何种经验更易吸收:关于并购经验学习效果的实证研究

Which Experience Is More Easily Absorbed: An Empirical Study of Experience Learning Outcomes of Mergers and Acquisitions

并购是否创造价值和并购价值创造的可能来源一直是并购领域不断探索的主题。关于并购经验学习如何影响并购的价值创造是这一领域的重要研究内容。本研究基于组织学习理论中的吸收理论和失败学习理论,对中国上市公司发生在1998年到2012年间并购事件的经验学习规律进行了研究。研究结果发现,并购经验的学习效果随着经验次数的增加呈现先降后升的规律,资本市场对较长时间并购经验反应更积极,企业更容易从失败的并购经验取得积极的学习效果。本研究的主要贡献是从经验学习时间长短和前期并购经验成败两个方面对并购经验学习的规律有所发展。

Whether mergers and acquisitions create value has attracted much research attention. How acquisition experience learning affects value creation has been an important research area in this field. This study is based on the absorption of organizational learning theo- ry and failure learning theory. By studying Chinese listed companies＇ merger and acquisition activities that occurred between 1998 and 2012, we aim to find out what affects experiential learning outcomes of mergers and acquisitions. The results show that learning outcomes first go down and then up with the increscent of mergers and acquisitions experiences, capital markets hold positive attitude toward long time acquisition experience learning, and acquirers get acquisition experience more easily from previous failure than from success to achieve positive learning outcomes. The main contribution of this study is the development of the law of acquisition experiential learning from two aspects; one is how experience learning duration affects learning outcomes and the other is the different learning outcomes of success experience learning and failure experience learning.