摘要
政治关联与企业国际化之间的关系一直是学术界与实务界关注的焦点。基于制度理论,以中国沪深A股上市公司在2004—2014年完成的国际并购事件为样本,系统分析政治关联对中国企业国际并购绩效的影响,同时探讨企业的东道国经验与组织冗余对两者关系的调节作用。实证结果表明:政治关联与中国企业国际并购绩效之间具有显著的负相关关系;企业的东道国经验减弱了这种负向影响;组织冗余的调节作用未得到验证。
The relationship between political connections and enterprises internationalization has always been the focus of the academic circle and business world. Based on the institutional theory, taking the international mergers and acquisitions （M＆A） events completed by listed companies in Shanghai and Shenzhen A share markets from 2004 to 2014 as samples, this paper conducts a systematical analysis of the impact of political connections on international M＆A performance of Chinese enter- prises, and at the same time examines the moderating effects of the host country experience and orga- nizational slack of enterprises on the relationship between political connections and international M＆A performance. The empirical results show that there is a significant negative correlation between political connections and the international M＆A performance of Chinese enterprises. Host country experience of Chinese enterprises can weaken this negative effect; while the moderating effect of organizational slack has not been verified.
出处
《当代财经》
CSSCI
北大核心
2018年第1期68-77,共10页
Contemporary Finance and Economics
基金
国家社会科学基金重点项目"组织身份变革及意义给赋:克服外来者劣势的动态机制研究"(15AGL006)
中央高校基本科研业务费项目"外来者劣势理论与实证研究--基于中国跨国企业的经验证据"(N150601001)
关键词
政治关联
国际并购绩效
组织污名
外来者劣势
political connections
international mergers and acquisitions （M＆A） performance
organizational stigma
liability of foreignness
