【摘要】 近年来,越来越多的中国上市公司主动披露企业社会责任信息。为研究这种"披露"行为能否获取经济效益,以2012—2014年中国沪深A股上市公司并购事件为研究样本,以长期并购绩效为结果视角,基于信息不对称理论、委托代理理论等,运用多元线性回归、倾向得分匹配等模型检验收购方企业披露社会责任信息对长期并购绩效的主效应;同时还将样本分别按照垄断程度、组织冗余等进行分组,进一步考察不同子样本的主效应作用强度。结果发现:收购方披露社会责任报告对长期并购绩效具有积极影响;在披露效应强度方面低垄断组比高垄断组更明显、低冗余组比高冗余组更明显。更多还原

【Abstract】 Recently, more and more Chinese listed companies have begun to disclose corporate social responsibility(CSR)information voluntarily. However, could the disclosure bring about economic gains? In view of this, with China’s Shanghai and Shenzhen A share listed companies’ merger & acquisition(M&A)events between 2012 and 2014 as study sample, from the perspective of the outcome of long-term M&A performance, mainly using information asymmetry theory and principal agent theory, the CSR report disclosure’s main effect on M&A performance was checked with multivariable linear regression and propensity score matching models. Meanwhile, the total sample was divided into different groups according to monopoly and organizational redundancy, then the intensity of main effects of different groups was further examined. The results found that disclosure of CSR information exerted a positive impact on M&A performance: the group with low monopoly had a higher intensity of disclosure effect than the group with high monopoly, and the group with low organizational redundancy had a higher intensity of disclosure effect than the group with high organizational redundancy.更多还原