Journal of Corporate Finance, Volume 41, December 2016, Pages 81–102

朋友身在其位：政治关联对企业并购活动的影响

作者：Stephen P. Ferris (Trulaske College of Business-University of Missouri), Reza Houston(Scott College of Business-Indiana State University), David Javakhadze (College of Business-Florida Atlantic University)

摘要：本研究考察了前政治家、监管者与董事会或管理团队之间的会晤如何影响企业并购活动及业绩。我们发现，具有政治关联的投标者更有可能获得目标，并避免监管延迟或拒绝。支付的并购溢价随着政治的关联程度而提升。公告期的回报显示，投资者认识到具有政治关联的收购者出价更有可能创造公司价值。具有政治关联的竞标者会做出更多的报价并且针对更大的目标出价。具有政治关联的并购者（竞标成功的）也享有更好的并购后财务和经营业绩。

关键词：政治关联，兼并，收购，反垄断法

Friends in the right places: The effect of political connections on corporate merger activity

Stephen P. Ferris (Trulaske College of Business-University of Missouri), Reza Houston(Scott College of Business-Indiana State University), David Javakhadze (College of Business-Florida Atlantic University)

ABSTRACT

This study examines how the appointment of former politicians and regulators to boards of directors or management teams influences corporate acquisition activity and performance. We find that bidders with political connections are more likely to acquire targets and avoid regulatory delay or denial. The merger premium paid increases with political connectedness. The announcement period returns show that investors recognize that bids by politically connected acquirers are more likely to create firm value. Connected bidders make more bids and bid on larger targets. Connected acquirers also enjoy superior post-merger financial and operating performance.

Keywords: Political connections; Mergers; Acquisitions; Antitrust law

原文链接：http://www.sciencedirect.com/science/article/pii/S0929119916301067

翻译：熊进宗