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Political Connection Impact on Merger and Acquisition
|Issue Date: ||2020-09-02 11:44:21 (UTC+8)|
|Abstract: ||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。|
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.
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|Source URI: ||http://thesis.lib.nccu.edu.tw/record/#G0107357031|
|Data Type: ||thesis|
|Appears in Collections:||[財務管理學系] 學位論文|
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