play a role of performance compensation commitment positively,and proteat the legitimate rights and interests of small and medium-sized shareholders,promote the enterprise risk bearing level,the future perfect performance compensation commitment to regulators related provisions system provides effective reference. |
