转让方社会责任与主并方企业价值——主并方社会责任的中介效应检验

以并购事件为联结,设置企业社会责任、企业价值等主要变量,实证检验转让方企业社会责任与并购完成后主并方企业社会责任之间、主并方企业社会责任与其企业价值之间、并购前转让方企业社会责任与并购后主并方企业价值之间等三对关系。结果显示,上述三对关系均为显著正相关,且在并购前转让方企业社会责任与并购完成后主并方企业价值之间的关系中,并购完成当年主并方企业社会责任起到中介作用。

Seller's Corporate Social Responsibility and Buyer's Corporate Value: Buyer's Corporate Social Responsibility as a Mediator

Linking both sides of the M&A event, setting up main variables such as CSR, corporation value, having empirical tests to check the relationships such as between seller's CSR before M&A and buyer's CSR after M&A, between buyer's CSR after M&A and its corporation value, between seller's CSR before M&A and buyer's Corporation Value after M&A, results show that the relationships between everyone of the 3 pairs above-mentioned are significant positive correlation, furthermore, also find that in the relationship between seller's CSR before M&A and buyer's Corporation Value after M&A, buyer's CSR after M&A palys a mediation role.