公司社会责任并购行为的市场反应实证研究  

Empirical Study of M & A Market Reaction of Corporate Social Responsibility

作　　者：曹亚勇[1] 李亚香[1] 王建琼[1] 

机构地区：[1]西南交通大学经济管理学院,四川成都610031

出　　处：《西南交通大学学报（社会科学版）》2013年第5期114-119,共6页Journal of Southwest Jiaotong University(Social Sciences)

基　　金：国家社会科学基金(11XGL001)

摘　　要：以我国上市公司的并购案例分析社会责任并购行为的市场反应,发现:公告日前市场反应处于稳定状态,公告日后的累计异常收益率为正且明显上升,这说明并购行为短期内能有效提升证券市场业绩;社会责任并购行为的市场反应明显强于非社会责任并购行为的市场反应,且前者对市场的影响比后者更深远;社会责任评级高、同行并购、国有控股的邀约公司的累计异常收益率为正的概率大,但是关联交易会使邀约公司的累计异常收益率为负的可能性变大。This paper studies M ＆ A market reaction of corporate social responsibility. We find that： （1） before the announcement date, the market reaction is in a stable state. After that, the cumulative abnormal return is positive and significantly increased, indicating that M ＆ A can effectively enhance the performance of the stock market in the short term; （2） the M ＆ A market reaction of the social responsibility is significantly stronger than that of the non-social responsibility ; （3） the timeliness of M ＆ A market reaction of the social resl6onsibility is 6.59 days and that of non-social responsibility is 4.08 days. The social responsibility M ＆ A has more far-reaching impact on the market than the non- social responsibility M ＆ A; （4） if one company has the higher-social responsibility rating and is peers M ＆ A and state-owned holding company, the company will have greater possibility of cumulative abnormal returns being positive.

关 键 词：社会责任 公司并购行为 市场反应 上市公司 证券市场 

分 类 号：F271[经济管理—企业管理] F270[经济管理—国民经济]