中國企業(yè)跨國并購學(xué)習(xí)效應(yīng)的實(shí)證研究——經(jīng)驗(yàn)學(xué)習(xí)和替代學(xué)習(xí)的視角
發(fā)布時(shí)間：2018-11-15 07:51
【摘要】：經(jīng)驗(yàn)學(xué)習(xí)與替代學(xué)習(xí)對于企業(yè)的跨國并購行為有著不同的影響。本文以1982-2012年有公告意向的中國企業(yè)跨國并購交易作為研究樣本,從經(jīng)驗(yàn)學(xué)習(xí)和替代學(xué)習(xí)的視角討論了中國企業(yè)跨國并購過程中的學(xué)習(xí)效應(yīng)。研究結(jié)論表明,經(jīng)驗(yàn)學(xué)習(xí)和替代學(xué)習(xí)都具有結(jié)果依賴性,企業(yè)能夠從自身和同行的跨國并購成功經(jīng)驗(yàn)中獲益。企業(yè)對于自身跨國并購失敗經(jīng)驗(yàn)的學(xué)習(xí)曲線為正U型,而對同行跨國并購失敗經(jīng)驗(yàn)的學(xué)習(xí)為負(fù)向。進(jìn)一步研究發(fā)現(xiàn),自身失敗經(jīng)驗(yàn)正向調(diào)節(jié)同行成功經(jīng)驗(yàn)與自身并購?fù)瓿煽赡苄缘恼蜿P(guān)系;自身失敗經(jīng)驗(yàn)負(fù)向調(diào)節(jié)同行失敗經(jīng)驗(yàn)與自身并購?fù)瓿煽赡苄缘呢?fù)向關(guān)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.
【作者單位】： 對外經(jīng)濟(jì)貿(mào)易大學(xué)國際商學(xué)院;五礦有色金屬股份有限公司;
【基金】：國家社會科學(xué)基金一般項(xiàng)目“中國制造業(yè)企業(yè)跨國并購后整合路徑與戰(zhàn)略互補(bǔ)機(jī)制研究”(16BGL022) 教育部人文社會科學(xué)研究規(guī)劃基金項(xiàng)目“社會責(zé)任、合法性與適應(yīng)能力:國有企業(yè)提升長期績效的路徑研究”(編號:13YJA630017)
【分類號】：F271
本文編號：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.
【作者單位】： 對外經(jīng)濟(jì)貿(mào)易大學(xué)國際商學(xué)院;五礦有色金屬股份有限公司;
【基金】：國家社會科學(xué)基金一般項(xiàng)目“中國制造業(yè)企業(yè)跨國并購后整合路徑與戰(zhàn)略互補(bǔ)機(jī)制研究”(16BGL022) 教育部人文社會科學(xué)研究規(guī)劃基金項(xiàng)目“社會責(zé)任、合法性與適應(yīng)能力:國有企業(yè)提升長期績效的路徑研究”(編號:13YJA630017)
【分類號】：F271
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