政治关联、市场化程度与民营企业并购绩效

Political Connection, Marketization Degree and M&A Performance of Private Enterprise

政治关联作为一种市场化程度的非正式替代机制,在法律制度不完备的环境中,可以给民营企业提供更多的产权保护,享受政府在政策、资源上的照顾,最大限度地保障自身利益不受侵害。文章以2012年发生并购的政治关联民营上市公司作为样本,采用多元线性回归的方法研究了样本公司从2012-2016年政治关联对民营上市公司并购绩效的影响情况,以及地区的市场化程度如何调节二者之间的关系。实证结果显示:政治关联对民营上市公司的并购绩效有正向促进作用,政治关联程度越高,并购后绩效提升越显著;地区的市场化程度在政治关联与民营上市公司并购绩效之间起到正向调节作用;市场化程度高或低的地区都会给政治关联的民营企业并购绩效带来正面效应,但显然在低市场化程度地区的政治影响力更大,政治关联与并购绩效也呈显著正相关。

As an informal alternative mechanism of market,political connection can provide more property rights protection for private enterprises in the imperfect legal system environment,enjoy the care of government policy and resources,and maximize the protection of their own interests.This paper takes the political affiliated private listed companies of 2012 M&A as the sample.Using the method of multiple linear regression,the paper studies the impact of political association of sample companies on M&A performance of private listed companies from 2012to 2016,and how the degree of marketization in the region "adjusted the relationship between them.This article takes the political:connected private listed enterprises'which have merged in 2012,and researches the influence of political connection to private listed enterprises and how the relationship is adjusted by the marketization degree.The real evidence has shown that,the political connection positively promote,the M&A performance of private listed enterprise,the higher degree of political connection is,the more dramatically the M&A performance has increased;regional marketization degree positively adjust the relationship between political connection and M&A performance of private enterprise;for the region which has low or high marketization degree,it will positively affect the M&A performance of political-connected private enterprises,but obviously,the political influence is greater in the region which has low marketization degree,and the political connection and the M&A performance have significant positive correlation.