摘要
本文以2006年7月至2009年6月上市民营企业的并购数据为样本,实证分析了并购时政治关联对股东财富效应的影响。研究发现民营企业政治关联有助于股东获得更多的累积异常收益率,并且政治关联程度越高,财富效应越大。进一步研究发现,在多元化和跨区域并购中,政治关联对财富效应的作用更明显,而在对国有企业的并购中,政治关联对财富效应没有显著影响。
Using a sample of mergers and acquisitions by listed private enterprises from July 2006 to June 2009, we empirically analysis that the political connection of the shareholders＇ wealth effect in mergers and acquisitions. The study finds the political connection contributes to the private enterprises of shareholders more cumulative abnormal returns, and the higher the degree of political connection, the greater the wealth effect. Further studies reveal that, in diversified and cross-regional mergers and acquisitions, the effect of political connection for wealth effect is more obvious, but in the mergers and acquisitions of state-owned enterprises, the effect is not significant.
基金
国家自然科学基金青年项目(批准号码70802011)
福建省社科项目(批准号码:2009B2018)
关键词
政治关联
财富效应
多元化
跨区域
political connection wealth effect diversity cross-regional
