政治关联、竞争地位与混合并购——来自中国A股证券市场的经验证据

发布时间：2018-03-18 17:18

  本文选题：政治关联　切入点：竞争地位　出处：《北京理工大学学报(社会科学版)》2017年05期 　论文类型：期刊论文

【摘要】：从中国转轨经济时期特殊的制度背景与企业竞争态势的视角出发,以2007—2011年间中国A股证券市场上发生的522起并购事件为样本,运用Logistic回归方法与中介效应模型分别考察了企业政治关联与竞争地位对混合并购决策及其绩效的共同影响。研究发现:混合并购总体上难以为并购方创造长期的价值,而且其并购绩效要显著低于相关并购;在并购前,企业的政治关联度与竞争地位分别与其混合并购倾向显著正相关、负相关;越是竞争劣势企业,越倾向于利用自身政治关联身份实施混合并购行为。在并购后,政治关联能够帮助企业提高混合并购绩效,并且这一绩效提升路径是通过并购后企业竞争地位的改善得以顺利实现。
[Abstract]:From the perspective of the special institutional background and the competitive situation of enterprises in the period of China's transition economy, this paper takes 522 M & A events in China's A-share securities market from 2007-2011 as a sample. By using the Logistic regression method and the intermediary effect model, this paper investigates the mutual influence of corporate political association and competitive status on the decision making and performance of hybrid M & A. It is found that hybrid M & A is difficult to create long-term value for M & A parties in general. Moreover, the performance of M & A is significantly lower than that of related M & A; before M & A, the degree of political relevance and competitive status of enterprises are significantly positive correlation and negative correlation with their tendency of mixed M & A; the more competitive inferior enterprises, the more competitive inferior enterprises, After M & A, political association can help enterprises to improve the performance of hybrid mergers and acquisitions. And this performance improvement path is achieved smoothly through the improvement of the competitive position of the enterprise after M & A.
【作者单位】： 福州大学经济与管理学院;
【基金】：国家社会科学基金资助项目(15CGL019) 福建省自然科学基金青年科技人才创新项目资助(2015J05136)
【分类号】：D0;F271;F832.51
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本文编号：1630545