高管的政治关联对民营企业并购绩效的影响研究

A Study on the Influence of the Political Connection of Executives on the Performance of Mergers and Acquisitions of Private Enterprises

文章从政治关联的视角进行研究,以2012年发生并购的民营上市公司为研究样本,获取这些公司2012-2016年间的相关财务数据,在对国内外相关文献进行梳理的基础上,采用多元线性回归的方法探讨了政治关联程度、类型与民营企业并购绩效之间的关系。研究发现:政治关联对民营企业并购绩效有显著的正向促进作用,政治关联程度越高,并购绩效越好;中央型和地方型政治关联都会给民营企业并购绩效带来正向作用,但地方政治关联对其并购绩效所带来的正面影响更大,与民营企业并购绩效显著正相关。通过以上研究,文章从企业和政府两个层面提出管理建议。希望民营企业不要盲目的依附于政府,要理性的看待政治关联,同时政府部门应当不断完善相关的法律制度,加强社会监督,缩小地区间市场化程度的差距,力求给民营企业营造一个自由、平等、公正的外部投资环境,从而促进国民经济整体的蓬勃有序发展。

Based on the perspective of political relevance,this paper takes the private listed companies that acquired in 2012 as a sample to obtain the data of these companies'mergers and acquisitions for five years from 2012 to 2016,and analyzes the relationship between the degree of political connection,the type of political connection,and the performance of private companies'mergers and acquisitions.The results show that political connection is significantly positively correlated with the performance of private enterprises'M&A:The higher the degree of political connection is,the better the M&A performance is.The both central political connection and local political connection will bring positive effects to the M&A performance of private enterprises.But obviously,the higher the degree of political connection is,the better the M&A performance of private enterprises is.Local political connection have more positive effects on M&A performance.