| This paper has selected 210 M&A events among listed companies which has met CSRC's significant asset reorganization standards from the year 2008 to 2013 as samples,and researched the impact of VAM on acquiring firm's short-run stock price performance in A-share market.Empirical results have demonstrated that the introduction of performance compensation commitment improves acquiring firm's CAR significantly,yet methods of compensation doesn't matter that much.In contrast with affiliated reorganizations,VAM plays a more positive role in increasing acquiring firm's CAR in non-affiliated reorganizations.Further,the radicalness of VAM doesn't show a significant correlation with acquiring firm's CAR.This result may be caused by the high market speculation atmosphere and low cost of commitment default which weakens the signal transfer mechanism. |
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