This article makes a comprehensive study on the relationship between political connections and acquisition performance.The relationship is investigated from the following aspects:the general effect of political connections on acquisition performance;the different effects of political connections on SOEs and private enterprise's acquisition performance;the combined effect of political connections and conglomerate diversification on acquisition performance.Our findings show that political connections have a negative effect on acquisition performance;political connections have a significant negative effect on acquisition performance of SOEs,but less negative effect on private enterprises';companies with political connections have better acquisition performance than those without political connections when they are making conglomerate diversification,and this positive effect performs better on private enterprises.%考察不同所有制情境与并购情境下政治关联对并购绩效的影响,并论证不同维度的政治关联对企业并购绩效的影响差异.分别从3个方面进行分析:政治关联对企业并购的总体作用效果;政治关联对国有企业和民营企业的并购绩效产生的不同影响;政治关联和多元化并购共同作用下对企业并购绩效的影响.研究表明,政治关联对企业的会计并购绩效有负面作用;政治关联对国有企业绩效具有显著的负面作用,而对民营企业效果不显著;在多元化并购中,拥有政治关联的公司并购绩效要好于非政治关联公司,这一正向作用对民营企业尤为明显.
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