文献类型：期刊文献

中文题名：制度环境、政治关系与控制权收购模式选择

英文题名：Institutional Environment, Political Ties and Mode Choices in the Acquisition of Corporate Control

作者：段野[1];于鸣[1,2];汪金爱[3]

机构：[1]北京大学光华管理学院,北京100871;[2]中国工商银行渠道管理部,北京100032;[3]华东理工大学商学院,上海200237

年份：2015

卷号：37

期号：6

起止页码：47

中文期刊名：山西财经大学学报

外文期刊名：Journal of Shanxi University of Finance and Economics

收录：CSTPCD;;北大核心:【北大核心2014】；CSSCI:【CSSCI2014_2016】；

基金：中央高校基本科研业务费专项资金资助

语种：中文

中文关键词：制度优势;政治关系;控制权收购模式选择

外文关键词：institutional advantage; political ties; mode choice in the acquisition of corporate control

摘要：制度环境如何影响企业战略选择，是学术界和管理实践领域的核心问题之一。中国国内的不同区域问也存在一定的制度差异，它们对于企业并购模式的选择有着重要影响。本文以民营企业担任收购方的2001—2006年期间中国A股市场里出现的上市公司控制权收购案例作为样本，研究了收购方的制度背景、政治关系和控制权收购模式选择之间的关系。研究发现，收购方所在地区的制度背景越是优于被收购上市公司所在地区的制度背景，就越有可能选择一次性收购而非循序收购。政治关系作为一种调节因素，将削弱收购方的制度背景优势在收购模式选择中的影响。
How would institutional environment affect enterprise＇s strategic choice is one of the core issues on strategic management research, there are institutional differences among different regions within China, which affect mode choices in the acquisition of corporate control significantly. Based on the acquisitions of the corporate control of listed companies that the private finns serve as the acquirers in the Chinese A-share market from 2001 to 2006, this paper investigates the relationship among the acquirer＇ s institutional advantage, political ties and the mode choices in the acquisition of corporate control. This paper finds that the acquirer＇s institutional advantage is positively related to the likelihood of preferring to onetime acquisition rather than sequential acquisition. Moreover, political ties could weaken the positive effect of the institutional advantage on the mode choice in the acquisition.