Long-term and Short-term Performance of M&A:Information Asymmetry and Corporate Social Responsibility Moderating Effect

• Main Authors: TIEN, HAN, 田 漢
• Other Authors: SUN, MEI-JUI
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/9jsy38

碩士 === 銘傳大學 === 國際企業學系碩士班 === 107 === Mergers and acquisitions have become one of the important growth strategies of enterprises. However, the success or failure of mergers and acquisitions is difficult to predict. Past literature and empirical research believe that information asymmetry will interfere with the assessment of the value of the target by the acquiror, which will lead to the failure of mergers and acquisitions. In the research of CSR, it is pointed out that the CSR disclosure of targets can effectively reduce the information asymmetry between targets and acquirors. Therefore, this study will explore information asymmetry and the target's CSR disclosure will affect the correlation between short-term performance and long-term performance after the announcement of mergers and acquisitions. Further explore whether the target enterprise CSR disclosure can reduce the impact of information asymmetry on M&A. Collect samples of Taiwan, Hong Kong and China from 2007 to 2017. The short-term performance index of the short-term stock return rate of the acquiror; the return on assets, the return on equity and Tobin'sQ are long-term performance indicators. The empirical results show that information asymmetry will reduce the impact of the short-term stock return rate of the acquiror on long-term performance. CSR disclosure can improve the impact of the short-term performance of the acquiror on long-term performance. In addition, in the mergers and acquisitions, the target's CSR disclosure can effectively reduce information asymmetry.