中文摘要：

文章以2012-2016年间主板上市国有控股公司以发行股份购买资产方式进行的重大重组并购事件作为初始样本,研究了业绩补偿承诺对混改协同效应的影响,并分离出收购方和出让方的双向激励效应。另外,也分析了非相关并购、交易双方相对规模、目标公司转股比例的大小对双方并购收益及混改协同效应的影响。研究结果表明,业绩补偿承诺有助于促进混改的协同效应,特别是在非相关并购重组中,其对并购溢价的提升更强。进一步研究表明,双方的相对规模越小、目标公司转让比例越小,业绩补偿承诺越有助于促进混改的协同效应及收购方国有股东的收益。合理有效地运用业绩补偿承诺,不仅可以节省组织的交易成本,还能降低组织的所有权成本,使得混改双方在交易中达到“共赢”的状态。

英文摘要：

By taking the events of major M＆A of state-owned holding companies on the main board issuing shares to buy assets during the period of 2012 to 2016 as the initial samples, the paper studies the influence of performance compensation commitment （PCC） on the M＆A synergy effect of China＇ s mixed ownership structure reform, and separates the two-way incentive effect between the acquirers and the transferors. In addition, the paper also analyzes the influences of non-related M＆A, relative size of transaction participants and target companies＇ conversion ratio on shareholders＂ profits and M＆A synergy effect. The results show that PCC is conducive to improving the M＆A synergy effect of mixed ownership structure reform, especially in non-related M＆A, PCC can enhance the performance of M＆A pre- mium higher. Further study reveals that, the smaller the relative size of transaction participants and the target companies＇ conversion ratio, the better the influence of PCC on the M＆A synergy effect of mixed ownership structure reform and the gains of state-owned companies＇ shareholders. The paper argues that using PCC reasonably and effectively can not only save the transaction cost of organizations, but also reduce the ownership cost of organizations, so that both parties can achieve win-win situation in the transaction.