企业社会资本能否促成企业并购取得成功?——基于资源获取视角

Can Corporate Social Capital Promote the Success of M&A?——Based on the Perspective of Resource Acquisition

以2008—2019年中国A股非金融类上市公司为研究样本,从资源获取视角,考察了企业社会资本对企业并购绩效的影响,并探讨了资源获取的中介作用和高管持股比例的调节作用。研究发现:企业社会资本对企业并购绩效产生了正向影响,企业资金资源获取、信息资源获取和政策资源获取在其中发挥了部分中介作用。此外,高管持股比例在企业社会资本影响企业并购绩效中发挥了调节作用,且高管持股比例对企业社会资本与并购绩效之间关系的调节作用通过企业资源获取的中介实现。

Based on the data of China's A-share non-financial listed companies from 2008 to 2019,this paper examines the impact of corporate social capital on M&A performance from the perspective of resource acquisition,and discusses the mediating role of resource acquisition and the moderating role of the proportion of managerial ownership.Results show that,corporate social capital has a positive impact on the performance of M&A,and capital resource acquisition,information resource acquisition and policy resource acquisition play a partial Mediating role.In addition,the proportion of managerial ownership plays a positive moderating role in the process of corporate social capital affecting M&A performance,and the moderating role of the proportion of managerial ownership on the relationship between corporate social capital and M&A performance is realized through the mediation of corporate resource acquisition.