| In recent years,under the background of China’s emerging capital market system,the scale of M &a market has gradually expanded,reaching the peak of M &A in 2014 and 2015.In 2008,the CSRC proposed in the measures for the administration of major asset restructuring of listed companies that when M &A is initiated by means of valuation methods based on future income expectations,such as the income present value method,both sides of the M &A should sign performance commitments,and then the system will enter the public view.With the use of the system in the M &a market,the method was revised and used again in2014.So far,the revised version has made changes to whether it is necessary to sign performance commitments,that is,when an enterprise purchases assets from objects other than specific objects,both parties can independently negotiate whether to sign performance commitments,and then relatively liberalized performance commitments continue to appear in the M &a process.The proportion of M &A events with performance commitments has also gradually increased.The growth rate of the number of performance commitments reached a peak in 2014 and 2015,while the performance commitments limited to three years will naturally expire in a large number around 2018.At the same time that performance commitments expire,goodwill,one of the side effects of performance commitments,also emerges one after another.In 2018,the amount of goodwill impairment accrued for the whole A-share was as high as more than 160 billion yuan.The impairment of goodwill of listed companies leads to the fluctuation of capital market,which has brought varying degrees of impact to stakeholders.The risks of stock price collapse caused by the reputation storm also made the public sweat,and the fate of goodwill assets has attracted more and more public attention.On the basis of signal transmission,the second type of principal-agent and tunnel theory,this paper takes the M &A transactions of Listed Companies in China that have performance commitments and completed them from 2008 to 2019 as the key sample of this paper,and explores the relationship between the second type of agency problem and the goodwill impairment of listed companies after the performance commitment period and the accurate completion of performance commitments,It provides a reference for the reputation thunderstorm risk that should be paid attention to during and after the performance commitment in the future.Based on the empirical research,this paper draws the following conclusions:(1)among all the companies that have completed the performance commitment,the more serious the agency problem is,the more likely it is to withdraw the goodwill impairment in the first year after the expiration of the commitment;(2)Further,this paper makes a further study on the phenomenon of accurate completion and over completion,and draws a conclusion: among all the companies that have completed the performance commitments,the companies that have accrued the goodwill impairment after the period are more inclined to complete the performance commitments accurately than those that have not accrued the goodwill impairment after the period;(3)This paper also makes a further study on how to complete it accurately and draws a conclusion;After the commitment period,compared with the companies that have not accrued goodwill impairment,the companies that have accrued goodwill impairment make more use of upward real earnings management and downward accrued earnings management during the performance commitment period to achieve the purpose of "accurate" completion;(4)In addition,the setting of performance commitment terms will affect the agency problem and the provision of goodwill impairment after the completion period of performance commitment;This relationship will also be affected by the macroeconomic environment;This paper further proves the purpose of "hollowing out" in the provision of goodwill impairment under the agency problem,and further proves the main conclusions of this paper. |
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