组织学习影响科技型企业连续并购决策的实证分析

Empirical Analysis of Organizational Learning's Influence on the Decision-making of Serial M&A in Science and Technology Enterprises

并购是科技型企业的重要成长方式,并购中的组织学习对科技型企业提高并购绩效至关重要。利用生存回归方法,分析科技型企业并购经验惯例和并购绩效反馈对连续并购决策的影响,探究并购中组织学习机制。研究结果显示,并购次数多、并购绩效反馈好,则企业作出连续并购决策的概率大,好的并购绩效反馈会强化并购次数对连续并购决策的影响。

MA is an important growth method for sci-tech enterprises,and the organizational learning in MA is essential to improve the performance of MA.This paper makes use of the survival regression,analyzes how the MA experiences and the feedback of MA performance of sci-tech enterprises influence the decision-making of serial MA,and explores the learning mechanism of organizational learning in MA.The conclusion is that,the more MA happens,the better the feedback of MA will perform,the higher probability that the sci-tech enterprises would like to make the decisions of continuous MA,the good performance feedback of MA strengthens the impact of the number of MA in purchasing decisions.This conclusion is of theoretical guiding significance to the improvement of the efficiency on MA of scientific and technological enterprises in the serial MA.