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《Studies of International Finance》 2019-05
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Voluntary or Compulsory VAM?——Quasi-Natural Experiment Based on CSRC's Decree No.109

Zheng Chenyang;Liu Chao;Jiang Ping;Liu Yuan;  
Based on the regulations of the Securities Regulatory Commission(CSRC) on Major Asset Reorganization Management of Listed Companies in 2014, this paper classifies all non-related transactions into two reference VAM groups,compulsory and voluntary. Using the micro-financial data of listed companies in 2011—2016 and adopting PSM-DID model,the paper examines the impact of this agreement on MA performance and the significance of the New Regulation of VAM. It is concluded that the VAM in MA can significantly improve the synergy between the two parties and the premium of the acquired company, but it reduces the interests of the shareholders of the acquirer. Compared to the compulsory VAM, voluntary VAM smooths the positive effect of the gambling agreement on the short-term performance of the acquirer, and voluntary non-VAM improves the interests of the acquirer's shareholders. Further research found that the"new regulation of VAM"can improve the long-term performance of the acquirer when the gambling is successful. This paper points out that the market-oriented reform of VAM effectively avoids the blind gambling of enterprises in pursuit of short-term gains, and emphasizes the enterprises' autonomy in making their own choices.
【Fund】: 国家自然科学基金青年项目“中国私募股权基金背景与投资行为周期研究”(71302010);; 对外经济贸易大学研究生科研创新基金“自愿对赌还是强制对赌?——基于对赌协议对企业并购绩效影响的研究”(201820)资助
【CateGory Index】: F832.51;F275
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