企業社會責任與併購溢價

Abstract

本研究以904筆美國國內併購案件為研究對象，探討併購案件當中被收購方之企業社會責任表現與併購溢價之關聯，並基於股東理論及企業能力理論分析被收購方之企業社會責任對於收購方之成本效益。實證結果顯示，被收購方之企業社會責任表現會與併購溢價呈現負相關，即被收購方在企業社會責任上之努力將損害收購方的股東利益。然而，本研究進一步發現，被收購方之獲利能力與經營能力對於其企業社會責任表現與併購溢價之關係有正向調節效果，顯示當被收購方之財務表現良好時，會減緩被收購方企業社會責任表現對併購溢價之負向影響。本研究為企業社會責任與併購議題之文獻增添了新的發現，並提醒併購市場的參與者需更加關注企業社會責任對於併購溢價之影響。

This study investigates the association between targets’ CSR and M&A premiums by using a domestic sample of 904 M&A deals in the U.S. In line with the shareholder theory and capabilities-based theory, this research finds a significant and negative relation between targets’ CSR and premiums, suggesting targets’ CSR engagement destroys the value of the firm in M&A deals. In addition, a positive moderating effect of firm performance on the impact of targets’ CSR on premiums is revealed. The result indicates higher profitability and operating ability alleviate the acquirer’s concern toward targets’ CSR. Overall, this study adds to the body of literature on the effect of CSR under the context of M&A and sheds light on the adverse influence of CSR in deal valuation.