本研究利用KLD及SDC的資料進行研究，探討社會責任是否會影響公司的併購決策，並延續了過去的研究發現，被併方的社會責任能透過降低資訊不對稱風險使併購溢價提升，同時確認了主併方的社會責任能利用隱性合約的承諾，提升利害關係人支持進而使併購溢價提高。更進一步地發現了上述兩項效果中存在著交互影響，即隱性合約的效果須在資訊不對稱程度低時才能發揮效果，因此社會責任優良的被併方除了能藉由資訊不對稱降低的效果提升溢價，若買家同為社會責任良好的公司時，溢價能有進一步的提升。

另外為了確認事後的實際表現是否符合隱性合約的預期，即透過利害關係人的支持提高合併的預期報酬，因此對樣本進行後續的績效追蹤，觀察社會責任較佳的公司是否有如預期地的產生較好的合併後表現，但實證結果未能發現顯著的差異。代表被併方在併購中能藉由社會責任提高溢價進而得到利益，而主併方雖藉由隱性合約預期獲得較好的報酬而提高溢價，但因事後績效並沒有顯著差異，使主併方之社會責任在併購活動中效益仍不明確。

This study uses KLD and SDC database to investigate whether social responsibility will affect the company's M&A decisions. We continue previous research findings. Social responsibility of target firm can improve the M&A premium by reducing the risk of information asymmetry. Social responsibility of the bidding firm can use the promise of implicit contracts to improve stakeholder support and increase the M&A premium. We further discover that there are interactions between two effects, that is, the effect of the implicit contract must be effective when the degree of information asymmetry is low. Our study found that if the target firm has good social responsibility, it not only can use the information asymmetry to increase the premium, but also can raise premium further by implicit contracts.

In addition, in order to confirm whether the actual performance after the M&A meets the expectations of the implicit contract. We conduct performance tracking of the sample to observe whether the company with better social responsibility has better performance as expected. But the empirical results did not reveal significant differences.
In conclusion, target firm can increase premium through social responsibility and obtain benefits. Bidding firm raises the premium because implicit contract is expected to receive better performance. However, there is no significant difference in performance after the M&A, so thesocial responsibility benefit of Bidding firm in the M&A is still unclear.

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