本文選題：政治關(guān)聯(lián)　切入點(diǎn)：競(jìng)爭(zhēng)地位　出處：《北京理工大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版)》2017年05期 　論文類型：期刊論文

【摘要】：從中國(guó)轉(zhuǎn)軌經(jīng)濟(jì)時(shí)期特殊的制度背景與企業(yè)競(jìng)爭(zhēng)態(tài)勢(shì)的視角出發(fā),以2007—2011年間中國(guó)A股證券市場(chǎng)上發(fā)生的522起并購(gòu)事件為樣本,運(yùn)用Logistic回歸方法與中介效應(yīng)模型分別考察了企業(yè)政治關(guān)聯(lián)與競(jìng)爭(zhēng)地位對(duì)混合并購(gòu)決策及其績(jī)效的共同影響。研究發(fā)現(xiàn):混合并購(gòu)總體上難以為并購(gòu)方創(chuàng)造長(zhǎng)期的價(jià)值,而且其并購(gòu)績(jī)效要顯著低于相關(guān)并購(gòu);在并購(gòu)前,企業(yè)的政治關(guān)聯(lián)度與競(jìng)爭(zhēng)地位分別與其混合并購(gòu)傾向顯著正相關(guān)、負(fù)相關(guān);越是競(jìng)爭(zhēng)劣勢(shì)企業(yè),越傾向于利用自身政治關(guān)聯(lián)身份實(shí)施混合并購(gòu)行為。在并購(gòu)后,政治關(guān)聯(lián)能夠幫助企業(yè)提高混合并購(gòu)績(jī)效,并且這一績(jī)效提升路徑是通過(guò)并購(gòu)后企業(yè)競(jìng)爭(zhēng)地位的改善得以順利實(shí)現(xiàn)。
[Abstract]:From the perspective of the special institutional background and the competitive situation of enterprises in the period of China's transition economy, this paper takes 522 M & A events in China's A-share securities market from 2007-2011 as a sample. By using the Logistic regression method and the intermediary effect model, this paper investigates the mutual influence of corporate political association and competitive status on the decision making and performance of hybrid M & A. It is found that hybrid M & A is difficult to create long-term value for M & A parties in general. Moreover, the performance of M & A is significantly lower than that of related M & A; before M & A, the degree of political relevance and competitive status of enterprises are significantly positive correlation and negative correlation with their tendency of mixed M & A; the more competitive inferior enterprises, the more competitive inferior enterprises, After M & A, political association can help enterprises to improve the performance of hybrid mergers and acquisitions. And this performance improvement path is achieved smoothly through the improvement of the competitive position of the enterprise after M & A.
【作者單位】： 福州大學(xué)經(jīng)濟(jì)與管理學(xué)院;
【基金】：國(guó)家社會(huì)科學(xué)基金資助項(xiàng)目(15CGL019) 福建省自然科學(xué)基金青年科技人才創(chuàng)新項(xiàng)目資助(2015J05136)
【分類號(hào)】：D0;F271;F832.51
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本文編號(hào)：1630545