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題名 政治關聯對於企業併購的影響
Political Connection Impact on Merger and Acquisition作者 謝柔明
Hsieh, Jou-Ming貢獻者 陳嬿如
Chen, Yenn-Ru
謝柔明
Hsieh, Jou-Ming關鍵詞 政治關聯
企業併購
政府政策
Political Connection
M&A
Government Policy日期 2020 上傳時間 2-Sep-2020 11:44:21 (UTC+8) 摘要 政治關聯相對公司價值為增加或減損，過去以來多有爭論。中國作為近代全球的經濟成長動能，其政府主導的政權結構使得中國政治關聯的重要性增加。本文以中國國家發展和改革委員會於2010年頒布的《國務院關於促進企業兼併重組的意見》政策為外部衝擊(external shock)，探討政策實施背景前後，政治關聯是否影響企業併購意願及其影響。實證結果顯示政治關聯具有正向市場宣告效果。其中，當公司流動性充足，意味著併購限制較少，市場將加深政治關聯代理問題的疑慮，市場宣告效果轉為負面。併後會計表現方面，政治關聯對於財務、市場表現強勢的公司而言為助力，反之則會侵蝕公司併購績效。此外，儘管政治關聯有利優勢公司，政策外部衝擊存在時，其代理問題的負面影響大於政治連結價值。
The effect of political connection on firm value has been controversial. China, as a modern global economic growth driver, the feature of government-led regime makes political connection more important. We regard the policy of “Opinion on Corporate Mergers and Acquisitions” (hereafter OCMA) issued by the State Council of China on October 28,2010 as external shock and discuss whether political connection affects corporate M&A willingness and its impact before and after the implementation period of policy.The empirical results show that political connection contributes positive market announcement effect. Besides, market announcement effect will become negative for financial sufficiency company. It implies that the market would deepen their doubts on agency problem because there are fewer restriction on M&A for sufficient company. Furthermore, we find that whether political connection would increase firm value depends on the financial or market performance of acquirer company. For strong performance acquirer, political connection will add firm value. However, if acquirer doesn’t show strong performance, the effect of political connection is negative on post M&A accounting performance. Finally, our research shows that the negative impact of agency problem is greater than connection value when OCMA policy exists among strong performance acquirer.參考文獻 Amore, M. D. and M. Bennedsen (2013). "The value of local political connections in a low-corruption environment." Journal of financial economics 110(2): 387-402.Anderson, R. C. and D. M. Reeb (2003). "Founding‐family ownership and firm performance: evidence from the S&P 500." The journal of finance 58(3): 1301-1328.Bliss, M. A. and F. A. Gul (2012). "Political connection and cost of debt: Some Malaysian evidence." Journal of Banking & Finance 36(5): 1520-1527.Boubakri, N., et al. (2012). "THE IMPACT OF POLITICAL CONNECTIONS ON FIRMS’OPERATING PERFORMANCE AND FINANCING DECISIONS." Journal of Financial Research 35(3): 397-423.Brockman, P., et al. (2013). "Institutions and the performance of politically connected M&As." Journal of International Business Studies 44(8): 833-852.Chen, S., et al. (2011). "Government intervention and investment efficiency: Evidence from China." Journal of Corporate Finance 17(2): 259-271.Chen, Y.-R., et al. (2020). "Can government industrial policy enhance corporate bidding? The evidence of China." Pacific-Basin Finance Journal 60: 101288.Chow, C. K. W., et al. (2012). "Investment opportunity set, political connection and business policies of private enterprises in China." Review of Quantitative Finance and Accounting 38(3): 367-389.Claessens, S., et al. (2008). "Political connections and preferential access to finance: The role of campaign contributions." Journal of financial economics 88(3): 554-580.El-Khatib, R., et al. (2015). "CEO network centrality and merger performance." Journal of financial economics 116(2): 349-382.Faccio, M. (2006). "Politically connected firms." American economic review 96(1): 369-386.Faccio, M., et al. (2016). "CEO gender, corporate risk-taking, and the efficiency of capital allocation." Journal of Corporate Finance 39: 193-209.Faccio, M., et al. (2006). "Political connections and corporate bailouts." The journal of finance 61(6): 2597-2635.Fan, J. P., et al. (2007). "Politically connected CEOs, corporate governance, and Post-IPO performance of China`s newly partially privatized firms." Journal of financial economics 84(2): 330-357.Fazzari, S., et al. (1987). Financing constraints and corporate investment, National Bureau of Economic Research.Ferris, S. P., et al. (2016). "Friends in the right places: The effect of political connections on corporate merger activity." Journal of Corporate Finance 41: 81-102.Harford, J. and V. B. Uysal (2014). "Bond market access and investment." Journal of financial economics 112(2): 147-163.Hu, Y. and X. Zhou (2008). "The performance effect of managerial ownership: Evidence from China." Journal of Banking & Finance 32(10): 2099-2110.Infante, L. and M. Piazza (2014). "Political connections and preferential lending at local level: Some evidence from the Italian credit market." Journal of Corporate Finance 29: 246-262.Leuz, C. and F. Oberholzer-Gee (2006). "Political relationships, global financing, and corporate transparency: Evidence from Indonesia." Journal of financial economics 81(2): 411-439.Morck, R., et al. (2008). "Perspectives on China`s outward foreign direct investment." Journal of International Business Studies 39(3): 337-350.Nain, A. and T. Yao (2013). "Mutual fund skill and the performance of corporate acquirers." Journal of financial economics 110(2): 437-456.Rosenbaum, P. R. and D. B. Rubin (1983). "The central role of the propensity score in observational studies for causal effects." Biometrika 70(1): 41-55.Schweizer, D., et al. (2019). "Cross-border acquisitions by Chinese enterprises: The benefits and disadvantages of political connections." Journal of Corporate Finance 57: 63-85.Schwert, G. W. (1996). "Markup pricing in mergers and acquisitions." Journal of financial economics 41(2): 153-192.Shen, C.-H. and C.-Y. Lin (2016). "Political connections, financial constraints, and corporate investment." Review of Quantitative Finance and Accounting 47(2): 343-368.Shleifer, A. and R. W. Vishny (1994). "Politicians and firms." The quarterly journal of economics 109(4): 995-1025.Sun, Z., et al. (2017). "The financing of Chinese outbound mergers and acquisitions: Is there a distortion between state-owned enterprises and privately owned enterprises?" Research in International Business and Finance 39: 377-388.Wang, Y., et al. (2019). "Political connections and firm performance: Evidence from government officials` site visits." Pacific-Basin Finance Journal 57: 101021.Wu, W., et al. (2012). "Ownership and the value of political connections: Evidence from China." European Financial Management 18(4): 695-729.Zhang, W. and N. Mauck (2018). "Government-affiliation, bilateral political relations and cross-border mergers: Evidence from China." Pacific-Basin Finance Journal 51: 220-250.Zhou, B., et al. (2015). "Does state ownership drive M&A performance? Evidence from China." European Financial Management 21(1): 79-105. 描述 碩士
國立政治大學
財務管理學系
107357031資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107357031 資料類型 thesis dc.contributor.advisor 陳嬿如 zh_TW dc.contributor.advisor Chen, Yenn-Ru en_US dc.contributor.author (Authors) 謝柔明 zh_TW dc.contributor.author (Authors) Hsieh, Jou-Ming en_US dc.creator (作者) 謝柔明 zh_TW dc.creator (作者) Hsieh, Jou-Ming en_US dc.date (日期) 2020 en_US dc.date.accessioned 2-Sep-2020 11:44:21 (UTC+8) - dc.date.available 2-Sep-2020 11:44:21 (UTC+8) - dc.date.issued (上傳時間) 2-Sep-2020 11:44:21 (UTC+8) - dc.identifier (Other Identifiers) G0107357031 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/131484 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理學系 zh_TW dc.description (描述) 107357031 zh_TW dc.description.abstract (摘要) 政治關聯相對公司價值為增加或減損，過去以來多有爭論。中國作為近代全球的經濟成長動能，其政府主導的政權結構使得中國政治關聯的重要性增加。本文以中國國家發展和改革委員會於2010年頒布的《國務院關於促進企業兼併重組的意見》政策為外部衝擊(external shock)，探討政策實施背景前後，政治關聯是否影響企業併購意願及其影響。實證結果顯示政治關聯具有正向市場宣告效果。其中，當公司流動性充足，意味著併購限制較少，市場將加深政治關聯代理問題的疑慮，市場宣告效果轉為負面。併後會計表現方面，政治關聯對於財務、市場表現強勢的公司而言為助力，反之則會侵蝕公司併購績效。此外，儘管政治關聯有利優勢公司，政策外部衝擊存在時，其代理問題的負面影響大於政治連結價值。 zh_TW dc.description.abstract (摘要) The effect of political connection on firm value has been controversial. China, as a modern global economic growth driver, the feature of government-led regime makes political connection more important. We regard the policy of “Opinion on Corporate Mergers and Acquisitions” (hereafter OCMA) issued by the State Council of China on October 28,2010 as external shock and discuss whether political connection affects corporate M&A willingness and its impact before and after the implementation period of policy.The empirical results show that political connection contributes positive market announcement effect. Besides, market announcement effect will become negative for financial sufficiency company. It implies that the market would deepen their doubts on agency problem because there are fewer restriction on M&A for sufficient company. Furthermore, we find that whether political connection would increase firm value depends on the financial or market performance of acquirer company. For strong performance acquirer, political connection will add firm value. However, if acquirer doesn’t show strong performance, the effect of political connection is negative on post M&A accounting performance. Finally, our research shows that the negative impact of agency problem is greater than connection value when OCMA policy exists among strong performance acquirer. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究背景及動機 1第二節 研究目的 2第三節 研究架構 3第二章 文獻回顧及假設建立 4第一節 政治關聯之經濟意涵 4第二節 政治關聯對於併購影響 5第三節 假設建立 7第三章 研究方法 9第一節 樣本及資料來源 9第二節 傾向評分匹配樣本配對 10第三節 模型設計 10第四章 實證結果 13第一節 政治關聯之宣告機率模型 13第二節 政治關聯之市場宣告模型 14第三節 政治關聯之併後績效模型 14第四節 渠道分析Channel Analysis 15第五章 結論 18第一節 研究結論 18第二節 研究限制及後續建議 18附表 20參考文獻 35 zh_TW dc.format.extent 1868632 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107357031 en_US dc.subject (關鍵詞) 政治關聯 zh_TW dc.subject (關鍵詞) 企業併購 zh_TW dc.subject (關鍵詞) 政府政策 zh_TW dc.subject (關鍵詞) Political Connection en_US dc.subject (關鍵詞) M&A en_US dc.subject (關鍵詞) Government Policy en_US dc.title (題名) 政治關聯對於企業併購的影響 zh_TW dc.title (題名) Political Connection Impact on Merger and Acquisition en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Amore, M. D. and M. Bennedsen (2013). "The value of local political connections in a low-corruption environment." Journal of financial economics 110(2): 387-402.Anderson, R. C. and D. M. Reeb (2003). "Founding‐family ownership and firm performance: evidence from the S&P 500." The journal of finance 58(3): 1301-1328.Bliss, M. A. and F. A. Gul (2012). "Political connection and cost of debt: Some Malaysian evidence." Journal of Banking & Finance 36(5): 1520-1527.Boubakri, N., et al. (2012). "THE IMPACT OF POLITICAL CONNECTIONS ON FIRMS’OPERATING PERFORMANCE AND FINANCING DECISIONS." Journal of Financial Research 35(3): 397-423.Brockman, P., et al. (2013). "Institutions and the performance of politically connected M&As." Journal of International Business Studies 44(8): 833-852.Chen, S., et al. (2011). "Government intervention and investment efficiency: Evidence from China." Journal of Corporate Finance 17(2): 259-271.Chen, Y.-R., et al. (2020). "Can government industrial policy enhance corporate bidding? The evidence of China." Pacific-Basin Finance Journal 60: 101288.Chow, C. K. W., et al. (2012). "Investment opportunity set, political connection and business policies of private enterprises in China." Review of Quantitative Finance and Accounting 38(3): 367-389.Claessens, S., et al. (2008). "Political connections and preferential access to finance: The role of campaign contributions." Journal of financial economics 88(3): 554-580.El-Khatib, R., et al. (2015). "CEO network centrality and merger performance." Journal of financial economics 116(2): 349-382.Faccio, M. (2006). "Politically connected firms." American economic review 96(1): 369-386.Faccio, M., et al. (2016). "CEO gender, corporate risk-taking, and the efficiency of capital allocation." Journal of Corporate Finance 39: 193-209.Faccio, M., et al. (2006). "Political connections and corporate bailouts." The journal of finance 61(6): 2597-2635.Fan, J. P., et al. (2007). "Politically connected CEOs, corporate governance, and Post-IPO performance of China`s newly partially privatized firms." Journal of financial economics 84(2): 330-357.Fazzari, S., et al. (1987). Financing constraints and corporate investment, National Bureau of Economic Research.Ferris, S. P., et al. (2016). "Friends in the right places: The effect of political connections on corporate merger activity." Journal of Corporate Finance 41: 81-102.Harford, J. and V. B. Uysal (2014). "Bond market access and investment." Journal of financial economics 112(2): 147-163.Hu, Y. and X. Zhou (2008). "The performance effect of managerial ownership: Evidence from China." Journal of Banking & Finance 32(10): 2099-2110.Infante, L. and M. Piazza (2014). "Political connections and preferential lending at local level: Some evidence from the Italian credit market." Journal of Corporate Finance 29: 246-262.Leuz, C. and F. Oberholzer-Gee (2006). "Political relationships, global financing, and corporate transparency: Evidence from Indonesia." Journal of financial economics 81(2): 411-439.Morck, R., et al. (2008). "Perspectives on China`s outward foreign direct investment." Journal of International Business Studies 39(3): 337-350.Nain, A. and T. Yao (2013). "Mutual fund skill and the performance of corporate acquirers." Journal of financial economics 110(2): 437-456.Rosenbaum, P. R. and D. B. Rubin (1983). "The central role of the propensity score in observational studies for causal effects." Biometrika 70(1): 41-55.Schweizer, D., et al. (2019). "Cross-border acquisitions by Chinese enterprises: The benefits and disadvantages of political connections." Journal of Corporate Finance 57: 63-85.Schwert, G. W. (1996). "Markup pricing in mergers and acquisitions." Journal of financial economics 41(2): 153-192.Shen, C.-H. and C.-Y. Lin (2016). "Political connections, financial constraints, and corporate investment." Review of Quantitative Finance and Accounting 47(2): 343-368.Shleifer, A. and R. W. Vishny (1994). "Politicians and firms." The quarterly journal of economics 109(4): 995-1025.Sun, Z., et al. (2017). "The financing of Chinese outbound mergers and acquisitions: Is there a distortion between state-owned enterprises and privately owned enterprises?" Research in International Business and Finance 39: 377-388.Wang, Y., et al. (2019). "Political connections and firm performance: Evidence from government officials` site visits." Pacific-Basin Finance Journal 57: 101021.Wu, W., et al. (2012). "Ownership and the value of political connections: Evidence from China." European Financial Management 18(4): 695-729.Zhang, W. and N. Mauck (2018). "Government-affiliation, bilateral political relations and cross-border mergers: Evidence from China." Pacific-Basin Finance Journal 51: 220-250.Zhou, B., et al. (2015). "Does state ownership drive M&A performance? Evidence from China." European Financial Management 21(1): 79-105. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202001587 en_US
