| 摘要: |
| 以 2013—2019 年中国私营企业针对不同目标国跨国并购为样本探讨政治关联对并购绩效的
影响以及收购方能力对该影响的调节作用。 研究表明:政治关联对私企在“一带一路”国家的并购绩效
产生积极影响,在非“一带一路”国家产生消极影响;董事会治理能力加剧了政治关联对非“一带一路”国
家并购绩效的消极影响;吸收能力帮助中国私营企业在“一带一路”国家更好地吸收有价值的外部信息
并应用于并购决策,提高政治关联对并购绩效的积极影响。 本研究有助于中国私营企业针对不同目标国
做出高效并购决策,并提升其并购绩效。 |
| 关键词: 政治关联 收购方能力 跨国并购绩效 一带一路 |
| DOI： |
| 分类号: |
| 基金项目: |
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| Political Connection, Acquirer Capabilities and M&A Performance of ChinesePrivate Enterprises: From the Perspective of Different Target Countries |
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GUO Jianquan, HAN Yiqin
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| Abstract: |
| Based on a sample of cross-border mergers and acquisitions (M&A) of Chinese private enterprises between 2013 and 2019, this paper explores the impact of political connections on M&A performance and
the moderating role of acquirer capabilities. The research shows that political connections have a positive impact
on the M&A performance of Chinese private enterprises in Belt and Road Initiative (BRI) countries and a negative impact in non-BRI countries. The board governance capability exacerbates the negative impact of political
connections on the M&A performance in non-BRI countries. Absorptive capacity helps Chinese private enterprises better absorb valuable external information in BRI countries and apply it to M&A decisions, enhancing the
positive impact of political connections on M&A performance. This research helps Chinese private enterprises
make efficient M&A decisions for different target countries and improve their M&A performance. |
| Key words: political connection acquirer capability cross-border M&A performance Belt and Road Initiative |
