投資者是否對併購案中的企業社會責任公司區別對待？

Abstract

履行企業社會責任的公司要求經理人追求多重目標以滿足不同的利益關係人的要求，但公司進行併購活動的目的往往是爲了使公司價值實現最大化。由於企業社會責任公司的多重目標對於併購績效的影響尚未可知，亦無文獻探討過履行企業社會責任與併購績效之間的關係，所以本文檢驗了履行企業社會責任是否會影響主併公司短期宣告效果及長期股價績效。實證結果顯示，企業社會責任公司在宣告期間可以獲得顯著更高的股價報酬；但在長期之後其股價表現則不顯著地低於非企業社會責任公司。短期實證結果支持了本文假說，即履行企業社會責任確實可以充當一個“保險信號”的角色，為主併公司獲取更多利潤；但在主併公司的長期並購績效方面，還需做進一步的探討。

The corporate social responsibility (CSR) firms may have multiple objectives to satisfy different stakeholders, however the purpose of merger and acquisition (M&A) is to maximize the firm value. Since the impact of CSR’s multi-task nature on bidder’s M&A activities is still overlooked and no empirical results have revealed an explicit relationship between these two issues, we examine whether engagement of CSR affect bidding firm’s profitability in M&A deals. Our result suggests that being identified as CSR firms, the acquirers will experience significantly higher abnormal return during the announcement period, while in the long run, they underperform non-CSR acquirers insignificantly. The short-run result supports our hypothesis that CSR engagement can function as an “insurance” signal, but for the long-run result, it seems to deserve more discussion on the CSR bidders’ long-run performance post M&A.