本研究探討在併購背景下，企業社會責任(CSR)對企業長期績效的影響。我們使用 2000年至2019年間，共176筆美國併購交易作為樣本，並利用托賓Q作為收購方長期績效表現的代理變數，探討併購具有高ESG分數的目標公司，是否與收購方的長期績效呈現正向關係。研究結果顯示，收購方的長期績效與目標公司的ESG分數呈正向關係。根據此結果，本研究進一步透過兩個回歸模型—（1）考量收購方ESG分數與目標公司ESG間的交互關係；（2）將收購方依照ESG分數分為兩個組別，並使用虛擬變數(D_ESGacq)，來探討收購方本身ESG分數是否影響上述目標公司ESG帶來的正向效用。研究結果顯示，收購方ESG分數對於目標公司ESG分數能為企業長期績效帶來的正面效果沒有顯著影響。本研究補足在併購背景下，目標公司企業社會責任表現對收購方績效影響的文獻，為管理者和投資者提供長期的視角。

This study explores the impact of CSR on long-term corporate performance in the context of M&As. We investigate whether acquiring a target with a high ESG score positively affects the acquirer's long-term performance. Using a sample of 176 US M&A deals between 2000 and 2019, and applying Tobin's Q as a proxy for the bidder's long-term performance, our results show that the bidder's long-term performance is positively associated with the target ESG score. According to this result, this study further examines whether such effect is influenced by the acquirer's own ESG score. Through two regression models – (1) consider the interaction effects between acquirer's ESG and target's ESG; (2) sorting the deals into two groups according to the acquirer's ESG score, we find that the acquirer's ESG score does not significantly matter for the overall impact of target's ESG. The findings of this study complement previous literature that has mostly focused on the short-term impact of CSR, providing managers and investors with a long-term perspective.

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