Corporate Ownership, Political Connections and M&A: Empirical Evidence from China*
Corporate Ownership, Political Connections and M&A: Empirical Evidence from China*
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DOI：
10.1162/asep_a_00236
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发表时间：
2013-10
影响因子：
9.7
通讯作者：
Ningyue Liu;Liming Wang;Min Zhang
中科院分区：
文献类型：
--
作者：
Ningyue Liu;Liming Wang;Min Zhang
本文以1998 - 2010年中国上市公司为研究对象，考察了政治关联对企业并购行为的影响。我们的实证结果表明，有政治关系的企业有更大的概率从事M& A，并倾向于从事大规模的M& A。政治关联对企业并购的影响主要通过政府对国有企业的干预来实现。本文还研究了政治关系对并购绩效的影响，发现当涉及国有企业时，政治关系对并购绩效有显著的负面影响，而当涉及非国有企业时，政治关系对并购绩效有显著的正面影响。本文的研究结果表明，中国上市公司的政治关系对并购活动和并购绩效有很强的影响。
This paper examines the impact of political connections on corporate mergers and acquisitions (M&As) behavior using data from companies listed in Chinese equity markets during the period 1998 to 2010. Our empirical results indicate that firms with political connections have a greater probability of engaging in M&As and tend to engage in larger-scale M&As. The impact of political connections on corporate M&As is mainly realized via government intervention in state-owned enterprises (SOEs). The paper also investigates the impact of political connections on M&A performance, demonstrating a significantly negative impact when SOEs are involved but a significantly positive impact when non-SOEs are involved. The findings of this paper suggest that the political connections of Chinese listed firms have a strong influence on M&A activities and performance.