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

发布时间：2018-06-05 16:55

本文选题：并购 + 企业社会责任　；参考：《北京理工大学学报(社会科学版)》2017年01期

【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。
[Abstract]:Based on the analysis of organizational learning theory, 90 M & A events of Shanghai and Shenzhen A-share listed companies in 2000-2013 were selected as the research samples to construct the corporate social responsibility of the transferor. The overall index, the stock market expectation of the acquirer and the model are used to test the reaction of the capital market to the corporate social responsibility of the transferor by using the robust regression method. The study found that the transferor's liability to shareholders, employees and the government is significantly positively related to the stock market expectations of the acquirers, while the liability to creditors, The relationship between supplier liability and buyer's stock market expectations has not passed the significance test. It is also found that the overall performance of corporate social responsibility of the transferor is significantly positively related to the stock market expectations of the acquirers and that both sides of M & A belong to the same industry and privatization can enhance the relationship between the two. The acquirer has the learning effect of corporate social responsibility, and the same industry and privatization can enhance the learning effect.
【作者单位】：同济大学经济与管理学院;上海对外经贸大学金融管理学院;
【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)
【分类号】：F832.51;F271

【相似文献】