基于政治关联的国有企业并购特征研究——来自国有上市公司的经验证据

Research on the Characteristics of the Merger and Acquisition of State-owned Enterprise Based on Political Connection——Empirical Evidence from Listed State-Owned Enterprises

考虑到中国企业面临的重要情境因素—政治关系,而且在国有企业经营过程中有强烈的动机运用这种非正式制度,研究政治关联对国有企业并购特征的影响。基于科学性、可得性、全面性原则构建实证分析模型,运用相关、回归分析等数理统计方法,对其进行实证研究分析。研究发现:政治关联的国有企业并购国有企业的概率更高;地方政治关联的国有企业本地并购的概率更高;中央政治关联的国有企业异地并购的概率更高。实证结果表明:政治关联的国有企业承担更多国有企业之间并购重组的任务,是政府调整国有企业布局的主要"执行人";地方保护衍生的市场分割现状,赋予不同层级政治关联的国有企业扮演着不同市场资源调配的角色。

Using the data of Chinese listed state-owned enterprises （SOE） M＆A, the paper examined the impact of the politi- cal association on the M＆A characteristic of SOE, and found that ： （ 1 ） Political associations of SOE merge the probability of SOE more high; （2） Local political association of SOE had higher probability of local mergers and acquisitions ; （ 3 ） Central political association of SOE had higher probability of off-site mergers and acquisitions. The empirical evidence suggests that the political connection of SOE undertakes more task of mergers and acquisitions about SOE,it is the main implementation ＂people＂ of government to adjust the layout of state-owned enterprises ; The situation of the local protection lead to the market segmentation, which gives the different levels of political relevance of SOE to play different market resources allocation role.