The Crowding-out Effect of Precise Compliance of Performance Commitment on Corporate Innovation
Qiu Jinlong1,Li Xuebin1,Zhang Guozhen2
(1.School of Management, Shandong University, Jinan 250100, China;2.College of Economics and Management, Taiyuan University of Technology, Taiyuan 030024, China)
[1] 吕长江,韩慧博. 业绩补偿承诺、协同效应与并购收益分配[J]. 审计与经济研究,2014,29(6):3-13. [2] 潘爱玲,邱金龙,杨洋.业绩补偿承诺对标的企业的激励效应研究——来自中小板和创业板上市公司的实证检验[J].会计研究,2017，39(3):46-52，95. [3] 王雪,潘爱玲,邱金龙.业绩补偿承诺与分类转移盈余管理——基于借壳上市公司的经验证据[J].审计与经济研究,2022,37(5):84-94. [4] 王竞达,范庆泉.上市公司并购重组中的业绩承诺及政策影响研究[J].会计研究,2017,39(10):71-77，97. [5] LOCKE E A. Motivation through conscious goal setting[J]. Applied and Preventive Psychology, 1996, 5(2): 117-124. [6] CAIN M D, DENIS D J, DENIS D K. Earnouts: a study of financial contracting in acquisition agreements[J]. Journal of Accounting and Economics, 2011, 51(1-2): 151-170. [7] RAGOZZINO R, REUER J J. Contingent earnouts in acquisitions of privately held targets[J]. Journal of Management, 2009, 35(4): 857-879. [8] BARBOPOULOS L G, DANBOLT J. The real effects of Earnout contracts in M&As[J]. Journal of Financial Research, 2021, 44(3): 607-639. [9] BATES T W, NEYLAND J B, WANG Y Y. Financing acquisitions with Earnouts[J]. Journal of Accounting and Economics, 2018, 66(2-3): 374-395. [10] CADMAN B, CARRIZOSA R, FAUREL L. Economic determinants and information environment effects of Earnouts: new insights from SFAS 141 (R)[J]. Journal of Accounting Research, 2014, 52(1): 37-74. [11] ELNAHAS A M, HASSAN M K, ISMAIL G M. Religion and mergers and acquisitions contracting: the case of Earnout agreements[J]. Journal of Corporate Finance, 2017, 42: 221-246. [12] 沈华玉,王行,吴晓晖.标的公司的信息不对称会影响业绩承诺吗[J].管理科学学报,2019,22(10):82-100. [13] ALLEE K D, WANGERIN D D. Auditor monitoring and verification in financial contracts: evidence from Earnouts and SFAS 141 (R)[J]. Review of Accounting Studies, 2018, 23（4）: 1629-1664. [14] SONG D, SU J, YANG C, et al. Performance commitment in acquisitions, regulatory change and market crash risk——evidence from China[J]. Pacific-Basin Finance Journal, 2019, 57: 101052. [15] 原红旗,高翀,施海娜.企业并购中的业绩承诺和商誉减值[J].会计研究,2021，43(4):60-77. [16] 甄红线,王玺,史永东.公司业绩聚集现象研究——基于中国A股上市公司股权激励计划的断点回归分析[J].管理世界,2021,37(6):159-172,10. [17] FELTHAM G A, XIE J. Performance measure congruity and diversity in multi-task principal/agent relations[J]. Accounting Review, 1994, 69(3): 429-453. [18] WEI C. State ownership and target setting: evidence from publicly listed companies in China[J]. Contemporary Accounting Research, 2021, 38(3): 1925-1960. [19] BOL J C, LILL J B. Performance target revisions in incentive contracts: do information and trust reduce ratcheting and the ratchet effect[J]. The Accounting Review, 2015, 90(5): 1755-1778. [20] SITKIN S B, SEE K E, MILLER C C, et al. The paradox of stretch goals: organizations in pursuit of the seemingly impossible[J]. Academy of Management Review, 2011, 36(3): 544-566. [21] 王建伟,钱金晶.并购重组市场化改革问题及监管对策研究——基于深市并购重组交易的经验数据[J].证券市场导报,2018，28(10):44-51. [22] 黄福广,刘臻煊,李西文，等.业绩承诺签订对新创企业战略变革的影响研究[J].管理学报,2022,19(5):646-655. [23] 李春涛,闫续文,宋敏,等.金融科技与企业创新——新三板上市公司的证据[J].中国工业经济,2020,37(1):81-98. [24] 孔宁宁,吴蕾,陈绾墨.并购重组业绩承诺实施风险与中小股东利益保护——以雅百特为例[J].北京工商大学学报(社会科学版),2020,35(2):69-79. [25] 佟岩,王茜,曾韵,等.并购动因、融资决策与主并方创新产出[J].会计研究,2020,42(5):104-116.
