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论文编号：	11879
作者编号：	1120150808
上传时间：	2020/6/23 13:13:19
中文题目：	企业社会责任对中国企业跨境并购影响的研究
英文题目：	The Impact of Corporate Social Responsibility on Chinese Cross-border Mergers and Acquisitions
指导老师：	林润辉
中文关键字：	企业社会责任；跨境并购；并购交易成败；并购交易完成时间；并购整合绩效
英文关键字：	Corporate Social Responsibility; Cross-border M&A; M&A transaction success or failure; M&A transaction duration; M&A integration performance
中文摘要：	在全球化的引领下，在政策的号角下，在发展的驱动下，越来越多的中国企业采用跨境并购的方式参与到全球的竞争。然而，中国企业的跨境并购普遍存在并购交易成功率低、并购交易时间长、并购后绩效差的现象。随着可持续发展理念和企业社会责任观念逐渐深入人心，无论是实践界还是学术界都开始关注企业社会责任与跨境并购间的关系。但从现有文献来看，对这方面的研究仍然十分不足，而且非常缺少直接探讨并购方企业社会责任如何影响不同阶段的跨境并购结果的研究。本文以中国企业为研究对象，从企业社会责任总体表现和利益相关者子维度两个层面围绕并购方企业社会责任对跨境并购的三个结果展开研究：并购能不能成（并购交易成败结果）、时间长不长（并购交易完成时间）、效果好不好（并购整合绩效）。文章深入分析了中国企业的企业社会责任表现对其跨境并购交易成败结果、并购交易完成时间和并购整合绩效产生影响的理论机理和作用路径，探讨了并购方企业社会责任对于跨境并购产生的价值和影响。首先，本文从整体上对研究进行了概述，并对现有文献中与研究主题相关的研究进行了梳理和综述，由于现有文献中直接探讨并购方企业社会责任与跨境并购之间关系的研究较为少见，而且企业社会责任的结构和内涵又非常宽泛，因此有必要将企业社会责任的整体结构拆解开来，从利益相关者的角度按照不同维度弄清其中的关系和机理。其次，基于相关理论和现有研究，并结合中国企业在跨境并购不同阶段时期的实践操作，分析了企业社会责任的不同维度对于中国企业跨境并购交易成败、并购交易完成时间和并购后绩效的影响路径，以及外部制度距离和内部冗余资源对企业社会责任与不同阶段并购结果的情境效应。在综合这些分析的基础上构建了总体的理论框架。然后，进入到本文的实证研究部分，包括三个子研究，分别探讨了并购方企业社会责任表现对跨境并购交易成败结果、并购交易完成时间和并购整合绩效的影响，分别回答了并购能不能成（并购交易成败结果）、时间长不长（并购交易完成时间）、效果好不好（并购整合绩效）这三个问题。第一个子研究探讨了并购方企业社会责任对跨境并购交易成败的影响，回答了并购能不能成的问题。本研究以2011年至2017年间宣告的264起中国企业跨境并购事件为研究样本，采用了logit模型进行了回归，研究发现：并购方企业社会责任的总体表现以及并购方对于股东的责任，并购方对于员工的责任和并购方对于供应商、客户和消费者权益的责任能够显著提高跨境并购的成功率；从全样本和制度逆差样本的对比来看，在制度逆差样本中，并购方企业社会责任的总体表现以及并购方对于股东的责任，并购方对于员工的责任和并购方对于供应商、客户和消费者权益的责任对提升跨境并购交易成功率的正向作用会更强，而且更加显著。第二个子研究探讨了并购方企业社会责任对跨境并购交易完成时间的影响，回答了并购时间长不长的问题。本研究以2011年至2017年间宣告的240起中国企业跨境并购成功事件为研究样本，采用了OLS模型进行了回归，研究发现：并购方企业社会责任的总体表现以及并购方对于员工的责任，并购方对于供应商、客户和消费者权益的责任和并购方对于环境的责任能够显著缩短跨境并购的完成时间；从全样本和制度逆差样本的对比来看，在制度逆差样本中，并购方企业社会责任的总体表现以及并购方对于员工的责任，并购方对于供应商、客户和消费者权益的责任，并购方对于环境的责任与跨境并购交易完成时间之间的负向关系会更强，而且更加显著。第三个子研究探讨了并购方企业社会责任对跨境并购整合绩效的影响，回答了并购效果好不好的问题。本研究以2010年至2017年间完成的210起中国企业跨境并购成功事件为研究样本，采用了OLS模型进行了回归，研究发现：并购方企业社会责任的总体表现以及并购方对供应商、客户和消费者权益的责任和并购方对环境的责任会显著降低跨境并购整合绩效。从全样本和制度逆差样本的对比来看，在制度逆差样本中，并购方企业社会责任的总体表现以及并购方对供应商、客户和消费者权益的责任，并购方对环境的责任与跨境并购整合绩效之间的负向关系会更强，而且更加显著。对于沉淀性冗余资源的权变效应考察后发现，与低沉淀性冗余资源样本相比，在高沉淀性冗余资源样本中，并购方企业社会责任总体表现以及并购方对员工的责任，并购方对供应商、客户和消费者权益的责任，并购方对环境的责任与并购整合绩效之间的负向关系会更强，而且更加显著。对于非沉淀性冗余资源和潜在冗余资源的权变效应考察后发现，与低非沉淀性冗余资源（低潜在冗余资源）样本相比，在高沉淀性冗余资源（高潜在冗余资源）样本中，并购方企业社会责任的履行与并购整合绩效之间的负向关系已经不再显著，而且各个子维度的负向关系也都不再显著。最后，对全文进行了总结，对创新点进行了的提炼，提出了本文的研究启示，并对未来研究进行了展望。
英文摘要：	Under the guidance of globalization, stimulated by the policy horn, and driven by development, more and more Chinese companies have adopted cross-border mergers and acquisitions to participate in global competition. However, cross-border mergers and acquisitions by Chinese companies generally have low M&A transaction success rates, long M&A transaction times, and poor post-merger performance. With the concept of sustainable development and the concept of corporate social responsibility gradually gaining popular support, both the practical and academic circles have begun to pay attention to the relationship between corporate social responsibility and cross-border mergers and acquisitions. However, from the existing literature, the research on this aspect is still very inadequate, and there is very little research that directly discusses how the corporate social responsibility of the acquirer affects the results of cross-border mergers and acquisitions at different stages. This dissertation takes Chinese enterprises as the research object, and studies the three results of cross-border mergers and acquisitions of the corporate social responsibility of the acquirer from the two dimensions of the overall performance of corporate social responsibility and the stakeholder sub-dimension: whether the merger and acquisition can succeed (the outcome of the merger and acquisition transaction) , The time is not long (the completion time of the merger and acquisition transaction), the effect is good (merger integration performance). The dissertation deeply analyzes the theoretical mechanism and path of the impact of Chinese companies' corporate social responsibility performance on the outcome of cross-border mergers and acquisitions, the completion time of mergers and acquisitions and the performance of mergers and acquisitions integration. Value and impact. First, this dissertation summarizes the research as a whole, and summarizes and summarizes the research in the existing literature related to the research topic. Because the existing literature directly explores the relationship between the corporate social responsibility of the acquirer and cross-border mergers and acquisitions. Research is rare, and the structure and connotation of corporate social responsibility is very broad. Therefore, it is necessary to dismantle the overall structure of corporate social responsibility and to clarify the relationship and mechanism in accordance with different dimensions from the perspective of stakeholders. Secondly, based on relevant theories and existing research, and combined with the practice of Chinese enterprises in different stages of cross-border mergers and acquisitions, this paper analyzes the different dimensions of corporate social responsibility for the success or failure of Chinese enterprises' cross-border mergers and acquisitions, the completion time of mergers and acquisitions, and post-merger performance. Impact path, and the contextual effects of external institutional distance and internal redundant resources on corporate social responsibility and M&A results at different stages. Based on these analyses, a general theoretical framework is constructed. Then, enter the empirical research section of this dissertation, including three sub-researches, which explore the impact of the corporate social responsibility performance of the acquirer on the outcome of cross-border M&A transactions, the completion time of M&A transactions, and the performance of M&A integration. (M&A transaction success or failure result), the time is not long (M&A transaction completion time), good or bad (M&A integration performance) these three issues. The first sub-study explored the impact of the corporate social responsibility of the acquirer on the success or failure of cross-border M&A transactions, and answered the question of whether M&A can succeed. This research takes 264 Chinese companies' cross-border M&A events announced between 2011 and 2017 as the research sample, and uses the logit model to perform regression. The research finds that the overall performance of the corporate social responsibility of the acquirer and the responsibilities of the acquirer to shareholders, and mergers and acquisitions. The party's responsibility for employees and the acquirer's responsibility for the rights of suppliers, customers and consumers can significantly improve the success rate of cross-border mergers and acquisitions. From the comparison of the full sample and the institutional deficit sample, in the institutional deficit sample, the acquirer company The overall performance of social responsibility and the responsibilities of the acquirer to shareholders, the responsibilities of the acquirer to employees and the responsibilities of the acquirer to the rights of suppliers, customers and consumers will have a stronger positive effect on the success rate of cross-border M&A transactions, and More significant. The second sub-study explores the impact of the corporate social responsibility of the acquirer on the completion time of cross-border M&A transactions, and answers the question of whether the M&A period is long. In this study, 240 successful cross-border M&A events announced by Chinese companies between 2011 and 2017 were used as a research sample. The OLS model was used for regression. The study found that the overall performance of the corporate social responsibility of the acquirer and the responsibilities of the acquirer to employees. The M&A's responsibility for the rights of suppliers, customers, and consumers, and the M&A's responsibility for the environment can significantly reduce the completion time of cross-border M&A; from the comparison of the full sample and the institutional deficit sample, in the institutional deficit sample, the acquirer The overall performance of corporate social responsibility and the responsibilities of the acquirer to employees, the responsibilities of the acquirer to the rights of suppliers, customers and consumers, and the negative relationship between the acquirer's environmental responsibility and the completion time of cross-border M&A transactions will be stronger And more significantly. The third sub-study explores the impact of the corporate social responsibility of the acquirer on the cross-border M&A integration performance, and answers the question of whether the merger effect is good or not. This study takes 210 successful cross-border mergers and acquisitions of Chinese companies completed between 2010 and 2017 as the research sample, and uses the OLS model to perform regression. The research finds that the overall performance of the corporate social responsibility of the acquirer and the acquirer's impact on suppliers and customers Responsibility for consumer rights and the environmental responsibility of the acquirer will significantly reduce cross-border M&A integration performance. From the comparison of the full sample and the institutional deficit sample, in the institutional deficit sample, the overall performance of the corporate social responsibility of the acquirer and the responsibilities of the acquirer to the rights of suppliers, customers, and consumers, the environmental responsibility of the acquirer and cross-border The negative relationship between M&A integration performance will be stronger and more significant. After examining the contingency effect of the precipitating redundant resources, it was found that compared with the low precipitating redundant resource samples, in the highly precipitating redundant resource samples, the overall performance of the corporate social responsibility of the acquirer and the responsibilities of the acquirer to the employees, the merger and acquisition Responsibilities of suppliers, customers and consumers, and the negative relationship between the M&A's environmental responsibility and M&A integration performance will be stronger and more significant. After examining the contingency effects of non-precipitating redundant resources and potential redundant resources, it is found that compared with samples of low non-precipitating redundant resources (low potential redundant resources), In the sample of resources), the negative relationship between the performance of the corporate social responsibility of the acquirer and the integration performance of the merger is no longer significant, and the negative relationships of each sub-dimension are no longer significant. Finally, the dissertation draws the conclusion, refines the innovation, puts forward the research implication, and looks forward to future research.
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