政治关联、股权性质与海外并购——基于“一带一路”沿线的视角

摘要 选取2009-2017年我国上市企业海外并购事件作为研究样本，从"一带一路"沿线的视角研究股权性质、政治关联及其广度与深度对我国企业海外并购的影响，结果表明：政治关联没有增强企业"一带一路"沿线海外并购意愿，但会影响并购交易规模；国有股权性质对相关并购意愿和并购规模均没有显著影响。在"一带一路"沿线海外并购中，政治关联企业海外并购的规模高于非政治关联企业，政治关联深度和广度与并购规模正相关。我国企业可借助"一带一路"倡议的实施推进海外并购，在关注企业自身经济利益的同时，实现国家、市场和企业的多方共赢。
Abstract： Using samples of overseas M&A (mergers and acquisitions)made by Chinese listed companies between 2009-2017,this paper examines how political connection and nature of equity affect the willingness and scale of cross-border M&A. It shows that enterprise's political connection and nature of equity don't influence the willingness of cross-border M&A alongside the Belt and Road,but affect the size of the acquisition. Companies with political connection merger bigger than companies without. The width and depth of political connection are positively correlated with the size of the acquisition. Chinese companies should concentrate on the economical profit on the one hand and try to achieve a win-win situation in the construction of "One Belt and One Road" on the other.