A Study On The Impact Of Corporate Social Responsibility On M&A Behavior And Performance

In recent years,the Chinese government has successively introduced the strategy of further opening up to the outside world,which has affected China’s M&A market.In this process,there are many potential opportunities,which are conducive to the competitiveness of China’s advantageous industries and excellent enterprises,and enable more powerful Chinese enterprises to step onto the world dance stage.At the same time,with the gradual emphasis on corporate social responsibility and the gradual systematization and standardization of corporate social responsibility in China,it is of great significance to take it into account in M&A transactions.This paper mainly studies the impact of corporate social responsibility on M&A behavior and M&A performance of listed companies.Firstly,it defines the concepts of M&A,corporate social responsibility and stakeholders,and sorts out and summarizes the research results of existing scholars;Secondly,it theoretically analyzes the influence mechanism of corporate social responsibility on M&A behavior and performance of listed companies,and puts forward relevant assumptions;Thirdly,the discrete dependent variable model and nonequilibrium panel regression model are constructed to empirically analyze the impact of corporate social responsibility performance on M&A success,M&A payment methods and M&A performance;At the same time,considering the existence of state-owned enterprises in China,we further study the regulatory role of the nature of enterprise property rights on the basis of the main model,and all the results pass the robustness test;Finally,according to the results of empirical analysis,policy recommendations are put forward.The empirical results show that:first,companies with higher scores of corporate social responsibility are more likely to succeed in M&A,and assuming responsibility to direct stakeholders has a significant positive impact on the success of M&A,while indirect stakeholders have the opposite.Second,companies with higher scores of corporate social responsibility tend to use cash to pay transactions,and assuming responsibility to direct stakeholders will improve the possibility of cash payment for M&A enterprises,while assuming responsibility to indirect stakeholders will not affect the choice of M&A payment methods.Third,the higher the score of corporate social responsibility,the better the performance after the completion of M&A,and the responsibility to the direct stakeholders significantly improved the M&A performance,while the indirect stakeholders were on the contrary;Fourthly,the heterogeneity regression analysis of the three main models is carried out by enterprise property rights.It is found that there are significant differences in the models of corporate social responsibility on the success or failure of M&A and the impact on M&A performance.Then it is further studied as a regulating variable.The results show that the nature of state-owned enterprises has a negative regulating effect on the above two main models.Fifthly,if both M&A parties are in the same industry,the possibility of M&A success is higher and the M&A party is more willing to pay in cash.Sixth,listed companies should strengthen the performance of corporate social responsibility and comprehensively consider the needs of all stakeholders in decision-making.The government should improve the relevant laws and regulations of corporate social responsibility and strengthen the supervision of the performance of corporate social responsibility.