社會企業責任績效對企業併購宣告報酬影響之研究

Target CSR Effect on Merger Announcement Return

郭建佑(Jian-You Guo)

指導教授 ： 邱顯比

國立臺灣大學/管理學院/財務金融學研究所/碩士(2017年)

https://doi.org/10.6342/NTU201800390

摘要

本研究蒐集了宣告期間介於1992年至2016年的已完成之美國企業合併案，並檢視企業的社會企業責任績效 (CSR) 是否能為股東創造價值。本文著重於探討被併方的CSR績效與其企業合併宣告報酬的關係，實證結果顯示，相較於低CSR績效的被併方，高CSR績效的被併方享有較高的企業合併宣告報酬。

本文亦透過將全樣本拆成2008前與2008年後等兩個子樣本的方法，嘗試探討2008年的金融危機對於上述的關係是否有影響。實證結果顯示，金融風暴對本研究的主要結果─被併方的CSR績效和其宣告報酬具有顯著的正向效果，並無明顯影響，提高了本研究的穩健性。

關鍵字

企業合併 ； 社會企業責任 ； 2008年金融危機 ； 宣告報酬

並列摘要

Using completed US mergers deal with announcement date from 1992 to 2016, we analyze if corporate social responsibility (CSR) increases value for shareholders. This study focuses on examining target’s CSR effect on its merger announcement return, and we find that high CSR targets realize higher merger announcement returns than low CSR targets.

We also check whether 2008 financial crisis impacts our results by conducting robustness test. We divide full sample into 2 sub-samples, one is before and the other is after 2008 financial crisis. Empirical result show that financial crisis does not have significant effect on our result.

並列關鍵字

Merger and Acquisition ； Corporate Social Responsibility ； Financial Crisis ； Announcement Return

參考文獻

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