关键词: 政治关联 , 并购战略 , 企业价值

Abstract: This paper takes the listed firms that have experienced M&A in 2010 as a sample,and tests the influence of political connection on corporate value of the year (2010) and the five straight years after M&A (2011—2015),and the influence of political connection on different strategic choices of M&AThe main conclusions are found as follows: both the central political and local political connection have significant positive influence on corporate value after M&A in the short term and long termFurther study shows that,overall,under certain circumstances,the cross land acquisition strategy plays a partial mediating role in the central political connection and corporate value (short/long term)That is to say,the central political connection enterprises further strengthen the promotion of enterprise value across the implementation of the cross land acquisition strategy；The local political connection can significantly promote the implementation of the diversification strategy of M&A,whereas the implementation of the diversification strategy of M&A further enhances the inhibitory impact on the promotion of corporate value (short/long term)That is to say,the diversification strategy of M&A plays a partial mediating role in the influencing mechanism of the local political connection on corporate value,and has the inhibitory effect on the direct positive effect

Key words: political connection , strategy of M&A , corporate value