关 键 词 ：业绩承诺；融资约束；研发投入学科分类：经济学--会计学
With the increasing frequency of M&A business, performance commitments signed to alleviate information asymmetry have come into being. The initial purpose of performance commitment agreements between M&A parties is to urge the acquired companies to actively complete their performance and to protect the interests of both parties to M&A. However, with the concentrated expiration of performance commitment fulfillment, performance defaults frequently break out in the capital market, bringing risks to the stock price collapse of listed companies and financial markets. Based on principal-agent theory, information asymmetry theory, signaling theory and incentive theory, this paper investigates the impact of firms' signing performance commitments on R&D investment. The findings of this paper further enrich the understanding of the existing performance commitment system, facilitate the identification of various problems arising from the operation of this system, and propose policy measures to improve M&A regulation on this basis.