Descriptive statistics.

During the transformation and upgrading of enterprises, executives’ social capital provides useful access to resources through merger and acquisition (M&A) strategies. This study examines 145 M&A events of Chinese listed media enterprises undergoing transformation and upgrading as research samples. It empirically analyzed the impact of executives’ social capital on short-term and long-term M&A performance from three aspects: corporate social capital (CSC), political social capital (PSC), and financial social capital (FSC). It also confirmed the moderating effect of corporate ownership structure, exploring the mechanism of executives’ social capital during the period of transformation and upgrading. Based on the empirical results, we found that: (1) CSC significantly enhances short-term M&A performance but has no significant effect on long-term performance; (2) PSC positively influences both short-term and long-term M&A performance. State-owned media enterprises may gain relatively fewer benefits from PSC in the short term after M&A, but they can accrue more significant benefits in the long term post-M&A; (3) FSC does not affect short-term M&A performance but exerts a negative impact on long-term performance. The negative effect is even more pronounced in state-owned enterprises. This study complements existing research on executives’ social capital during the transformation and upgrading of enterprises. It provides a reference for media enterprises in China and other emerging economies to utilize executives’ social capital.

在企业转型升级过程中，高管社会资本可通过并购（Merger and Acquisition，M&A）策略为企业获取资源提供有效渠道。本研究以145起处于转型升级阶段的中国上市传媒企业并购事件为研究样本，从企业社会资本（Corporate Social Capital，CSC）、政治社会资本（Political Social Capital，PSC）与金融社会资本（Financial Social Capital，FSC）三个维度，实证分析了高管社会资本对并购短期与长期绩效的影响，并验证了企业股权结构的调节效应，揭示了高管社会资本在企业转型升级阶段的作用机制。基于实证结果，本研究发现：（1）企业社会资本可显著提升并购短期绩效，但对长期绩效无显著影响；（2）政治社会资本对并购短期与长期绩效均具有正向影响，国有传媒企业在并购后短期内从政治社会资本中获取的收益相对较少，但在并购长期阶段可获得更为显著的收益；（3）金融社会资本对并购短期绩效无显著影响，但会对长期绩效产生负向作用，且在国有企业中该负向效应更为突出。本研究丰富了企业转型升级背景下高管社会资本的相关研究，可为中国及其他新兴经济体的传媒企业合理利用高管社会资本提供参考依据。