M&A Assets Correlation,Integration Degree And Performance Commitment Achievement

As one of the most active economic activities in the current capital market,the development of M&A is concerned by both theoretical and practical circles.Listed companies absorb high-quality assets through mergers and acquisitions,optimize resource allocation,and achieve strategic goals.In order to alleviate the information asymmetry between the two sides of the transaction and protect the interests of listed companies and minority shareholders,the performance commitment system came into being.But high valuation high premium,performance commitment default,goodwill impairment and other problems emerge in endlessly.M&A assets correlation can improve the transparency of the transaction,which in turn affects the performance of the target company.After reviewing relevant literature,it is found that existing literature mostly studies the impact on performance commitment from a single subject,and rarely analyzes how the relationship between the two sides of the transaction influences performance commitment achievement.Based on this,from the perspective of M&A assets correlation,this thesis explores the relationship between M&A asset correlation,integration degree and performance commitment achievement.Based on a review of the literature on M&A asset correlation,performance commitment and M&A integration degree,this thesis analyzes the relationship between M&A asset correlation,integration degree and performance commitment achievement according to information asymmetry theory,signal transmission theory,resource-based theory and synergistic effect theory.The hypothesis that M&A asset correlation can promote performance commitment achievement through M&A integration degree is put forward.Based on the hand-collected performance commitment data of M&A and reorganization of listed companies from 2009 to 2019,a measurement index of M&A asset correlation was constructed based on the input-output perspective,and the relationship between the asset correlation and the performance commitment achievement and the influencing mechanism were investigated.The results show that the stronger M&A assets correlation,the better the performance commitment;The stronger M&A assets correlation,the more conducive to the integration of the target enterprise,the higher the degree of M&A integration;The achievement of performance commitment is influenced by the degree of merger and acquisition integration.Further analysis shows that share payment method,share compensation method,two-way performance commitment and low aggressive performance commitment enhance the positive correlation between M&A asset correlation and performance commitment achievement.According to the research conclusion,countermeasures are proposed from four perspectives: listed companies,both sides of M&A transaction,minority shareholders and investors,and government and regulatory authorities.It is suggested that listed companies should give priority to mergers and acquisitions of assets related to their own industries in order to enhance the degree of integration and promote performance commitmen achievement.Both parties should fully consider the economic consequences of performance commitment characteristics when choosing the payment method and designing the performance commitment compensation agreement.Small and medium-sized shareholders and investors should pay attention to the transaction information and subsequent integration arrangement of the merger and reorganization of listed companies;The government and regulatory authorities should improve the relevant rules and regulations,and guide the two parties to consider the asset correlation and integration degree more.This thesis puts forward the analysis framework that M&A assets correlation affects performance commitment achievement through the integration degree.From the angle of input-output,the measurement method of M&A asset correlation is designed.The factors that influence performance commitment achievement are explored.It is helpful to provide useful reference for solving problems such as information asymmetry,incomplete integration and performance commitment breach in the process of M&A,and has certain research significance in the field of M&A.This thesis has 1 figure,21 tables and 144 references.