“双边政治关系”对我国上市公司跨国并购绩效的影响研究

A Study of the Impact of“Bilateral Political Relations”on the Performance of Chinese Listed Companies’Cross-border M&A

本文基于已有的“双边政治关系”概念,研究双边政治关系对我国上市公司跨国并购绩效的影响,基于我国上市公司的数据,构建整体理论框架和数理研究模型,运用SPSS和EXCEL等数据分析软件进行回归分析。研究发现,双边政治关系对企业并购绩效在短时间内存在显著负相关。国内外研究表明,双边政治关系在影响企业跨国并购绩效中起着重要作用。所以,从研究双边政治关系对我国公司的跨国收购行为来看,无论是从公司的发展策略还是从国家层面上进行相关的政策选择,都会对其产生积极的影响。

Based on the existing concept of“bilateral political relations”,this paper studies the impact of bilateral political relations on the performance of Chinese listed companies’cross-border mergers and acquisitions.Based on the data of Chinese listed companies,the overall theoretical framework and mathematical research model are constructed,and regression analysis is performed using data analysis software such as SPSS and EXCEL.The research found that there is a significant negative correlation between bilateral political relations and corporate M&A performance in a short period of time.Domestic and foreign studies have shown that bilateral political relations play an important role in infl uencing the performance of cross-border mergers and acquisitions of enterprises.Therefore,from the perspective of studying the cross-border acquisition behavior of Chinese companies by bilateral political relations,whether it is from the development strategy of the company or from the national level,making relevant policy choices will have a positive impact on it.