摘要
企业实施并购,在追求利润最大化的同时也必须承担相应的社会责任,并关注承担社会责任给企业带来的影响。基于利益相关者理论、社会责任理论、企业声誉理论,构建“企业并购—社会责任—声誉资本—并购价值创造”的分析框架,以国机集团并购中国二重全过程为例,深入分析履行社会责任、声誉资本与并购价值创造之间的关联关系及影响机理。研究结果表明:全过程社会责任管理思维对于企业并购行为具有重要影响,是关乎企业并购能否成功的重要因素。企业在并购过程中履行对不同利益相关者的责任,从不同维度形成声誉资本,声誉资本能够促进并购价值创造。履行社会责任与并购价值创造之间形成一个完整的循环。因此,企业在并购中应增强社会责任意识,坚持全过程社会责任管理,履行对不同利益相关者的社会责任,不断积累声誉资本,从而促进企业价值创造,提升企业竞争力。
In implementing mergers and acquisitions,enterprises must assume the corresponding social responsibility while maximizing profits,and pay attention to the impact of taking social responsibility on enterprises.Based on stakeholder theory,social responsibility theory,and corporate reputation theory,this paper constructs an analysis framework of“enterprise mergers and acquisitions,social responsibility,reputation capital,and M&A value creation”,and then takes the case of acquisition of China ErZhong Group Company by China National Machinery Industry Corporation(Sinomach)as an example to conduct an in-depth analysis of the correlation between the performance of social responsibility,reputation capital and merger value creation and the influence mechanism.The results show that the whole-process social responsibility management thinking has a significant influence on M&A behavior,and is an important factor that determines the success of M&A.Enterprises fulfill the responsibilities to different stakeholders in the process of mergers and acquisitions,and form reputation capital from different dimensions,which can promote the value creation of mergers and acquisitions.Thus,a complete cycle is formed between the fulfillment of social responsibilities and the value creation of mergers and acquisitions.Therefore,enterprises should enhance their awareness of social responsibility,adhere to the whole-process social responsibility management,fulfill their social responsibilities to different stakeholders and constantly accumulate reputation capital so as to promote value creation and enhance enterprise competitiveness.
作者
耿雪姣
崔永梅
汪媛媛
GENG Xue-jiao;CUI Yong-mei;WANG Yuan-yuan(School of Economics and Management,Beijing Jiaotong University,Beijing 100044,China)
出处
《北京交通大学学报（社会科学版）》
CSSCI
北大核心
2022年第1期112-120,共9页
Journal of Beijing Jiaotong University(Social Sciences Edition)
关键词
并购
利益相关者
企业社会责任
声誉资本
企业价值
mergers and acquisitions
stakeholders
corporate social responsibility
reputation capital
enterprise value
