企业社会责任对海外并购影响的实证研究  

An Empirical Study on the Impact of Corporate Social Responsibility on Chinese Overseas M&As

作　　者：邓秀媛 傅超[3] 傅代国 

机构地区：[1]西南财经大学会计学院,四川成都611130 [2]重庆理工大学,重庆400089 [3]杭州电子科技大学,浙江杭州310018

出　　处：《中国软科学》2018年第1期110-126,共17页China Soft Science

基　　金：国家自然科学基金资助项目(71702041);浙江省教育厅一般科研项目(Y201738036)

摘　　要：本文以2008年至2014年间宣告并购的239起中国企业海外并购事件为研究对象,基于企业社会责任的"利益相关者理论"和"股东成本理论",提出我国企业社会责任表现对海外并购结果产生影响的竞争性假设。本文采用Logit和OLS回归模型的实证结果显示:社会责任表现较好的中国企业海外并购成功可能性更低、并购持续时间更长,企业社会责任对海外并购结果的负面效应要强于正面效应。进一步研究发现面临融资约束的企业该负面效应表现更明显,而良好的企业财务状况能够改善社会责任履行对海外并购成败的负面影响。本文以中国企业海外并购事件为研究对象,提供了企业社会责任体现"股东成本"的证据,同时也为海外并购成败的影响因素研究提供了新的理论视角。Based on the ＂stakeholder value maximization view＂ and ＂shareholder expense view＂, we put forward the competitive hypothesis about the impact of CSR in China on their overseas M＆A result. With 239 overseas M＆A as the research object,we use logit model and pool regression model to test the effect. The results show that： overseas M＆As by high CSR acquirers take more time to complete and are more likely to fail than M＆As by low CSR acquirers, these resultssuggestthataequirers＂ social responsibility isanimportantdeterminantof M＆A performance, and the negative effect is stronger than the positive effect in China. Further study finds that when the companies faced with financing constraints, the negative effects strengthened; financial status of enterprises can adjust the negative impact. From the standpoint of overseas M＆A ,we offer the realistic evidence of ＂shareholder expense view＂ of the CSR in China,which provides a new theoretical perspective for the factors affecting the success or failure of overseas M＆A.

关 键 词：海外并购 企业社会责任 并购完成 并购持续时间 

分 类 号：F271[经济管理—企业管理]