政治关联维度、地区市场化程度与并购--来自上市民营企业的经验数据

Dimensions of Political Connections,Regional Marketization Degree and M&A:Evidence from Private Listed Companies

文章基于社会网络理论的视角,将政治关联划分为政治关联广度(政治关系网络)和政治关联深度(权力级别)两个维度,探讨政治关联对民营企业并购能力,特别是跨地区并购能力的影响。利用民营上市公司2006—2011年的并购数据实证分析后发现:民营企业扩大政治关联广度比加大政治关联深度更有利于增强其并购能力,民营企业所在地区市场化程度越低,影响力差距越明显;政治关联深度对企业跨地区并购能力的作用比政治关联广度大,被收购企业所在省市的市场化程度越低,影响力差距越明显。建立政治关联需要成本,民营企业应该根据其发展战略和并购策略建立适宜的政治关联。

From a perspective of social network theory, this paper divides political connections into the width of political connections（political relations network） and the depth of political connections（power level） and examines their impacts on M＆A of private enterprises, particularly cross-region M＆A. Using the M＆A data of private listed companies from 2006 to 2011, it makes an empirical analysis and arrives at the conclusions as follows, firstly, the increase in the width of political connections is more beneficial to MgaA of private enterpri- ses than the increase in the depth of political connections, and the lower the marketization degree of the location of private enterprises is, the more sig- nificant the influence gap is; secondly, the depth of political connections plays a more important role in cross-region M^A than the width of political connections, and the lower the marketization degree of the location of mer- ged enterprises is, the more significant the influence gap is. The establish- ment of political connections needs costs, so private enterprises should con- struct appropriate political connections according to their development and M＆A strategies.