基于外部性视角的企业社会责任对上市公司海外并购绩效的影响研究

发布时间：2018-03-31 00:24

本文选题：全球化　切入点：并购绩效　出处：《上海师范大学》2014年硕士论文

【摘要】：近些年，中国企业的海外并购呈现高增长态势。然而，当中国企业“出海”以求扩张时，常因无法达到企业社会责任的国际标准而遭受巨额罚款，严重影响到了海外并购绩效；与之相对的是，目前我国国内关于企业社会责任的相关法律法规并不完善，形成的外部约束非常有限。当中国企业没有很好地履行社会责任时，遭受的惩罚力度相对较小。另一方面，目前学术界关于企业社会责任与绩效的研究大多集中于两者间的相关关系检验，却鲜有解释这两者间的作用机制。除此之外，国内外关于企业社会责任对海外并购绩效影响的实证研究鲜有，更多的是采用文字评述的方法，因而说服性非常有限，这使得本文的研究具有独特的意义。本文首先以外部性理论作为实证研究的理论基础，阐述了外部约束存在和不存在两种情况下，企业不履行社会责任对其绩效的影响情况。其次，本文选取了2002-2008年参与海外并购的44家沪深上市公司和同期参与国内并购的212家沪深上市公司作为研究样本，通过设置相关变量构建了多元线性回归模型，，并以此对前文的理论加以实证检验。回归结果显示：参与海外并购的上市公司在企业社会责任上的投入与其并购绩效呈显著正相关；而参与国内并购的上市公司在企业社会责任上的投入与其并购绩效呈负相关。本文认为：海外政府的监管完善、社会舆论导向明确，对中国“出海”企业形成了相比国内更强的外部约束。当企业的行为对整个社会造成外部不经济时，由于强大的外部约束的存在，社会成本因企业付出了私人成本而得以内化，因此两者呈现正相关关系；而国内没有形成有效的外部约束，当企业不履行社会责任时，支付的私人成本有限，甚至不履行社会责任给企业带来的收益还大于为之付出的成本，因此两者呈现负相关关系。除此之外，本文认为：经济全球化必将带动企业社会责任的全球化。在海外并购大势所趋的今天，中国企业必须以国际化的企业社会责任标准来严格要求自己，才能在国际市场上获得竞争优势。另一方面，政府应加强监管，以此在国内形成强大的外部约束，有效促进企业履行社会责任。
[Abstract]:In recent years, overseas mergers and acquisitions of Chinese enterprises show a high growth trend.However, when Chinese enterprises "go out to sea" to expand, they often suffer huge fines for failing to meet the international standards of corporate social responsibility, which seriously affects the performance of overseas mergers and acquisitions.At present, the domestic laws and regulations on corporate social responsibility are not perfect, and the external constraints are very limited.When Chinese companies fail to fulfill their social responsibilities well, the penalties are relatively small.On the other hand, the current academic research on corporate social responsibility and performance mostly focuses on the correlation between the two tests, but there is little explanation of the mechanism between the two.In addition, there are few empirical studies at home and abroad on the impact of corporate social responsibility (CSR) on the performance of overseas mergers and acquisitions, and most of them are written comments, so the persuasion is very limited, which makes the research of this paper have a unique significance.In this paper, the externality theory is used as the theoretical basis of empirical research, and the influence of non-performance of corporate social responsibility on its performance is discussed in the presence of external constraints and non-existence of external constraints.Secondly, this paper selects 44 Shanghai and Shenzhen listed companies participating in overseas M & A from 2002 to 2008 and 212 Shanghai and Shenzhen listed companies participating in domestic M & A in the same period as the research samples, and sets up the multiple linear regression model by setting relevant variables.And on this basis to the previous theoretical empirical test.The regression results show that the investment in corporate social responsibility of listed companies participating in overseas mergers and acquisitions is significantly positively related to their M & A performance, while the input of listed companies participating in domestic mergers and acquisitions in corporate social responsibility is negatively correlated with their M & A performance.This paper holds that the supervision of overseas governments is perfect, the guidance of public opinion is clear, and the external constraints on Chinese enterprises "going to sea" are stronger than domestic ones.When the behavior of the enterprise causes the external diseconomy to the whole society, because of the existence of the strong external restriction, the social cost is internalized because the enterprise has paid the private cost, so the two have a positive correlation;But the domestic does not form the effective external restraint, when the enterprise does not fulfill the social responsibility, pays the private cost to be limited, even does not fulfill the social responsibility to bring the income to the enterprise to also be bigger than pays the cost, therefore the two have the negative correlation.In addition, this paper believes that economic globalization will certainly drive the globalization of corporate social responsibility.With the trend of overseas M & A, Chinese enterprises must strictly require themselves according to the international standards of corporate social responsibility in order to gain a competitive advantage in the international market.On the other hand, the government should strengthen supervision so as to form strong external constraints and effectively promote enterprises to fulfill their social responsibility.
【学位授予单位】：上海师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F271;F270

【参考文献】