The Impact Of M&A Performance Commitment On Restructuring Performance Is Based On The Perspective Of Minority Shareholders' Interest Protection

Mergers and acquisitions is an important means for enterprises to acquire superior resources through recombination so as to enhance their competitiveness and obtainthe ability of sustainable development.With the increasingly frequent transactions in China's capital market,more and more enterprises choose mergers and acquisitions as a means to achieve corporate strategy.However,in many m&a transactions in practice,due to the promise performance not meeting the expected conditions,the stock market and longterm performance of listed companies will fluctuate,affecting the interests of small and medium-sized investors.Therefore,it is urgent to predict and analyze the performance of m&a in advance.According to m&a performance pledge agreement signed by both parties as A starting point,from shenzhen and Shanghai a-share listed companies in 2012-2015 years,586 m&a event samples,mainly using empirical analysis research method,analyzes the different classification performance compensation commitment influence on m&a performance of listed companies,thus the following conclusions:1.The announcement effect of commitment agreement can obtain positive cumulative excess return,and can also improve the performance of reorganization,thus protecting the interests of minority shareholders.2.Compared with one-way and cash payment,two-way performance commitment and share payment performance commitment will improve the performance of post-merger reorganization and protect the interests of small and mediumsized investors.3.When the promised performance growth rate does not exceed a certain limit,the increase of the promised performance growth rate will promote the improvement of the corporate performance of the acquirer.If it exceeds the limit,it will damage the interests of minority shareholders?This paper puts the relationship between performance commitment and the protection of minority shareholders' interests into the same framework for the first time.The analysis of difference in the degree of impact of performance commitment under different categories can help improve the understanding of potential market followers.