先前经验和政治关联对新创企业并购决策的影响——制度环境的调节作用  

The Influence of Previous Experience and Political Connection on New Venture M&A Decision: The Moderation Function of Institutional Environment

作　　者：刘伟[1,2] 龚治宇[1] 张铄 LIU Wei;GONG Zhi-yu;ZHANG Shuo(School of Economics and Business Administration,Chongqing University,Chongqing 400044,China;Research Center of Business Administration and Economic Development,Chongqing University,Chongqing 400044,China;School of Management,Chongqing Technology and Business University,Chongqing 400067,China)

机构地区：[1]重庆大学经济与工商管理学院,重庆400044 [2]重庆大学工商管理与经济发展研究中心,重庆400044 [3]重庆工商大学管理学院,重庆400067

出　　处：《预测》2019年第6期32-38,共7页Forecasting

基　　金：教育部人文社会科学研究基金资助项目(13YJA630058);中央高校基本科研业务费专项资金资助项目(106112015CDJSK02JD)

摘　　要：根据认知理论和社会资本理论,创业团队的先前经验和政治关联对新创企业战略决策的影响重大。在以往研究的基础上,本文从资本运作角度对创业团队的先前经验进行了补充,选取创业板上市企业为样本,探讨创业团队先前经验和政治关联对企业并购决策的影响,并进一步分析了制度环境的调节作用。实证结果表明,创业板上市公司的外延式发展战略依赖于创业团队基于先前经验和政治关联所达成的集体认知决策。创业团队的先前经验与并购行为呈现倒U型关系;政治关联则会对企业的并购决策产生显著的正向影响;制度环境对以上关系起到一定的调节作用。According to cognitive theory and social capital theory,the previous experience and political connection of entrepreneurial teams have a great influence on new ventures strategy.On the basis of previous research,this paper selects the Chi-Next listed companies as samples to explore the effect of previous experience(from the perspective of capital operation)and political connection on the new venture M&A,and analyzes the moderation function of institutional environment.The results show that the extended development strategy of Chi-Next listed new ventures depends on the collective cognitive decisions made by the entrepreneurial team based on previous experience and political connection.There is an inverted U-type relationship between the previous experience and M&A.And political connection has a significant positive impact on M&A.Furthermore,the institutional environment moderates the above relations.

关 键 词：先前经验 政治关联 制度环境 并购决策 

分 类 号：F272.3[经济管理—企业管理]