本文選題：全球化　切入點：并購績效　出處：《上海師范大學》2014年碩士論文

【摘要】：近些年，中國企業(yè)的海外并購呈現(xiàn)高增長態(tài)勢。然而，當中國企業(yè)“出�！币郧髷U張時，常因無法達到企業(yè)社會責任的國際標準而遭受巨額罰款，嚴重影響到了海外并購績效；與之相對的是，目前我國國內(nèi)關于企業(yè)社會責任的相關法律法規(guī)并不完善，形成的外部約束非常有限。當中國企業(yè)沒有很好地履行社會責任時，遭受的懲罰力度相對較小。 另一方面，目前學術界關于企業(yè)社會責任與績效的研究大多集中于兩者間的相關關系檢驗，卻鮮有解釋這兩者間的作用機制。除此之外，國內(nèi)外關于企業(yè)社會責任對海外并購績效影響的實證研究鮮有，更多的是采用文字評述的方法，因而說服性非常有限，這使得本文的研究具有獨特的意義。 本文首先以外部性理論作為實證研究的理論基礎，闡述了外部約束存在和不存在兩種情況下，企業(yè)不履行社會責任對其績效的影響情況。其次，本文選取了2002-2008年參與海外并購的44家滬深上市公司和同期參與國內(nèi)并購的212家滬深上市公司作為研究樣本，通過設置相關變量構建了多元線性回歸模型，，并以此對前文的理論加以實證檢驗。回歸結果顯示：參與海外并購的上市公司在企業(yè)社會責任上的投入與其并購績效呈顯著正相關；而參與國內(nèi)并購的上市公司在企業(yè)社會責任上的投入與其并購績效呈負相關。 本文認為：海外政府的監(jiān)管完善、社會輿論導向明確，對中國“出海”企業(yè)形成了相比國內(nèi)更強的外部約束。當企業(yè)的行為對整個社會造成外部不經(jīng)濟時，由于強大的外部約束的存在，社會成本因企業(yè)付出了私人成本而得以內(nèi)化，因此兩者呈現(xiàn)正相關關系；而國內(nèi)沒有形成有效的外部約束，當企業(yè)不履行社會責任時，支付的私人成本有限，甚至不履行社會責任給企業(yè)帶來的收益還大于為之付出的成本，因此兩者呈現(xiàn)負相關關系。 除此之外，本文認為：經(jīng)濟全球化必將帶動企業(yè)社會責任的全球化。在海外并購大勢所趨的今天，中國企業(yè)必須以國際化的企業(yè)社會責任標準來嚴格要求自己，才能在國際市場上獲得競爭優(yōu)勢。另一方面，政府應加強監(jiān)管，以此在國內(nèi)形成強大的外部約束，有效促進企業(yè)履行社會責任。
[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.
【學位授予單位】：上海師范大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F271;F270

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本文編號：1688337