企业组织学习对并购决策的影响研究
发布时间：2018-09-13 16:19
【摘要】：在供给侧改革政策的推动下,近年来我国的并购活动十分活跃。随着并购交易数量逐渐增多,市场出现连续并购的案例。然而,以往多数文献研究发现连续并购的并购绩效呈下降趋势,大部分并购交易以失败告终。并购是企业战略管理不可忽视的重要手段,为了实现企业内外部资源整合的目标,就要在连续并购中不断积累并购经验,增强并购能力,因此,并购中的组织学习,对企业来说是至关重要的。本文通过分析组织学习对并购决策的影响,探究并购中组织学习的学习机制,对企业在连续并购中实现有效学习,获取并购收益具有理论指导意义。基于组织学习理论以及企业战略管理理论,本文按照组织学习对象的不同将组织学习分为组织内学习和组织间学习两个部分,研究组织学习对并购决策概率的影响。在分析的过程中,通过将学习内容分为并购经验惯例和并购绩效反馈两个方面,分层次探讨组织学习行为对并购决策的影响。并且在此基础上,考察了管理者特征对组织学习影响并购决策的调节作用。企业是否决定进行并购,是未来发生的不确定性事件,但根据大数定理,其概率分布具有规律可循,利用回归分析历史数据,可以预测某个企业是否会在未来作出并购决策。本文选择了生存分析中的Cox回归模型作为实证分析方法,使用我国上市公司2011年至2015年的并购交易数据作为研究样本,验证组织学习中的并购经验惯例和并购绩效反馈对并购决策效率产生的影响,并与国外已有并购中组织学习的实证研究结果相对比,探究中国并购市场具有的特殊性。实证结果表明,中国企业在并购中的组织学习行为是并购经验不断积累,并购能力逐渐形成的过程,具体表现为,与国外关于学习曲线呈现“倒U”型的预测结果不同,自身并购经验惯例对并购决策概率的影响呈现线性关系,企业的并购决策中并未体现并购序列前后期吸收能力的不同所带来的影响;自身并购绩效反馈越好,企业做出连续并购决策的可能性越大;他人并购经验惯例对并购决策概率的影响显著地呈线性关系;对并购绩效反馈较好的同行业的学习,提高了企业的并购决策效率;并且,他人并购经验惯例与并购绩效反馈的交互作用结果显著,该作用有效的提高了并购决策效率。管理者特征在学习过程中的调节作用也得到了验证,结果显示管理者任职时间越长、管理层兼职比率越高、管理者学习能力越强,学习效率越高,组织学习对并购决策概率的影响越强。因此,企业在连续并购中,应重视组织学习,通过学习提高并购成功率,同时,应对决策制定者加强监控,防止出现过度并购行为。
[Abstract]:Driven by the supply-side reform policy, M & A activities in China are very active in recent years. With the increasing number of M & A transactions, the market appears continuous M & A cases. However, most previous literature studies found that the M & A performance of successive mergers and acquisitions declined, and most of the M & A transactions ended in failure. M & A is an important means of enterprise strategic management. In order to realize the goal of integration of internal and external resources, it is necessary to continuously accumulate experiences and strengthen the ability of M & A in continuous M & A. Therefore, organizational learning in M & A is an important way to achieve the goal of integration of internal and external resources. It is vital to the enterprise. By analyzing the influence of organizational learning on M & A decision, this paper probes into the learning mechanism of organizational learning in M & A, which is of theoretical significance for enterprises to realize effective learning in continuous M & A and to obtain M & A earnings. Based on the organizational learning theory and the enterprise strategic management theory, this paper divides organizational learning into two parts: intraorganizational learning and inter-organizational learning according to the different organizational learning objects, and studies the influence of organizational learning on the probability of M & A decision. In the process of analysis, the influence of organizational learning behavior on M & A decision is discussed by dividing the learning content into two aspects: M A experience convention and M A performance feedback. On this basis, the regulatory effect of managerial characteristics on organizational learning affecting M & A decision is investigated. Whether an enterprise decides to make a merger or not is an uncertain event in the future, but according to the theorem of large numbers, its probability distribution can be followed. By using the regression analysis of historical data, we can predict whether an enterprise will make a decision on M & A in the future. This paper chooses the Cox regression model in the survival analysis as the empirical analysis method, using the M & A transaction data of listed companies from 2011 to 2015 as the research sample. In order to explore the particularity of M & A market in China, this paper verifies the influence of M & A experience convention and M A performance feedback on M & A decision-making efficiency in organizational learning, and compares with the empirical results of organizational learning in M & A in foreign countries in order to explore the particularity of M & A market in China. The empirical results show that the organizational learning behavior of Chinese enterprises in M & A is a process in which the experience of M & A is accumulated and the ability of M & A is gradually formed. There is a linear relationship between the influence of their own experience and practice on the probability of M & A decision, and the influence of different absorptive capacity of M & A sequence is not reflected in the decision of M & A. The better the performance feedback of M & A is, the better the performance feedback of M & A is. The possibility of enterprise making continuous merger decision is greater; the influence of others' experience and practice on the probability of M & A decision is linearly significant; the learning of the same industry with better feedback on M & A performance improves the efficiency of M & A decision; The result of interaction between other people's experience practice and performance feedback is significant, which can effectively improve the efficiency of M & A decision. The regulatory effect of managerial characteristics in learning process is also verified. The results show that the longer the manager holds office, the higher the part-time ratio of management is, the stronger the learning ability of manager is, and the higher the learning efficiency is. The influence of organizational learning on M & A decision probability is stronger. Therefore, enterprises should pay attention to organizational learning, improve the success rate of M & A through learning, at the same time, the decision makers should strengthen the monitoring to prevent excessive M & A behavior.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271
本文编号：2241696
[Abstract]:Driven by the supply-side reform policy, M & A activities in China are very active in recent years. With the increasing number of M & A transactions, the market appears continuous M & A cases. However, most previous literature studies found that the M & A performance of successive mergers and acquisitions declined, and most of the M & A transactions ended in failure. M & A is an important means of enterprise strategic management. In order to realize the goal of integration of internal and external resources, it is necessary to continuously accumulate experiences and strengthen the ability of M & A in continuous M & A. Therefore, organizational learning in M & A is an important way to achieve the goal of integration of internal and external resources. It is vital to the enterprise. By analyzing the influence of organizational learning on M & A decision, this paper probes into the learning mechanism of organizational learning in M & A, which is of theoretical significance for enterprises to realize effective learning in continuous M & A and to obtain M & A earnings. Based on the organizational learning theory and the enterprise strategic management theory, this paper divides organizational learning into two parts: intraorganizational learning and inter-organizational learning according to the different organizational learning objects, and studies the influence of organizational learning on the probability of M & A decision. In the process of analysis, the influence of organizational learning behavior on M & A decision is discussed by dividing the learning content into two aspects: M A experience convention and M A performance feedback. On this basis, the regulatory effect of managerial characteristics on organizational learning affecting M & A decision is investigated. Whether an enterprise decides to make a merger or not is an uncertain event in the future, but according to the theorem of large numbers, its probability distribution can be followed. By using the regression analysis of historical data, we can predict whether an enterprise will make a decision on M & A in the future. This paper chooses the Cox regression model in the survival analysis as the empirical analysis method, using the M & A transaction data of listed companies from 2011 to 2015 as the research sample. In order to explore the particularity of M & A market in China, this paper verifies the influence of M & A experience convention and M A performance feedback on M & A decision-making efficiency in organizational learning, and compares with the empirical results of organizational learning in M & A in foreign countries in order to explore the particularity of M & A market in China. The empirical results show that the organizational learning behavior of Chinese enterprises in M & A is a process in which the experience of M & A is accumulated and the ability of M & A is gradually formed. There is a linear relationship between the influence of their own experience and practice on the probability of M & A decision, and the influence of different absorptive capacity of M & A sequence is not reflected in the decision of M & A. The better the performance feedback of M & A is, the better the performance feedback of M & A is. The possibility of enterprise making continuous merger decision is greater; the influence of others' experience and practice on the probability of M & A decision is linearly significant; the learning of the same industry with better feedback on M & A performance improves the efficiency of M & A decision; The result of interaction between other people's experience practice and performance feedback is significant, which can effectively improve the efficiency of M & A decision. The regulatory effect of managerial characteristics in learning process is also verified. The results show that the longer the manager holds office, the higher the part-time ratio of management is, the stronger the learning ability of manager is, and the higher the learning efficiency is. The influence of organizational learning on M & A decision probability is stronger. Therefore, enterprises should pay attention to organizational learning, improve the success rate of M & A through learning, at the same time, the decision makers should strengthen the monitoring to prevent excessive M & A behavior.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271
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