【摘要】 以2011-2014年沪深A股上市公司并购事件为研究样本,运用倾向得分匹配模型检验企业社会责任信息披露对并购绩效的影响,研究发现,社会责任信息对并购绩效具有正向的披露效应;同时,还比较不同分组的披露效应作用强度,结果显示:国企组、高研发投入组分别比各自的对立组效果明显。进一步对披露社会责任信息的样本进行探讨,发现社会责任表现与并购绩效具有倒U型关系,且93%以上的企业处于倒U型关系的上升阶段。更多还原

【Abstract】 Selecting Chinese Shanghai and Shenzhen A share list company merger & acquisition(M&A) event between 2011 and 2014 as the study sample, checking the corporate social responsibility(CSR) report disclosure’s effect on M&A performance with propensity score matching model. The result suggests that disclosure of CSR information exerts positive impact on M&A performance. Meanwhile, comparing the main effect’s change in different groups,studies show that state-owned, high innovation investment groups are all stronger than their respective opposite groups. Futhermore, discussing the relationship between CSR performance and M&A performance with CSR information published sample, study suggests that there is an inverse U-shape relation between those two variables, and more than 93% firms lie in rising stage of inverse U-shape.更多还原