中文摘要：

基于连锁董事的信息传递功能，选取2000年至2012年并购公司和目标公司均是中国A股上市公司的并购事件作为真实并购样本，以配对的方式选取潜在并购样本，通过Probit回归实证检验与并购公司存在连锁董事关系的潜在目标公司是否更可能成为并购目标公司，并进一步检验并购公司与潜在目标公司（包括目标公司）的信息不对称程度以及并购公司的实际控制人性质对上述关系的影响。研究结果表明，与并购公司存在连锁董事关系的公司更可能成为并购目标；当并购公司和潜在目标公司（包括目标公司）属于不同行业和不同地域时，或者当并购公司属于非国有企业时，这种关系表现得尤为显著。连锁董事的信息传递功能对于并购公司确定目标公司的决策发挥着重要作用。

英文摘要：

Based on the information transmission function of interlocking directors, this study takes domestic M＆A events from 2000 to 2012, in which both acquirer and target are A-share listed companies as actual merger samples, and chooses potential merger samples through matching. We employ Probit regressions to empirically test whether having an interlocking directors with acquirer increases the probability of being selected among potential targets. Furthermore, we also test the influence of information asymmetry between acquirers and potential targets （including target） and acquirers＇ ownership properties on the relationship be- tween interlocking directors and target selection. The results show that the firms with interlocking directors are more likely to be selected among potential targets, particularly when acquirers and potential targets belong to different industries and regions, i.e. the information asymmetry is high, and acquirers are privately owned. The information transmission function of interlocking direc- tors plays an important role in merger target selection of acquirers.