A Study On The Impact Of Political Relevance On M&A Performance

M&A is of great significance in improving the enterprise's innovation ability,promoting the upgrading of industrial structure and enhancing the core competitiveness.Domestic and foreign scholars have made a lot of theoretical and empirical research on corporate mergers and acquisitions activities,but the existing literature is mainly concerned with the short-term performance of mergers and acquisitions,lack of long-term performance research,but the impact of M&A decisions on enterprises often need to go through a long period Time can be expressed,so this article from the perspective of long-term performance,the performance of M&A research.At the same time,China is in a planned economy to a market economy in the context of the transition,the development of the region is very uneven,the government still holds a large number of core resources allocation rights,and the government has a natural "blood" relationship between the state-owned enterprises naturally get more governmental support.Non-state-owned enterprises in the development of financing difficulties,market access restrictions,policy discrimination and many other issues,in order to overcome the development of various obstacles and restrictions,non-state enterprises have been constantly looking for an alternative mechanism to make up for Institutional defects,and political relations is such an alternative mechanism.Based on the above background analysis,this paper attempts to study the relationship between political association and performance of non-state-owned enterprises,and further introduce the market-oriented index compiled by Fan Gang to measure the marketization process of each province(autonomous region or municipality directly under the central government).As the marketization process is composed of five aspects,18 basis indicators weighted average calculation,not all the index is related to the research content,therefore,we selected in the 18 sub-index most affect the relationship between political and M&A performance of the three basic indicators: The marketization index of the credit fund allocation,the marketization index of the government intervention and the marketization index ofthe legal system environment to explore the path of the relationship between the political process and the performance of the political association.In this paper,the acquisition of M&A events of non-state-owned listed companies in 2008 ~ 2013 is selected as the initial sample,and the initial sample data are screened according to certain process.Finally,525 research samples are obtained.The main sources are CSMAR database,Stata13.0 and other software to deal with the data and analysis,the following conclusions: the political association of non-state-owned enterprises M&A performance has a positive impact;the distribution of credit funds market and the process of government intervention on the performance of mergers and acquisitions have a positive The effect of marketization on the performance of M&A is mainly through the improvement of the efficiency of credit allocation and the reduction of government intervention.By further introducing the market segmentation index and the political connection,the government,The improvement of the degree of marketization of intervention has significantly weakened the positive impact of the political connection on the performance of M&A.The improvement of the degree of marketization of credit allocation has no significant effect on the performance of M&A.