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在企业并购重组过程中,业绩承诺是重要的信用背书,且一度发挥着重要的信号作用。但随着国内金融市场环境的不断变化,业绩承诺在企业并购重组活动中的信号传递博弈中的作用已经发生变化。本文在阐明业绩承诺和信号传递概念的基础上,以2013到2016我国上市公司中发生并购重组的公司为例,对上市公司并购重组中的业绩承诺在信号传递中作用的变化进行了探析。
In the process of M & A, performance commitment is an important credit endorsement, and once played an important signaling role. However, with the continuous changes in the domestic financial market environment, the role of performance commitment in the signal transfer game in M & A activities has been changed. Based on the concept of performance commitment and signal transmission, this paper takes the 2013-2016 mergers and acquisitions of listed companies in our country as an example to analyze the changes of the role of performance commitment in the signal transmission of M & A of listed companies.