关键词: 外部环境不确定性, 企业社会资本, 企业并购, 资源获取

Abstract: M&A is a multi-resource consuming process and every step in this process cannot be divorced from resource acquisition. Based on the perspective of resource acquisition, this paper puts forward a new interpretation mechanism of the impact of corporate social capital and external environmental uncertainty on corporate M&A decision. The M&A events of A-share listed companies in Shanghai and Shenzhen from 2008 to 2019 are selected as samples to test the theory proposed in this paper. The study finds that the larger social capital an enterprise owns, the stronger acquisition ability and the higher enthusiasm for M&A it will have; the more uncertain external environment an enterprise faces, the less likely it can obtain resources and the less enthusiastic it will be for M&A. The acquisition of capital, information and policy resources plays a partial mediating role in the impact of corporate social capital and external environmental uncertainty on enterprises' M&A decision. In addition, the interaction between corporate social capital and external environment uncertainty has a positive impact on enterprises' M&A decision. The research results of this paper provide a reference for enterprises to make scientific M&A decisions.

Key words: external environment uncertainty, corporate social capital, M&A, resource acquisition