隐形的手:政治基因对企业并购控制倾向的影响——基于中国上市公司数据的实证分析

发布时间：2018-06-16 02:39

本文选题：政治基因 + 并购控制倾向　；参考：《管理世界》2014年08期

【摘要】：新中国成立之后长达30多年的计划经济体制是否直到今天仍然影响着企业决策?本文基于路径依赖理论和企业基因理论提出了政治基因对并购控制倾向的影响。采用中国沪深两市2003~2009年企业并购数据,对命题进行实证检验。结果表明:企业政治基因越强,并购过程中的控制倾向越明显,而这种非理性的控制倾向对企业并购绩效具有消极作用。考虑到主效应的非线性特点,通过第二调节作用图呈现了被解释变量整个概率区间内主效应受到市场制度环境的部分负调节和组织冗余的负调节。本文的价值体现在:理论上,识别了"历史"会影响企业的"现在",扩展了中国情境下企业政治因素系列研究的历史维度;实践上,为中国制度背景下优化企业理性决策提供了有益的管理启示。
[Abstract]:Is the planned economy system that lasted for more than 30 years after the founding of New China still affects enterprise decision-making today? Based on path-dependence theory and enterprise gene theory, this paper puts forward the influence of political gene on M & A control tendency. Based on the data of 2003 ~ 2009 M & A of Shanghai and Shenzhen stock markets in China, the thesis is empirically tested. The results show that the stronger the corporate political gene, the more obvious the tendency of control in the process of M & A, and this irrational tendency of control has a negative effect on the performance of M & A. Considering the nonlinear characteristics of the main effect, the second adjustment action diagram shows that the main effect of the explained variable is partially negative regulated by the market institutional environment and the organizational redundancy is negative regulated by the main effect in the whole probabilistic range of the explained variable. The value of this paper is reflected in: theoretically, it identifies the "present" that "history" will affect enterprises, and expands the historical dimension of the series of research on corporate political factors in Chinese context. It provides beneficial management enlightenment for optimizing enterprise rational decision under the background of Chinese system.
【作者单位】：清华大学经济管理学院;
【基金】：国家自然科学基金面上项目(71372051、71073092);国家自然科学基金创新研究群体项目(71121001) 教育部博士学科点专项科研基金(20130002110047)资助
【分类号】：D630;F832.51;F271

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