Diligent Due Diligence, Performance Commitment and MA Performance Based on Multivariate Regression Model

摘要

According to the mergers and acquisitions (M&A) that occurred in the Chinese A-share market from 2012 to 2016, the study utilizes the relevant data from 2011 to 2018 to verify the mechanism of the impact of due diligence on the M&A performance based on multivariate regression model. We found that the diligence level of due diligence had a positive impact on the M&A performance, that is, the higher the diligence level of due diligence, the higher the M&A performance level of enterprises. Performance commitment may promote the target enterprise to disclose the true operating conditions, and inspire the original shareholders or management to enhance the initiative to participate in integration tasks under the pressure of the compensation duty. Therefore, performance commitment affects the relationship between due diligence and the performance of M&A, i.e., the correlation between due diligence and M&A performance is weakened.