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

朋友身在其位：政治關聯對企業并購活動的影響

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、監管者與董事會或管理團隊之間的會晤如何影響企業并購活動及業績。我們發現，具有政治關聯的投标者更有可能獲得目标，并避免監管延遲或拒絕。支付的并購溢價随着政治的關聯程度而提升。公告期的回報顯示，投資者認識到具有政治關聯的收購者出價更有可能創造公司價值。具有政治關聯的競标者會做出更多的報價并且針對更大的目标出價。具有政治關聯的并購者（競标成功的）也享有更好的并購後财務和經營業績。

關鍵詞：政治關聯，兼并，收購，反壟斷法

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

原文鍊接：http://www.sciencedirect.com/science/article/pii/S0929119916301067

翻譯：熊進宗