关键词: 业绩承诺实现, 并购支付方式, 公司治理参与

Abstract: In recent years, the frequent occurrence of merger and acquisition performance commitment defaults has seriously damaged the interests of listed companies and their shareholders. Taking the GEM and small and medium-sized board companies which have fulfilled their performance commitment agreements during their merger and acquisition transactions from 2013 to 2017 as samples, this paper studies the impact of the payment method of mergers and acquisitions on the rate of reaching the performance commitments of the target enterprises. The findings show that during the process of merger and reorganization, the two payment methods including the share form are more likely to realize the performance commitment than the single cash payment method. The original shareholders of the target enterprise serving as the acquirer’s board or supervisor and participating in corporate governance are conducive to the realization of the performance commitments.

Key words: realization of performance commitment, payment method for mergers and acquisitions, corporate governance participation