Abstract: In this paper, we empirically test whether bank connection affect the probability and wealth effect of mergers and acquisitions. Using 2006-2012 data of listed company in china, the results show that: (1) Bank connection can significantly increase the probability of occurrence for M&A, we classify bank connection into bank background of directors and equity connection, different bank connection can significantly increase the probability of occurrence for M&A; (2) There is higher wealth effect of M&A for bank connection companies than that of non-bank connection companies, further classification study shows equity connection significantly reduced the performance of M & A, the relationship between bank background of directors and the performance of M & A is insignificant. These results indicate that bank connection, on one hand, increase the probability of occurrence for M&A, on the other hand, bank connection especially equity connection reduce the wealth of M&A. The results enrich and develop the literature about bank connection and M & A.

Key words: The wealth of M &, A

摘要： 从银企关系的视角分析银行关联是否影响企业并购概率及结果，重点考察银行关联对我国并购及并购绩效影响的作用机制。使用2006-2012年我国上市公司数据，实证检验结果发现: 银行关联显著增加了企业并购概率，且董事会银行背景关联和银行股权关联都显著增加了企业并购的概率；银行关联公司的并购绩效显著低于非银行关联公司，董事会银行背景关联对企业并购的影响有限，股权关联显著降低了企业并购的绩效。这说明，银行关联促进企业并购的发生，但银行关联特别是股权关联降低了并购绩效。