民营企业并购标的所有制选择研究——基于政治关联的视角

Choice of Ownership of the Acquiring Target for China's Listed Private Enterprises——Analysis Based on the Perspective of Political Connection

从政治关联的角度分析我国民营企业并购标的所有制的选择问题,研究民营企业并购不同所有制企业的绩效,可发现民营企业在我国国有企业改革中的作用。以2010—2014沪深两市A股民营企业的101个跨所有制并购和288个非跨所有制并购为样本,分别用线性概率模型和Logit模型研究主并企业政治关联在企业进行跨所有制和非跨所有制并购选择时的作用,发现政治关联程度高的企业更倾向于进行跨所有制并购,且跨所有制并购与非跨所有制并购的短期绩效并没有显著差异。而以政治关联程度分组之后的研究结果则显示,政治关联与CAR负相关,同时政治关联虽然会提高企业成功并购国有资产的机率,但并不会显著的提高企业的并购绩效。

This paper aims to research the ownership of private enterprises M＆A targets select issues from the view of political connection, and study the role private enterprises played in the ownership reform of stated-owned enterprises through the contrast of M＆A performance. Based on the sample of 101 cross-ownership M＆A cases and 288 non-cross-ownership cases from Shanghai and Shenzhen A-share private enterprises in 2010-2014, this paper studies the effect of political connection of the acquiring companies＇ on the choice of cross-ownership and non-cross-ownership using Linear Probability Model and Logit Model. The author finds that companies with higher degree of political connection tends to do more cross-ownership M＆As. And further study shows that, the short term performances measured by CAR between this two kinds of M＆A are not significantly different. While if grouped by the degree of political connection, the result shows that political connection are negatively correlated with CAR, which means that though political connection drives the success of cross-ownership M＆As, it cannot increase the CAR significantly at the same time.