政治关联、并购战略选择与企业价值*

本文以2010年发生并购的上市公司为初始样本，实证检验了企业政治关联对并购当年（2010年）和并购后连续五年（2011—2015年）企业价值的影响，并进一步分析这种影响在并购企业采用不同并购战略选择时是否存在显著差异。本文研究发现，并购企业中央政治关联和地方政治关联均对并购后企业短期价值和长期价值具有显著的正向影响。进一步研究发现，从总体上看，在一定条件下，跨地并购战略在企业中央政治关联与企业价值（短期/长期）间有正向的部分中介效应，即中央政治关联企业通过跨地并购战略的实施进一步增强了对企业价值的提升作用；企业地方政治关联可以显著地促进多元化并购战略的实施，而实施多元化并购战略进一步增强了对企业价值（短期/长期）的抑制作用，即多元化并购战略在企业地方政治关联对企业价值的影响机制中发挥部分中介效应，并且对直接正效应具有抑制作用。

POLITICAL CONNECTION,STRATEGIC CHOICE OF M&A AND CORPORATE VALUE

This paper takes the listed firms that have experienced M&A in 2010 as a sample,and tests the influence of political connection on corporate value of the year (2010) and the five straight years after M&A (2011—2015),and the influence of political connection on different strategic choices of M&AThe main conclusions are found as follows: both the central political and local political connection have significant positive influence on corporate value after M&A in the short term and long termFurther study shows that,overall,under certain circumstances,the cross land acquisition strategy plays a partial mediating role in the central political connection and corporate value (short/long term)That is to say,the central political connection enterprises further strengthen the promotion of enterprise value across the implementation of the cross land acquisition strategy；The local political connection can significantly promote the implementation of the diversification strategy of M&A,whereas the implementation of the diversification strategy of M&A further enhances the inhibitory impact on the promotion of corporate value (short/long term)That is to say,the diversification strategy of M&A plays a partial mediating role in the influencing mechanism of the local political connection on corporate value,and has the inhibitory effect on the direct positive effect