企业社会责任对跨国并购绩效的影响——基于沪深A股上市企业的实证研究

INFLUENCE OF CORPORATE SOCIAL RESPONSIBILITY ON CROSS-NATION MERGE AND ACQUISITION PERFORMANCE BASED ON THE DATA OF SHANGHAI AND SHENZHEN A-SHARE LISTED COMPANIES

为了帮助我国企业在跨国并购交易中更好地应对因企业社会责任表现所引起的跨国并购风险,平衡好经济利益诉求与社会责任的履行,论文以2009—2017年沪深A股上市公司109起成功的跨国并购事件为研究对象,基于利益相关者理论、社会契约理论与委托代理理论,研究了企业社会责任对于跨国并购绩效的影响,同时考虑了企业所有制、行业一致性和跨国并购经验的调节作用。采用多元回归模型的实证结果表明:1)企业社会责任对跨国并购绩效存在显著的正向影响;2)企业社会责任与跨国并购之间的正向关系受到国有属性与跨国并购经验的负向调节;3)当并购双方属于同一行业时,行业一致性会显著促进企业社会责任对跨国并购绩效的正向影响。建议企业主动披露企业社会责任履行状况并引入国际通行标准,也可借助国际公关公司制定企业社会责任战略。以上研究结论对中国企业履行社会责任方面具有一定的指导意义,同时也为跨国并购绩效的影响因素研究提供了新的理论视角。

In an attempt to avoid cross-nation merge and acquisition(M&A)risks of Chinese enterprises due to corporate social responsibility and to balance the interests and social responsibility,this paper uses 109 successful cross-nation M&A cases of Shanghai and Shenzhen A-share listed companies during 2009 to 2017 to study the influence of corporate social responsibility on cross-nation M&A performance via theories of stakeholder,social contract and entrust,also considers the adjustment of enterprise ownership,industrial consistency and cross-nation M&A experience.Multiple regression model shows a positive influence,subject to a negative adjustment of state-owned ownership and cross-nation M&A experience,as well backed by industrial consistency when the M&A both sides belong to the same domain.This paper presents suggestions for Chinese enterprises disclosing their social responsibilities and adopting global standards,and making strategies for corporate social responsibilities through global public affairs companies.This conclusion offers references for Chinese enterprises on performing social responsibilities and provides a new theoretical viewing angle for research on factors of cross-nation M&A performance.