Research On The Influence Of Gambling On Corporate Merger And Acquisition Performance

In order to maintain their position in the industry and their core competitiveness and promote economic transformation,listed enterprises need to do a good job in core research,reduce production costs and strengthen enterprise management,as well as investment and financing activities to achieve capital expansion.Therefore,in today's capital market,merger and acquisition activities of enterprises occur frequently.In order to deal with risks such as difficult valuation in merger and acquisition activities,enterprises will use performance betting to eliminate risks.China's performance gambling began in 2005 to start the joint-stock reform,at the same time,emerging industry culture,film and television media industry in the national support,the m&a heat rapidly rising,many companies to bet on performance.This paper is in this context,after introduced the basis of relevant theories,combine comparative analysis,factor analysis and case analysis method,base on review of the literature of related studies at home and abroad,on the basis of selecting culture media industry and the S company 2013-2017 data samples,with the examples of S company to explore performance bet agreement will impact on business performance.The modified Jones model is used to measure the performance manipulation and study the relationship between performance gambling and performance manipulation.Study found: bet on performance to a certain extent can improve the performance of enterprises to a certain extent,signed an agreement bet companies obviously than those not signed the agreement on performance bet develop better,performance bet can improve enterprise's profit ability,growth ability and debt paying ability.Overall,the promotion enterprise's performance has a positive effect.At the same time,the signing of the performance gambling agreement is one of the reasons to induce the behavior of performance manipulation.In view of the research conclusion,this paper believes that it is necessary to make rational use of the betting agreement,improve the relevant system of performance betting,and limit the behavior of corporate performance manipulation.At the same time,we need to strengthen the supervision of companies with performance commitments.