首页 | 本学科首页   官方微博 | 高级检索  
     

政治关联、竞争地位与混合并购——来自中国A股证券市场的经验证据
引用本文:傅传锐,杨群. 政治关联、竞争地位与混合并购——来自中国A股证券市场的经验证据[J]. 北京理工大学学报(社会科学版), 2017, 19(5): 61-71. DOI: 10.15918/j.jbitss1009-3370.2017.2046
作者姓名:傅传锐  杨群
作者单位:福州大学经济与管理学院,福州,350116;福州大学经济与管理学院,福州,350116
基金项目:国家社会科学基金资助项目(15CGL019);福建省自然科学基金青年科技人才创新项目资助(2015J05136)
摘    要:从中国转轨经济时期特殊的制度背景与企业竞争态势的视角出发,以2007-2011年间中国A股证券市场上发生的522起并购事件为样本,运用Logistic回归方法与中介效应模型分别考察了企业政治关联与竞争地位对混合并购决策及其绩效的共同影响。研究发现:混合并购总体上难以为并购方创造长期的价值,而且其并购绩效要显著低于相关并购;在并购前,企业的政治关联度与竞争地位分别与其混合并购倾向显著正相关、负相关;越是竞争劣势企业,越倾向于利用自身政治关联身份实施混合并购行为。在并购后,政治关联能够帮助企业提高混合并购绩效,并且这一绩效提升路径是通过并购后企业竞争地位的改善得以顺利实现。

关 键 词:政治关联  竞争地位  混合并购  Logistic回归  中介效应
收稿时间:2016-10-12

Political Connection,Competitive Position and Conglomerate Merger-A Study based on China's A-share Securities Market
FU Chuanrui and YANG Qun. Political Connection,Competitive Position and Conglomerate Merger-A Study based on China's A-share Securities Market[J]. Journal of Beijing Institute of Technology(Social Sciences Edition), 2017, 19(5): 61-71. DOI: 10.15918/j.jbitss1009-3370.2017.2046
Authors:FU Chuanrui and YANG Qun
Affiliation:1.School of Economics and Management, Fuzhou University, Fuzhou 350116, China
Abstract:Using a sample of 522 merger events which occurred in Chinese A-share securities market from 2007 to 2011,we first empirically investigate the influences of enterprise political connection and competitive position on conglomerate merger decision by logistic regression,and further explore the mediating effect of the change of merging firm''s competitive position on the relationship between political connection and corporate performance after conglomerate merger. The results indicate that:In contrast with related mergers,conglomerate mergers could hardly create value for shareholders. In the pre merger period,political connection is significantly positive correlated with conglomerate merger decision,and enterprise competitive position is negative correlated with conglomerate merger strategy. Further more,the worse corporate competition status is,the more likely political connection would lead to conglomerate merger. In the post conglomerate merger period,there exists a significantly positive relationship between political connection and post-merger performance,among which the promotion of merging firm''s competitive position plays an important mediating effect. That is,conglomerate merger''s political connection can firstly help improve its competitive status,which finally enhances its post-merger performance.
Keywords:political connection  competitive position  conglomerate merger  Logistic regression  mediating effect
本文献已被 万方数据 等数据库收录!
点击此处可从《北京理工大学学报(社会科学版)》浏览原始摘要信息
点击此处可从《北京理工大学学报(社会科学版)》下载全文
设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号