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As the domestic capital market starts late, relative to perfect foreign capital markets, there is relatively less study on Merger and Acquisition (M & A), and there is more lacking in related research on the impact of non-economic factors such as corporate culture and political connection on the performance of M & A. This paper supplements vacancy related fields through the study on impact of relations between enterprises and governments on the performance of M & A. Taking M & A events launched by China’s A-share listed companies from 2007 to 2011 as samples, this paper uses operating cash flow return on total assets to measure a company’s performance and testing is performed by multiple regression analysis; the results show that the political connection degree of general manager or chairman has no significant impact on the performance after M & A, while has a significant positive impact on the performance of M & A in private enterprises.

Empirical Analysis in the Political Connection and the Performance of Merger and Acquisition