政治关联、多元化并购与企业并购绩效

发布时间：2018-03-24 20:12

本文选题：政治关联　切入点：多元化　出处：《管理学报》2017年07期

【摘要】：考察不同所有制情境与并购情境下政治关联对并购绩效的影响,并论证不同维度的政治关联对企业并购绩效的影响差异。分别从3个方面进行分析:政治关联对企业并购的总体作用效果;政治关联对国有企业和民营企业的并购绩效产生的不同影响;政治关联和多元化并购共同作用下对企业并购绩效的影响。研究表明,政治关联对企业的会计并购绩效有负面作用;政治关联对国有企业绩效具有显著的负面作用,而对民营企业效果不显著;在多元化并购中,拥有政治关联的公司并购绩效要好于非政治关联公司,这一正向作用对民营企业尤为明显。
[Abstract]:The influence of political connection on M & A performance under different ownership situation and M & A situation is investigated. It also demonstrates the difference of the influence of different dimensions of political association on corporate M & A performance. It analyzes from three aspects: the overall effect of political association on corporate M & A; The influence of political association on M & A performance of state-owned enterprises and private enterprises, and the influence of political association and diversified M & A on M & A performance. Political association has a negative effect on accounting M & A performance of enterprises; political association has significant negative effect on state-owned enterprise performance, but not on private enterprise; in diversified M & A, political association has significant negative effect on state-owned enterprise performance. The M & A performance of the company with political connection is better than that of the non-political affiliated company, this positive effect is especially obvious to the private enterprise.
【作者单位】：北京大学汇丰商学院;罗兰贝格企业管理(上海)有限公司;深圳市元智商业模式研究院;
【分类号】：D0;F271;F275

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