关键词: 政治关联, 并购, 要素市场发育程度, 政府与市场的关系, political ties, merger, development level of factor market, relationship between government and market

Abstract: This paper examined the relationship between political ties of different level of the top managers and corporate merger, and the moderating effect of market development level. Through the analysis of the 183 merger events from 109 high-tech listed corporates during 2005-2009, we find that local political ties contribute to the merger in local and glocal in the industry, while central political ties contributes to mergers in local and glocal beyond the industry. The results also proved that the higher development of the region factor market, the more the political ties can contribute to the corporate merger, and the relationship between government and market plays different role in different level’s political ties and merger.