政治关联、制度环境对企业并购绩效的影响——基于我国上市公司的实证研究  

The influence of political association and institutional environment on M&A performance—Based on empirical research of listed companies in China

作　　者：杨超[1] 贾晓涵 杨纯吉 YANG Chao;JIA Xiaohan;YANG Chunji(School of Mathematics,Liaoning Normal University,Dalian 116029,China)

机构地区：[1]辽宁师范大学数学学院,辽宁大连116029

出　　处：《辽宁师范大学学报（自然科学版）》2023年第1期19-25,共7页Journal of Liaoning Normal University:Natural Science Edition

基　　金：教育部人文社科规划项目(21YJA630116)。

摘　　要：并购是企业实现跨越式发展的重要战略选择.近年来,我国越来越多的民营企业为了扩大规模而选择并购,而其所处的制度环境以及主动建立的政治关联对并购后的绩效产生较大影响.以2010—2020中国沪深A股民营上市公司为样本,对政治关联、制度环境和并购绩效的关系进行实证研究.结果表明,政治关联程度越高,企业并购绩效越低;制度环境在政治关联对民营企业并购绩效的影响中发挥着积极的调节作用.M&A is an important strategic choice for enterprises to realize leapfrog development.In recent years,more and more private enterprises choose M&A for the expansion of scale,and the institutional environment in which they are and the active established political association exert great influence on the performance of the M&A.This paper takes A-share private listed companies in Shanghai and Shenzhen from 2010 to 2020 as samples to conduct an empirical study on the relationship between political connections,institutional environment and M&A performance.The results show that the higher the degree of political connection,the lower the performance of M&A.The institutional environment plays a positive moderating role in the influence of political association on the M&A performance of private enterprises.

关 键 词：政治关联 制度环境 并购绩效 民营企业 

分 类 号：D630[政治法律—政治学] F271[政治法律—中外政治制度] F275[经济管理—企业管理] F832.5[经济管理—国民经济]