关键词: 企业社会责任, 跨国并购绩效, 企业所有制, 行业一致性, 跨国并购经验

Abstract: In an attempt to avoid cross-nation merge and acquisition (M&A) risks of Chinese enterprises due to corporate social responsibility and to balance the interests and social responsibility, this paper uses 109 successful cross-nation M&A cases of Shanghai and Shenzhen A-share listed companies during 2009 to 2017 to study the influence of corporate social responsibility on cross-nation M&A performance via theories of stakeholder, social contract and entrust, also considers the adjustment of enterprise ownership, industrial consistency and cross-nation M&A experience. Multiple regression model shows a positive influence, subject to a negative adjustment of state-owned ownership and cross-nation M&A experience, as well backed by industrial consistency when the M&A both sides belong to the same domain. This paper presents suggestions for Chinese enterprises disclosing their social responsibilities and adopting global standards, and making strategies for corporate social responsibilities through global public affairs companies. This conclusion offers references for Chinese enterprises on performing social responsibilities and provides a new theoretical viewing angle for research on factors of cross-nation M&A performance.

Key words: corporate social responsibility, cross-nation M&A performance, enterprise ownership, industrial consistency, cross-nation M&A experience