中国企业跨国并购学习效应的实证研究——经验学习和替代学习的视角
发布时间：2018-11-15 07:51
【摘要】：经验学习与替代学习对于企业的跨国并购行为有着不同的影响。本文以1982-2012年有公告意向的中国企业跨国并购交易作为研究样本,从经验学习和替代学习的视角讨论了中国企业跨国并购过程中的学习效应。研究结论表明,经验学习和替代学习都具有结果依赖性,企业能够从自身和同行的跨国并购成功经验中获益。企业对于自身跨国并购失败经验的学习曲线为正U型,而对同行跨国并购失败经验的学习为负向。进一步研究发现,自身失败经验正向调节同行成功经验与自身并购完成可能性的正向关系;自身失败经验负向调节同行失败经验与自身并购完成可能性的负向关系。
[Abstract]:Experience learning and alternative learning have different influences on transnational M & A behavior. This paper discusses the learning effects in the process of cross-border M & A of Chinese enterprises from the perspective of empirical learning and alternative learning, taking the announced cross-border M & A transactions of Chinese enterprises from 1982 to 2012 as the research samples. The results show that both empirical learning and alternative learning are result-dependent and firms can benefit from their own and peers' successful experiences in cross-border mergers and acquisitions. The learning curve of the enterprise for the failure experience of cross-border M & A is positive U type, while the learning curve for the peer M & A failure experience is negative. It is found that the self-failure experience positively adjusts the positive relationship between the peer successful experience and the possibility of completion of their own merger and acquisition, and their own failure experience negatively regulates the negative relationship between the peer failure experience and the possibility of completion of their own merger and acquisition.
【作者单位】： 对外经济贸易大学国际商学院;五矿有色金属股份有限公司;
【基金】：国家社会科学基金一般项目“中国制造业企业跨国并购后整合路径与战略互补机制研究”(16BGL022) 教育部人文社会科学研究规划基金项目“社会责任、合法性与适应能力:国有企业提升长期绩效的路径研究”(编号:13YJA630017)
【分类号】：F271
本文编号：2332647
[Abstract]:Experience learning and alternative learning have different influences on transnational M & A behavior. This paper discusses the learning effects in the process of cross-border M & A of Chinese enterprises from the perspective of empirical learning and alternative learning, taking the announced cross-border M & A transactions of Chinese enterprises from 1982 to 2012 as the research samples. The results show that both empirical learning and alternative learning are result-dependent and firms can benefit from their own and peers' successful experiences in cross-border mergers and acquisitions. The learning curve of the enterprise for the failure experience of cross-border M & A is positive U type, while the learning curve for the peer M & A failure experience is negative. It is found that the self-failure experience positively adjusts the positive relationship between the peer successful experience and the possibility of completion of their own merger and acquisition, and their own failure experience negatively regulates the negative relationship between the peer failure experience and the possibility of completion of their own merger and acquisition.
【作者单位】： 对外经济贸易大学国际商学院;五矿有色金属股份有限公司;
【基金】：国家社会科学基金一般项目“中国制造业企业跨国并购后整合路径与战略互补机制研究”(16BGL022) 教育部人文社会科学研究规划基金项目“社会责任、合法性与适应能力:国有企业提升长期绩效的路径研究”(编号:13YJA630017)
【分类号】：F271
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