Translated Title

The Influence of Institutional Investor Ownership on the Achievement of M&A Performance Commitments

Translated Abstract

In　2008,China　Securities　Regulatory　Commission　promulgated　Management　Measures　for　Major　Asset　Restructuring　of　Listed　Companies,which　introduced　the　performance　commitment　system　into　M&A　activities.A　series　of　negative　consequences　such　as　goodwill　impairment　and　stock　price　crash　were　caused　by　performance　failure.It　is　worthy　of　in-depth　discussion　as　to　how　to　improve　the　reliability　of　performance　commitment.Taking　the　M&A　events　during　the　performance　commitment　period　from　2011　to　2022　as　the　research　object,this　paper　explores　the　governance　effect　of　institutional　investors＇shareholding　on　the　achievement　of　performance　commitment　from　the　two　aspects　of　commitment　period　and　M&A　events.The　empirical　results　show　that　the　shareholding　of　institutional　investors　can　promote　the　achieve-ment　of　performance　commitment,which　is　of　reference　significance　for　listed　companies　to　improve　the　quality　of　mergers　and　acquisitions　and　for　the　regulatory　authorities　to　improve　the　performance　commitment　system.

Translated Keyword

achievement of M&A performance commitment
institutional investor ownership
M&A activity

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Project No.

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WF:perioarticalfzdxxb-zxshkxb202406006

Language

Chinese

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