[1]王文华,丁佳琰.风险承担视角下业绩补偿承诺的企业价值创造效应机制研究[J].常州大学学报(社会科学版),2022,23(03):47-57.[doi:10.3969/j.issn.2095-042X.2022.03.005]
　Wang Wenhua,Ding Jiayan.On the Mechanism of Enterprise Value Creation Effect of Performance Compensation Commitment from the Perspective of Risk-taking[J].Journal of Changzhou University(Social Science Edition),2022,23(03):47-57.[doi:10.3969/j.issn.2095-042X.2022.03.005]
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风险承担视角下业绩补偿承诺的企业价值创造效应机制研究()
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常州大学学报(社会科学版)[ISSN:2095-042X/CN:32-1821/C]

卷:
第23卷
期数:
2022年03期
页码:
47-57
栏目:
经济·管理学研究
出版日期:
2022-03-01

文章信息/Info

Title:
On the Mechanism of Enterprise Value Creation Effect of Performance Compensation Commitment from the Perspective of Risk-taking
作者:
王文华; 丁佳琰
Author(s):
Wang Wenhua;  Ding Jiayan
关键词:
业绩补偿承诺;  风险承担;  企业价值创造;  环境不确定性;  财务柔性
Keywords:
performance compensation commitment;  risk-taking;  enterprise value creation;  environmental uncertainty;  financial flexibility
分类号:
F275
DOI:
10.3969/j.issn.2095-042X.2022.03.005
文献标志码:
A
摘要:
以风险承担为切入点研究企业并购重组中业绩补偿承诺的签订对企业价值创造的影响。研究表明:并购实践背景下,业绩补偿承诺可有效提高企业风险承担水平,有助于企业整体价值创造; 风险承担在业绩补偿承诺与企业价值关系中存在部分中介作用。调节作用检验结果发现,环境不确定性和财务柔性能强化业绩补偿承诺的价值创造效应。研究不仅为业绩补偿承诺提升企业价值提供了更为严谨的证据,而且从全新的视角揭示了业绩补偿承诺对企业价值的作用路径。
Abstract:
This paper takes risk-taking as the starting point to study the impact of the signing of performance compensation commitment on enterprise value creation in merger, acquisition and reorganization. The results show that under the background of merger, acquisition and reorganization, performance compensation commitment can effectively improve the risk-taking level of enterprises and contribute to the overall enterprise value creation; risk-taking has a partial mediating effect on the relationship between performance compensation commitment and enterprise value. The test result of regulating effect shows that environmental uncertainty and financial flexibility can strengthen the value creation effect of performance compensation commitment. This study not only provides more rigorous evidence of the promotion effect of performance compensation commitment on enterprise value, but also reveals an acting path of performance compensation commitment on enterprise value from a new perspective.

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备注/Memo

备注/Memo:
作者简介:王文华,管理学博士,常州大学商学院教授、博士研究生导师; 丁佳琰,常州大学商学院硕士研究生。
基金项目:国家社会科学基金重大项目“我国就业量质协调发展的动态监测与保障体系研究”(20&ZD128); 江苏省研究生科研与实践创新计划“基于风险承担的业绩承诺对企业创新绩效影响研究”(KYCX21_2769)。
更新日期/Last Update: 1900-01-01