企业社会责任对市场预期的影响——基于并购中的组织学习视角  

The Effect of CSR on Market Expectation—Based on Perspective of Organizational Learning during M&A

作　　者：徐士伟[1] 陈德棉[1] 乔明哲[2] 

机构地区：[1]同济大学经济与管理学院,上海201804 [2]上海对外经贸大学金融管理学院,上海201620

出　　处：《北京理工大学学报（社会科学版）》2017年第1期99-107,共9页Journal of Beijing Institute of Technology：Social Sciences Edition

基　　金：国家自然科学基金青年项目资助(71302046);教育部人文社会科学研究一般项目资助(13YJA630008);上海市教育委员会科研创新重点项目资助(14ZS147)

摘　　要：运用组织学习等理论进行分析,选择2000—2013年度收购方与转让方均为沪深A股上市公司的90个并购事件为研究样本,构造转让方企业社会责任分维度指标、总体指标及收购方股票市场预期等指标和模型,采用稳健回归方法检验资本市场对转让方企业社会责任的反应。研究发现,转让方对股东责任、对员工责任、对政府责任均与收购方股票市场预期显著正相关;而对债权人责任、对供应商责任与收购方股票市场预期的关系未通过显著性检验。研究还发现,转让方企业社会责任总体表现与收购方股票市场预期显著正相关,且并购双方属于同行业、民营化等情形均能增强前述二者的关系。收购方存在企业社会责任的学习效应,且同行业和民营化等情形能增强学习效果。Applying organizational learning theory to have an analysis,later on, selecting 90 mergers and acquisitions （M＆A） events belong to Shanghai and Shenzhen A share list companies from 2000 to 2013 as study sample,founding seller corporate social responsibility（CSR） every dimension index, CSR total index, aequirer stock market expectation index and corresponding models,then check capital market＇s respond to seller CSR with robust regression. The results show that share CSR,employee CSR and government CSR all exert signifcant positive effect on acquirer stock market expectation ,Nevertheless ,Neither creditor CSR nor supplier CSR has a significant relationship with acquirer stock market expectation. The results also show that seller CSR total performance has significant positive effect on stock market expectation,in addition,both same industry and privatization can reinforce this relationship. The results reveal there＇s acquirer learning effect on CSR during M＆A,and both same industry and privatization could strengthen CSR learning outcome.

关 键 词：并购 企业社会责任 组织学习 

分 类 号：F275.5[经济管理—企业管理] F830.91[经济管理—国民经济]