Research On The Impact Of Corporate Social Responsibility Performance On The Short-Term And Long-Term Performance Of M&A Of Listed Companies

Since the concept of corporate social responsibility(CSR)first appeared,it has been a hot topic for scholars at home and abroad.At present,there are many different research perspectives on corporate social responsibility at home and abroad,such as corporate social responsibility and corporate value,corporate social responsibility and financial performance,corporate social responsibility and corporate governance.With the increase of domestic and foreign M&A events in recent years,corporate social responsibility and M&A have gradually become a new research perspective for domestic and foreign scholars.At present,the research on corporate social responsibility impact on M&A mainly include mergers and acquisitions performance,acquisition time and merger is successful or not,etc.,and most of the literature is the use of third party's corporate social responsibility rating data,one of the short-term and long-term performance of M&A,few scholars discuss corporate social responsibility of listed companies at the same time the effects of short-term and long-term performance of M&A.Therefore,this paper uses factor analysis to construct corporate social responsibility evaluation indicators,taking listed companies involved in mergers and acquisitions in China as examples to empirically test the impact of corporate social responsibility overall performance and social responsibility performance to different stakeholders on the short-term and longterm performance of mergers and acquisitions.First of all,this article focuses on the research results of corporate social responsibility,M&A performance and the impact of corporate social responsibility on M&A performance by collating and analyzing relevant literature.Secondly,based on the theory of stakeholders and the theory of signal transmission,four hypotheses of this paper are proposed.Then,535 domestic listed companies involved in mergers and acquisitions in 2014-2018 were selected,factor analysis used to calculate the overall corporate social responsibility performance score,and seven financial indicators were selected to measure the social responsibility performance of the merged and acquired companies to different stakeholders.Next,the cumulative excess rate of return for 20 trading days before and after the M&A announcement day,and the difference between the total asset return rate of one year after the M&A and the year before the M&A are selected as the measurement indicators of short-term and long-term M&A performance.Finally,empirical testing and robustness testing are carried out on the hypothesis in this article,and the main conclusions are drawn as follows:First,the overall corporate social responsibility performance has a significant positive impact on both the short-term and long-term performance of M&A.Second,the social responsibility performance of M&A enterprises to different stakeholders has some differences in their M&A performance.Among them,the social responsibility performance of the government has a negative impact on the short-term and long-term performance of the M&A,and the social responsibility performance of the other six stakeholder groups has a positive impact on the short-term and long-term performance of the M&A.It shows that enterprises that actively assume social responsibility usually have a good reputation,which can play a positive role in the process of mergers and acquisitions.For enterprises with a good performance in social responsibility,investors are more willing to pay a higher price for the company's shares in a short period of time in order to obtain the corresponding M&A premium.At the same time,from the perspective of corporate social responsibility investment,when corporate social responsibility investment benefits all stakeholders,the enterprise will be recognized by more stakeholders and get a better reputation,which will contribute to the production and operation of the enterprise as well as the rapid integration after the merger and acquisition,and ultimately improve its merger and acquisition performance.On the one hand,this paper empirically tests the impact of CSR performance on the short-term and long-term performance of M&A by constructing CSR evaluation indicators,which to some extent enriches the research content of CSR and M&A performance.On the other hand,for merger and acquisition enterprises,actively assuming social responsibility will have a positive impact on their performance after merger and acquisition,which will help listed companies to fulfill their social responsibility more comprehensively.For investors,enterprises with good social responsibility performance will perform better after merger and acquisition.The empirical results of this paper will help guide them to conduct more scientific investment activities in the capital market.