摘要
随着市场体制的不断完善,中国企业并购的潜力被释放,由于企业家是并购决策的主要发起者与领导者,企业家社会网络对并购也会产生影响,这在转型经济的中国尤为突出。基于627家中国上市公司研究企业家社会资本与企业并购之间的关系。结果显示:行业内、外的企业家社会资本分别与行业内并购、多元化并购正相关的假设得到部分支持。企业家与地方政府的政治关联对于企业的省内并购、企业家与中央政府的政治关联对省外并购均具有正向影响。
With the improvement of market system,M＆A is released in China.Entrepreneurs are the main sponsor and actor of M＆A decision-making,so his social network will have an impact on M＆A especially in China.Based on the information of the six hundred and twenty-seven manufacturing enterprises in the stock market of Shanghai and Shenzhen listed companies,the effects of entrepreneurs’ social capital on M＆A has been studied.The empirical results show the hypothesis that entrepreneur social capital existing inside and outside of the industry respectively is positively correlated with enterprise horizontal merger and conglomerate merger respectively is partly supported.The hypothesis that entrepreneurs who have political tie with local government will do benefit to the enterprises mergers which are inside the province is supported.The hypothesis that entrepreneurs who have political tie with central government will do benefit to the enterprises mergers which are outside province is supported too.
出处
《经济与管理》
CSSCI
2012年第10期77-81,共5页
Economy and Management
基金
国家自然科学基金项目(70872043)
安徽省教育厅人文社会科学研究项目(SK2012B083)
关键词
企业家社会资本
并购
转型经济
Entrepreneur social capital
Merger and acquisition
Transitional economy
