中文摘要：

本文将产权属性和政治关联纳入文化企业并购绩效的研究框架中,以102家A股上市文化企业为样本,梳理并实证检验了其产权属性、政治关联与并购绩效之间的关系。研究结果显示,相对于民营文化企业,国有文化企业政治关联性更强,表现为拥有更多具有政治背景的高层管理人员,且其政治背景具有更强的地域多元化和部门多元化特征,在并购过程中能够获得更多的财政补贴;文化企业的政治关联性与并购绩效呈正相关关系,且民营文化企业并购绩效与政治关联的相关性比国有文化企业更强;产权属性对文化企业并购绩效的影响具有复杂性,政治关联强度在其影响机理中发挥着重要的中介作用。

英文摘要：

This paper puts property rights and political relavance into the research framework of cultural companies＇ M＆A performance, analyzing and empirically testing the relation between property rights, political relavance and M＆A performance with the samples of 102 A share listed cultural companies in China. The results are as follows： compared with private cultural companies, state-owned cultural companies shows stronger political relevance through having more senior managers with political background, gaining more financial subsidies in the process of mergers and acquisitions; The cultural companies＇ M＆A performance is positively correlated with the political relavance, and the private cultural companies＇ M＆A performance is much more related with political relavance. The results also show that the political relavance plays an important mediate role in the mechanism of property rights impacting cultural companies＇ M＆A performance.