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本文基于外部性视角,选取2002—2008年参与海外并购的44家沪深上市公司和同期参与国内并购的212家沪深上市公司作为研究样本。实证检验后发现:参与海外并购的上市公司在企业社会责任上的投入与其并购绩效呈显著正相关;而参与国内并购的上市公司在企业社会责任上的投入与其并购绩效呈负相关。海外市场存在更有效的外部约束是导致实证结果差异的重要原因;经济全球化必将带动企业社会责任的全球化。
Based on the externality perspective, this paper selects 44 Shanghai-Shenzhen listed companies that participated in overseas mergers and acquisitions and 212 Shanghai-Shenzhen listed companies that participate in domestic mergers and acquisitions during the same period as the research sample. Empirical tests show that listed companies engaged in overseas M & A have a significant positive correlation between their corporate social responsibility and their M & A performance, while those participating in domestic M & A are negatively correlated with their M & A performance. The existence of more effective external constraints in overseas markets is an important reason leading to the difference of empirical results. Economic globalization will certainly lead to the globalization of corporate social responsibility.