跨越合法性“鸿沟”:社会责任信息披露对企业海外并购的影响

Crossing the Gap of Legitimacy:The Impact of Social Responsibility Information Disclosure on Overseas M&A

基于合法性理论,采用中国上市公司海外并购数据,从企业社会责任信息披露视角探讨了海外并购交易成败及其持续时间的决定因素。研究结果显示,企业社会责任信息披露能够显著提高海外并购的成功率,降低海外并购交易的持续时间。进一步研究发现:相对于非国有企业而言,社会责任信息披露更有助于提升国有企业海外并购交易完成的概率,但在海外并购交易持续时间上,两类企业未表现出显著差异。此外,东道国制度质量越好,社会责任信息披露越能提升海外并购的成功率,同时越有助于降低海外并购交易持续时间。本文拓展了海外并购交易完成和持续时间的决定因素,同时为企业社会责任信息披露在国际商务领域的独特战略价值提供了经验证据。

Based on the legitimacy theory and using the data of overseas M&A of Chinese listed firms,this paper studies the determinants of the completion and duration of overseas M&A from the perspective of corporate social responsibility(CSR)information disclosure.The empirical results show that CSR information disclosure significantly improves the likelihood and reduces the duration of overseas M&A transactions.Further research shows that compared with non-state-owned enterprises,the disclosure of CSR information has a stronger effect on overseas M&A completion for its state-owned counterpart,whereas there is no significant difference between the two types of enterprises in terms of overseas M&A duration.In addition,the better the institution quality of the host country,the greater the positive impact of CSR information disclosure on the overseas M&A completion and the negative impact on duration of overseas M&A.This paper expands the determinants of overseas M&A completion and duration,and provides empirical evidence for the unique strategic value of CSR information disclosure in the context of overseas M&A.