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.

摘要： 本文检验了高管不同层次政治关联与企业并购之间的关系，以及市场发育程度的调节作用。以2005-2009年间109家高技术上市公司183次并购事件为样本进行分析发现：本地政治关联有助于企业在本产业内实施区域内或跨区域并购，而中央政治关联则有助于企业在本产业外实施区域内或区域间并购。研究结果还证实，区域要素市场发育程度越高，高管政治关联越能够促进企业并购的实施，政府与市场的关系则在不同层次政治关联与并购之间扮演着不同的角色。

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