| In the process of the rapid development of China’s capital market,the number of merger and acquisition events is gradually increasing,and so are the signing of performance compensation commitments.In this process,the acquirer often pushes up the stock price of the listed company in the short term by falsely promising high performance.However,with the advancement of MERGER and reorganization,more negative real information spillover will cause the stock price to fall rapidly or even crash.However,some scholars have shown that performance compensation commitment can restrain stock price collapse.So will the performance compensation agreement signed by listed companies in mergers and acquisitions increase or decrease the risk of stock price collapse? How does the establishment and completion of performance compensation commitment affect the stock price crash risk of listed companies?This paper selects all mergers and acquisitions cases of A-share listed companies from 2010 to 2019 as sample data to study the relationship between stock price collapse of listed companies and performance compensation commitment in the process of mergers and acquisitions.Choose negative skewness coefficient and the return ratio to measure stock price crash risk fluctuates up and down,commitment to the average growth rate of profit measure performance Settings,commitment to measure completion performance completion,through empirical results to check whether signed the terms of agreement of compensation and performance compensation commitment set,complete with the listed company stock price crash risk relationship in the future.From the research of this paper,it can be concluded that there is no significant relationship between the future stock price crash risk of listed companies and whether the performance compensation commitment is signed.However,as for related m&a,listed companies that have signed performance commitment compensation agreement will face higher stock price crash risk.The higher the profit growth rate of performance commitment,the greater the risk of stock price crash of the company in the future.In addition,in terms of compensation methods,cash compensation and one-way performance commitment will also increase the risk of stock price crash of the listed company.In terms of completion,the higher the completion rate of the target enterprise’s promised performance,the lower the risk of the company’s future stock price crash.The research of this topic is divided into six major contents.The first chapter systematically describes the research background,significance,methods,innovations and shortcomings of this topic.The second chapter is the literature review,which is based on the performance compensation commitment,stock price crash and the relationship between performance compensation commitment and stock price crash.The third chapter puts forward the theory and hypothesis selected in this paper.Chapter four describes the research design in detail,including sample selection,data processing,variable definition,model setting,etc.The fifth chapter is the empirical analysis,mainly adopts the method of multiple regression analysis and grouping analysis and carries on the robustness test on this basis.Chapter six is the conclusion,suggestion and prospect.Based on the latest sample data,this paper explores the relationship between performance compensation commitment and stock price crash risk of listed companies from three aspects: whether to sign performance compensation agreement,the design of commitment and compensation content,and the completion degree of commitment,and broadens the research perspective on performance compensation commitment and stock price crash risk. |
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