由於購併常為企業提升競爭力、拓展事業版圖常用之策略,而企業社會責任於近年來廣為提倡,投資人及社會大眾也逐漸重視企業的社會績效,故本研究之目的在探討國內上市櫃公司曾於2007年至2014年宣告購併的企業中,企業社會責任表現較好的公司是否會替主併公司帶來較佳的累積異常報酬。 本研究使用事件研究法檢測當公司宣告購併時,市場投資人的反應,比較好的社會績效是否會帶來較好的股價異常報酬,實證結果發現,相較於社會績效較差的企業,社會績效較好的企業會有較正向的累積異常報酬,表示當公司宣告購併時,若企業社會責任表現較好時,會替公司帶來更正面的股價影響,支持本研究假說。
In order to expand the territory of the corporation, firm acquisition is a strategic planning that company would like to adopt. And corporate social responsibility (CSR) has gaining massive attention nowadays. Not only the investors but the whole society is concern about how firms make effort on their corporate social responsibility. In this study we try to examine the public companies that have merger and acquisition and whether with better CSR could have better returns. In this study we use event study to investigate how the market will respond when firms made their merger announcement and whether firms with higher corporate social performance would have better returns. In our empirical results, we find that comparing to the firms with lower social performance, those with better social performance would relatively have better returns. Which we believe when firms made acquisition announcement and those with better corporate social performance could help to have positive impact on stock price, this finding support our hypothesis.