经验学习对企业并购绩效的影响研究

Study on Influence of Experiential Learning on M&A Performance

选取2000-2013年间江浙沪地区制造业上市公司的并购事件为研究对象,采用财务指标法测量企业并购绩效,以企业自身并购经验及绩效反馈、观测到的并购经验及绩效反馈、经验学习充分程度为研究变量,使用多元回归分析法进行实证分析。研究表明:自身并购经验与并购绩效正相关;自身并购经验平方和观测到的并购经验平方呈倒U型关系;自身成功经验与绩效正相关;而观测到的失败经验与绩效也呈正相关关系;当领导者经验学习充分时,企业并购绩效表现较好。根据研究结论与现状,提出相关建议以改善上市公司并购绩效。

Choosing the M＆A events, from the year of 2000-2013 in the region of Jiang-Zhe-Hu, of the manufacturing-listed companies as the research object, adopting the financial index method to measure the M＆A performance, using their own M＆A experiences and the feedback performances of M＆A observed, and the sufficiency of the experiential learning as the study variables to carry out the empirical analysis with the multiple regression analysis. The results show that the mergers＇ acquisition experience is positively correlated to the M＆A performance. Its own M＆A experience square and the observed M＆A experience square is invert- ed as the u-shaped relationship. Their own successful experiences and their performances are correlated posi- tively. The observed failure experience and their performances are positively correlated. If the leaders＇ experi- ential learning is sufficient enough, the M＆A performance will be comparatively good. According to the re- search findings and the current situation, some relevant suggestions to improve the M＆A performance of listed companies are put forward.