行业机会、政治关联与多元化并购

本文考察了我国转轨时期的制度背景，认为我国目前存在的行业机会，以及企业注重建立政治关联会促使企业多元化并购的发生。文章以我国上市公司2001—2006年间发生的399起多元化并购和768起相关并购事件为研究对象，用Probit模型进行分析，发现企业原先所处的行业竞争激烈、利润率越低，越倾向进行多元化并购；目标行业的利润率越高，越倾向进行多元化并购；另外，企业的政治关联越高，越倾向进行多元化并购进入到与主业无关的、高利润的行业中。

Industry Opportunities,Political Connection and Diversification by M&A

Many studies found that diversification by M&A couldn't create the value of acquiring firms.However,why do they diversify by M&A? This paper summarized the motivations aboard and domestic,combining the background of transition economy of China,which contains industry opportunities and political connection.Then we used the data between 2001 and 2006 to test above theories,imposing the probit model.We found that the diversification by M&A in China may be mainly driven by industry opportunities and political c...