社会信任是否影响上市公司并购重组交易的达成——一个初步的实证研究

Whether Social Trust Affects the Acquisition and Reorganization of Listed Companies:A Preliminary Empirical Study

运用2008—2014年A股市场上市公司重大资产重组相关数据,考察了社会信任与上市公司并购重组交易达成之间的关系,研究发现:社会信任程度越高,收购方与目标方交易达成的概率越大,高水平的社会信任可以推动上市公司并购重组交易的达成。该机制主要源于社会信任的筛选功能,其对并购重组参与各方具有重要参考意义。

This paper Ues M ＆ A data from Chinese A-share market between 2008 and 2014,discusses the relationship between social trust and accomplishment of M＆A activities,and founds that：there is significantly positive relationship between social trust level and accomplishment probability,social trust can promote the process of M＆A transactions.It is up to the screening functions of social trust,therefore it gives implications for different parties of M ＆ A.