企業社會責任績效對併購決定因素與市場超額報酬關係的影響 － 以新興市場為實證對象

The effect of CSR performance on the relationship between the determinants of M&A and market abnormal returns － Evidence from emerging markets

張豐璿(FENG-HSUAN CHANG)

指導教授 ： 顏子瑜

國立中正大學/管理學院/財務金融學系/碩士(2016年)

摘要

企業社會責任的概念在近幾年逐漸受到重視，然而過去實證研究大部分以已開發國家為主，對於新興市場的著墨相對較少。本篇論文利用橫斷面迴歸方法捕捉在新興市場中的企業，其社會責任績效對於併購決定因素與市場超額報酬關係的影響。
本論文發現： 1) 對主併公司參與社會責任，無論是在於環境保護或社會福利上，其參與程度對市場投資人態度並沒有顯著的影響，顯示企業社會責任的加入對新興市場投資人來說隱含著代理成本的考量； 2)公司規模越大的主併公司併購宣告效果越差，顯示新興市場的投資人對市值大公司進行併購案有較強的代理成本考量，然而，當主併公司為市值大較但投入環境層面的社會責任活動相對也較多時，新興市場的投資人會降低其代理成本的考量，轉為正面的股價反應； 3)關聯交易的併購案宣告效果顯著低於非關聯交易，顯示新興市場的投資人對關聯交易存在利益輸送的考量；而主併公司從事關聯交易且投入環境層面的社會責任程度越深，交易的併購案宣告效果卻越低，顯示投資人對主併公司可能會利用關聯交易進行股東剝削的疑慮甚至擴及該公司所進行的社會責任活動；然而，當主併公司處於保護投資人法規較健全的國家，或是政府規範較多的金融及高科技產業中，從事企業社會責任活動較多的主併公司即使進行關聯交易，也能得到投資人的信賴，因而呈現宣告期間股價的正超額報酬。

關鍵字

新興市場 ； 併購活動 ； 企業社會責任

並列摘要

Nowadays corporate social responsibility (CSR) has become a hot topic in management. While lots of studies focus on how firms engage in CSR in developed market, this thesis conduct a cross-sectional regression by examining the effect of CSR performance on the relation between acquirer’s cumulative abnormal return (CAR) and various determinants of M&A success in the emerging market.
The major findings are: 1) CSR involvement (environment and social ratings) alone do not have significant effect on CAR indicating that investors in emerging market possess possible agency concerns; 2) the larger market capitalism of acquiring firms reflects the lower abnormal market returns around announcement, indicating that investor expect managers from larger firms may do suboptimal decision on M&A investment. However, the size effect disappeared with CSR concerns, indicating that investors in emerging markets would expect large firms with higher degree of CSR involvement in environment issues are not likely to waste their free cash flow to do a suboptimal investment; 3) related transaction releases tunneling concerns in emerging market leading to negative effect of CAR, and that concerns is even stronger when the acquirers put lots efforts on social responsibility activities. However, when acquiring firms are from countries with better legal protection or in financial and high-tech industry with solider supervision, investors would be more likely to believe an acquiring firm with higher degree of CSR involvement may do propping instead of tunneling, and finally leading to positive effect of CAR.

並列關鍵字

Emerging market ； Merger and acquisition ； Corporate social responsibility

參考文獻

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