An Empirical Study On The Impact Of Corporate Social Responsibility On Mergers And Acquisitions

In recent years,with the arrival of the fifth wave of mergers and acquisitions,mergers and acquisitions Chinese market is developing rapidly,in order to make the company development of mergers and acquisitions more healthy,in 2007,the Commission announced for future mergers and acquisitions events,to investigate the acquisition of both of their corporate social responsibility.This paper mainly studies the influence of corporate social responsibility on mergers and acquisitions of listed companies,the main line of research is,firstly,summarizes and reviews the research achievements of scholars;secondly,respectively elaborates and corporate social responsibility related concepts and theories of mergers and acquisitions,and the theoretical analysis of the mechanism of corporate social responsibility impact on mergers and acquisitions of listed the company;then a detailed description of the status and characteristics of mergers and acquisitions of listed companies and the analysis;On this basis,respectively build two panel discrete dependent variable models of corporate social responsibility of listed companies launched the possibility and probability of success.A successfully conducted an empirical analysis and test;finally,according to the results of empirical analysis and policy recommendations.The research shows that:First,the listed company of corporate social responsibility to fulfill the better degree of company merger and acquisition more likely,corporate social responsibility rating scores increase,launched the possibility of mergers and acquisitions of listed companies increased 0.97 percents.Second,degree of social responsibility to perform better corporate mergers and acquisitions,the greater the chance of success,corporate social responsibility rating scores increase,to increase the likelihood of successful mergers 1.88 percents.Third,the social responsibility of the listed companies on mergers and acquisitions to different degrees,and influence the success of different rating scores of corporate social responsibility on the low partition company happened to explain whether the merger is higher than the score range of the company,the corporate social responsibility rating scores high points,the impact of the low partition between corporate mergers and acquisitions likelihood ratio and high range high 1.1 percents;The rating score of corporate social responsibility low partition company to explain the success of mergers and acquisitions is lower than that of the high range of company,corporate social responsibility rating scores improve,impact on the likelihood of successful mergers and acquisitions high range of the company than the low partition company 1.3 percents.Fourth,The difference of state-owned capital holding companies and non state-owned capital holding company in the performance of corporate social responsibility is obvious.The state-owned capital holding company launched the possibility of smaller acquisitions,mergers and acquisitions but the likelihood of success will increase.In fifth,the company’s operational capabilities and financial performance better company initiated mergers and acquisitions more likely successful mergers are more likely to sixth.,listed companies should strengthen the construction of corporate social responsibility,fulfill corporate social responsibility.The government should improve the relevant laws and regulations system construction,strengthen the mandatory disclosure of corporate social responsibility requirements.