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论文编号：	11694
作者编号：	2120182916
上传时间：	2020/6/19 18:16:03
中文题目：	我国企业社会责任对于跨国并购完成影响的实证研究 ——制度距离的权变效应
英文题目：	An Empirical Study on the Impact of Corporate Social Responsibility on Chinese Cross-border M＆As ——The Contingency Effect of Institutional Deficit
指导老师：	林润辉
中文关键字：	企业社会责任；跨国并购；制度逆差；权变分析
英文关键字：	Corporate Social Responsibility (CSR); Cross-border M&A; Institutional Deficit; Contingency Analysis
中文摘要：	近年来，随着改革开放的进一步深化、国家“一带一路”战略的不断推进，中国走向世界的步伐加快，与此同时，我国企业的实力不断攀升，跨国并购成了大多数实施海外扩张战略企业的选择。尽管我国企业跨国并购数量和规模增长迅速，但并购成功率却常年走低。研究显示，合法性劣势是导致并购失败的主要原因之一。在合法性获取上，企业社会责任开始备受重视，其对跨国并购完成的影响不容忽视。因此，梳理企业社会责任与跨国并购完成之间的关系正越来越成为当下学者们关注的重点问题。 本文以我国2011年至2017年跨国并购事件作为研究对象，探究我国企业社会责任及其不同维度对于跨国并购完成的影响，在此基础上，进一步探究制度逆差的权变效应，分析制度逆差情境下企业社会责任及其不同维度与跨国并购完成的关系强度变化。论文运用Logit模型进行实证分析，结果表明：企业社会责任与跨国并购完成率具有显著正相关关系。企业社会责任中股东责任、员工责任、供应商、客户和消费者权益责任三个维度的表现与跨国并购完成率具有正相关关系，其中股东责任的正向作用最强；企业社会责任中环境责任与社会责任维度的表现与跨国并购完成率无显著相关关系。此外，制度逆差情境下，我国企业社会责任对于跨国并购完成率的正向效应会加强。 最后，本文从研究结论出发，针对中国企业如何提高跨国并购完成率问题提出对策建议，指出我国企业良好的企业社会责任表现有助于提高跨国并购交易完成率，实践过程中企业应当在股东责任、员工责任、供应商、客户和消费者权益责任等维度有所侧重。我国企业应当更加重视制度逆差情境下，企业社会责任在尽职调查、双方谈判等多个环节中发挥的积极影响。此外，本文就研究设计、研究内容等方面存在的不足和局限进行了总结，并提出未来的研究展望。
英文摘要：	In recent years, with the further deepening of the reform and opening up and the continuous promotion of the national "One Belt And One Road" strategy, the pace of China's entry into the world has been accelerating. Although the number and scale of Chinese enterprises' cross-border mergers and acquisitions increase rapidly, the success rate of mergers and acquisitions is always low. Research shows that the lack of legitimacy is one of the main reasons for the failure of M&A. In terms of legitimacy acquisition, corporate social responsibility (CSR) starts to receive more and more attention. Therefore, it has become a hot topic to explore the impact of CSR on the completion of cross-border M&A. This article takes cross-border M&A events from 2011 to 2017 in China as the research object. Based on corporate social responsibility "stakeholder theory", "system theory" and "resource-based view" theory, we put forward the hypothesis about the impact of CSR in China on their overseas M&A result and further explore contingency effect of institutional distance, investigating the relationship between CSR and different dimensions and the completion of cross-border M&A in the context of institutional deficit. With the Logit model to carry on the empirical analysis, the results show that corporate social responsibility in China has significant positive effect on the success of their cross-border M&A. Three dimensions of Responsibility to shareholders, employees, suppliers and customers present the positive correlation with cross-border M&A, furthermore, the correlation between the two is more obvious in the institutional deficit situation. To this, this paper summarizes the research conclusion, and advances the policy Suggestions to improve the success rate of cross-border M&A from the perspective of corporate social responsibility, and concludes that corporate social responsibility is helpful for enterprises to improve the possibility of complete cross-border M&A in China. China's enterprises should pay particular attention to responsibility of shareholders, employees, suppliers and consumer. Furthermore, China's enterprises should more focus on that corporate social responsibility in due diligence, negotiation and many other links has a more positive effect in the system deficit situation. Finally, this paper ponders and analyzes the limitations in the research, and puts forward some assumptions and prospects for the future research work from the perspective of improving the research on the impact of corporate social responsibility on cross-border M&A.
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