Empirical Research On Achievement Commitment,Compensation Form And M&A Performance Of Listed Enterprises

There are two ways of M&A: horizontal M&A and vertical M&A.It is an important means for a company to integrate the resources of the acquired company and maintain its competitiveness through M&A.As the capital market gradually prosperous,the more to appear in the capital market in the form of acquisition,but in fact,for small and medium-sized shareholders of listed companies,the information asymmetry may affect the medium and small shareholders of mergers and acquisitions,and even a lot of merger,acquisition and reorganization on the market just blocks in order to satisfy certain interests,thus seriously affected the reputation of the mergers and acquisitions,capital market shares and long-term performance is affected by its integrity of merger,acquisition and reorganization of the information disclosure is conducive to help the capital market better judgment of merger,acquisition and reorganization of small and medium shareholders.Based on the detailed analysis on the basis of related literature and empirical analysis research methods,from 2012 to 2016,the Shanghai and Shenzhen two city events material assets reorganization of a-share listed companies as the research object,after excluding the received 885 research samples,from the angle of sample data performance commitment and the influence of different compensation form of M&A performance is analyzed,and deeply analyses the mechanism of action,the main research contents include introduction,definition and literature review,the empirical results and the analysis and conclusions,suggestions and prospects.The main conclusions of this paper are as follows: First,the announcement effect of commitment agreement can obtain positive cumulative excess return before and after the announcement of M&A.Second,compared with one-way performance commitment,two-way performance commitment will significantly improve the long-term and short-term M&A performance of listed companies.Third,compared with cash payment,share-based payment has a more significant effect in improving short-term and long-term restructuring performance.This conclusion provides empirical support for potential market watchers in predicting M&A activity.Finally,some optimization suggestions are put forward from the perspective of the company and the market supervision and managementdepartment,which has practical guiding significance for the listed companies to carry out the M&A transaction process.