摘要：企业与政府建立联系在世界范围内是普遍现象。过去的研究已经证明个人层面政治关联与组织层面政治关联对企业的生存和绩效都会产生影响，但这两种异质性的政 治关联对企业跨国并购绩效是否产生同样的影响却不得而知。 同时，作为国家层面的政治关联。两国外交关系是企业进行跨国并购时应该考虑的重要因素。尤其值得关注的是两国外交关系变化对政治关联企业的跨国并购绩效将产生怎样的影响? 本文以2009—2017年中国上市公司发生的172起海外并购事件为样本进行研究，以期回答上述问题。实证结果显示: 个人层面政治关联与跨国并购绩效之间具有显著的正相关关系，组织层面政治关联与跨国并购绩效之间的关系不显著，当企业同时拥有个人层面政治关联与组织层面政治关联时，企业会降低对个人层面政治关联的依赖，即组织层面政治关联弱化了个人层面政治关联对跨国并购绩效的提升。两国外交关系改善同样会降低企业对个人层面政治关联的依赖，即弱化个人层面政治关联对跨国并购绩效的提升。本研究从资源依赖理论视角对上述结论进行了解释，对现有的企业政治关联与跨国并购绩效关系研究形成重要补充。

Abstract: It is a common phenomenon for businesses to establish connections with the governments all over the world. Previous studies have proved that the political connections at either individual level or organizational level will influence the survival and performance of enterprises, but it is still unknown whether these two different levels of political connections will also have impact on the cross-border acquisitions. Meantime, as a political connection at the national level, the diplomatic relations between two countries is an important factor that enterprises should take into account while cross-border acquisitions. In particular, it is worth paying attention to how the diplomatic relations between two countries affect the cross-border acquisition performance of politically connected enterprises. Our paper takes 172 overseas acquisitions by Chinese listed companies from 2009 to 2017 as the sample to answer above questions. The empirical results show that: (1) There is a significant positive correlation between personal political connections and cross-border acquisition performance, but the relationship between organizational political connections and cross-border acquisition performance is not significant. (2) When enterprises have both personal and organizational political connections, the organizational political connections will weaken the cross-border acquisition performance improvement by personal political connections. In other words, organizational political connections will reduce the firms' dependence on personal political connections. (3) The diplomatic relations improvement between two countries will also weaken the cross-border acquisition performance improvement by personal political connections. That is to say, national diplomatic relations improvement will also reduce the dependence of enterprises on personal political connections. We use the resource dependence theory to explain above conclusions, which is an important supplement to existing research on the corporate political connection and cross-border acquisition performance relationship.