证券市场导报Issue(8)：24-34,11.
经济不确定性对业绩对赌协议签订的影响研究
摘要
Abstract
The complex and volatile internal and external environment leads to increased economic uncertainty,which significantly affects the application of the valuation adjustment mechanism(VAM)agreement in corporate mergers and acquisitions(M&As).Using domestic M&A events of A-share listed companies as the research sample,this study examines the influence of economic uncertainty on the implementation of the VAM agreement.The findings reveal that economic uncertainty significantly reduces both the likelihood of implementation and the scale of the VAM agreement in M&As.The reasons are as follows.(1)Economic uncertainty puts pressure on the operations of target firms,prompting concerns about failing to meet VAM agreement targets and thus facing substantial compensation liabilities or even loss of control.(2)Failure to meet VAM agreement targets may bring negative consequences to the acquiring firm,such as goodwill impairment or stock price crashes.These adverse effects are exacerbated by economic uncertainty,potentially resulting in more severe consequences.Further analysis shows that when the acquisition premium is high or the target firm is a specialized,refined,distinctive,and innovative enterprise,the target firm has greater bargaining power,making the negative impact of economic uncertainty on VAM agreements more pronounced.Similarly,in cases of horizontal or vertical M&As,where the role of VAM in alleviating information asymmetry is weaker,the negative impact of economic uncertainty on VAM agreements is also more significant.In addition,economic uncertainty may lower the rate at which VAM agreement targets are achieved,and has adverse effects on both the short-term operating performance and long-term market value of the post-merger company.This paper enriches the study of the motivations of VAM agreements in M&A and provides empirical evidence to guide firms in making M&A decisions in light of the macroeconomic environment.关键词
经济不确定性/业绩对赌/企业并购/对赌协议Key words
economic uncertainty/valuation adjustment mechanism/mergers and acquisitions/valuation adjustment mechanism agreement分类
管理科学引用本文复制引用
王倩,房英杰,赵子棽,吴多文..经济不确定性对业绩对赌协议签订的影响研究[J].证券市场导报,2025,(8):24-34,11.基金项目
国家社科基金重大项目"高水平开放背景下全球金融周期冲击与系统性金融风险防控研究"(项目编号:22&ZD119)、山东省社科规划一般项目"供应链视角下的数字化转型助推山东企业效率提升研究"(项目编号:22CJJJ03) （项目编号:22&ZD119）
