何种经验更易吸收:关于并购经验学习效果的实证研究

›› 2015, Vol. 27 ›› Issue (10): 150-160.

• 组织行为与人力资源管理 • 上一篇下一篇

何种经验更易吸收:关于并购经验学习效果的实证研究

王宛秋, 刘璐琳

北京工业大学经济与管理学院, 北京 100124

收稿日期:2013-09-22 出版日期:2015-10-31 发布日期:2015-11-06
作者简介:王宛秋,北京工业大学经济与管理学院副教授,硕士生导师,博士;刘璐琳,北京工业大学经济与管理学院,硕士。
基金资助:
北京市哲学社会科学规划项目(12JGB070);北京工业大学人文社科基金项目(X5011011201205)。

Which Experience Is More Easily Absorbed: An Empirical Study of Experience Learning Outcomes of Mergers and Acquisitions

Wang Wanqiu, Liu Lulin

School of Economics and Management, Beijing University of Technology, Beijing 100124

Received:2013-09-22 Online:2015-10-31 Published:2015-11-06

摘要/Abstract

摘要：

并购是否创造价值和并购价值创造的可能来源一直是并购领域不断探索的主题。关于并购经验学习如何影响并购的价值创造是这一领域的重要研究内容。本研究基于组织学习理论中的吸收理论和失败学习理论,对中国上市公司发生在1998年到2012年间并购事件的经验学习规律进行了研究。研究结果发现,并购经验的学习效果随着经验次数的增加呈现先降后升的规律,资本市场对较长时间并购经验反应更积极,企业更容易从失败的并购经验取得积极的学习效果。本研究的主要贡献是从经验学习时间长短和前期并购经验成败两个方面对并购经验学习的规律有所发展。

关键词: 并购经验, 经验学习效果, 失败学习

Abstract:

Whether mergers and acquisitions create value has attracted much research attention. How acquisition experience learning affects value creation has been an important research area in this field. This study is based on the absorption of organizational learning theory and failure learning theory. By studying Chinese listed companies'merger and acquisition activities that occurred between 1998 and 2012, we aim to find out what affects experiential learning outcomes of mergers and acquisitions. The results show that learning outcomes first go down and then up with the increscent of mergers and acquisitions experiences, capital markets hold positive attitude toward long time acquisition experience learning, and acquirers get acquisition experience more easily from previous failure than from success to achieve positive learning outcomes. The main contribution of this study is the development of the law of acquisition experiential learning from two aspects; one is how experience learning duration affects learning outcomes and the other is the different learning outcomes of success experience learning and failure experience learning.

Key words: acquisition experience, experience learning outcomes, failure learning

王宛秋, 刘璐琳. 何种经验更易吸收:关于并购经验学习效果的实证研究[J]. , 2015, 27(10): 150-160.

Wang Wanqiu, Liu Lulin. Which Experience Is More Easily Absorbed: An Empirical Study of Experience Learning Outcomes of Mergers and Acquisitions[J]. , 2015, 27(10): 150-160.

参考文献

[1] 陈国权,宁南.组织从经验中学习:现状、问题、方向[J]. 中国管理科学, 2009,17(1):157-168
[2] Finkelstein S., Haleblian J. Understanding Acquisition Performance: The Role of Transfer Effects[J]. Organization Science, 2002,13(1):36-47
[3] Haleblian J., Devers C. E., Mcnamara G., Carpenter M. A., Davison R. B. Taking Stock of What We Know about Mergers and Acquisitions: A Review And Research Agenda[J]. Journal of Management, 2009,35(3):469-502
[4] Hayward M. L. When Do Firms Learn From Their Acquisition Experience? Evidence from 1990-1995[J]. Strategic Management Journal, 2002,23(1):21-39
[5] Zollom M. Superstitious Learning with Rare Strategic Decisions: Theory And Evidence From Corporate Acquisitions[J]. Organization Science, 2009,20(5):894-908
[6] Barkema H. G., Schijven M. Toward Unlocking the Full Potential of Acquisitions: The Role of Organizational Restructuring[J]. Academy of Management Journal, 2008,51(4):696-722
[7] 吴超鹏,吴世农,郑方镳.管理者行为与连续并购绩效的理论与实证研究[J]. 管理世界, 2008,(7):126-133
[8] 谢玲红,刘善存,邱菀华.学习型管理者的过度自信行为对连续并购绩效的影响[J]. 管理评论, 2011,23(7):149-154
[9] Benkard C. L. Learning and Forgetting: The Dynamics of Aircraft Production[J]. American Economic Review, 2000,90(4):1034-1054
[10] Huan Z., Ghauri P. N. Learning through International Acquisitions: the Process of Knowledge Acquisition in China[J]. Management International Review, 2008,48(2):207-226
[11] 韩立岩,陈庆勇.并购的频繁程度意味着什么——来自我国上市公司并购绩效的证据[J]. 经济学, 2007,6(4):1185-1200
[12] Tucker A. L., Edmondson A. C. Why Hospitals Don't Learn from Failures: Organizational and Psychological Dynamics that Inhibit System Change[J]. California Management Review, 2003,45(2):55-72
[13] Madsen P. M., Desai V. Failing to Learn? The Effects of Failure and Success on Organizational Learning in the Global Orbital Launch Vehicle Industry[J]. Academy of Management Journal, 2010,53(3):451-476
[14] Muehlfeld K., Padma R. S., Arjen V. W. A Contextual Theory of Organizational Learning from Failures and Successes: A Study of Acquisition Completion in the Global Newspaper Industry, 1981-2008[J]. Strategic Management Journal, 2012,33(8):938-964
[15] 郭冰,吕巍,周颖.公司治理、经验学习与企业连续并购——基于我国上市公司并购决策的经验证据[J]. 财经研究, 2011,37(10):124-134
[16] Aktas N., De Bodt E., Roll R. W. Corporate Serial Acquisitions: An Empirical Test of the Learning Hypothesis[C]. Unpublished Working Paper, UCLA, Anderson School of Management. 2009
[17] Gomes E., Angwin D. N., Weber Y., Yedidia Tarba S. Critical Success Factors through the Mergers and Acquisitions Process: Revealing Pre- and Post-M&A Connections for Improved Performance[J]. International Business Review, 2013,55(1):13-35
[18] 张新.并购重组是否创造价值?——中国证券市场的理论与实证研究[J]. 经济研究, 2003,(6):20-29
[19] 姜付秀等.管理者过度自信、企业扩张与财务困境[J]. 经济研究, 2009,(1):131-143
[20] Moeller S. B., Schlingemann, F. P., Stulz, R. M. Firm Size and the Gains from Acquisitions[J]. Journal of Financial Economics, 2004,73(2):201-228
[21] 胥朝阳,高国.上市公司横向并购绩效的实证分析——基于2004年深沪数据[J]. 武汉科技学院学报, 2007,20(12):67-70
[22] 李青原.资产专用性与公司纵向并购财富效应:来自我国上市公司的经验证据[J]. 南开管理评论, 2011,14(6):116-127
[23] 陈仕华,卢昌崇.企业间高管联结与并购溢价决策——基于组织间模仿理论的实证研究[J].管理世界, 2013,(5):144-156
[24] 冯根福,吴林江.我国上市公司并购绩效的实证研究[J]. 经济研究, 2001,36(1):54-61
[25] 陈健,席酉民,贾隽.上市公司控制权制衡与关联并购的关系研究[J]. 管理评论, 2009,21(5):3-12
[26] 李善民,朱滔.管理者动机与并购绩效关系研究[J]. 经济管理, 2005,(4):4-12
[27] 贾昌杰.企业并购经历对并购业绩的影响[J]. 数量经济技术经济研究, 2003,20(12):133-136
[28] Meschi P., Métais E. Do Firms Forget about Their Past Acquisitions? Evidence from French Acquisitions in the United States (1988-2006)[J]. Journal of Management, 2013,39(2):469-495
[29] 张广宝,施继坤.并购频率与管理层私利——基于过度自信视角的经验分析[J]. 山西财经大学学报, 2012,34(6):96-104
[30] 苏卫东,谢玲红.基于时间间隔的连续并购行为分析[J]. 西北工业大学学报(社会科学版), 2011,31(1):28-31

何种经验更易吸收:关于并购经验学习效果的实证研究

Which Experience Is More Easily Absorbed: An Empirical Study of Experience Learning Outcomes of Mergers and Acquisitions

PDF (PC)

可视化

摘要/Abstract

引用本文

使用本文

参考文献

相关文章 6

编辑推荐

Metrics

本文评价

[1]	唐朝永, 师永志, 李逸波, 陈万明. 失败学习与企业绩效:组织韧性与环境动态性的作用[J]. 管理评论, 2023, 35(4): 291-302.
[2]	唐朝永, 林琳, 蔡瑞林. 失败学习对衰落企业低成本创新的影响:有调节的中介模型[J]. 管理评论, 2021, 33(9): 97-109.
[3]	唐朝永, 陈万明, 陈圻, 牛冲槐. 组织衰落与组织创新的关系:失败学习与组织惯例更新的影响[J]. , 2018, 30(10): 184-195.
[4]	王华锋, 高静, 王晓婷. 创业者的失败经历、失败反应与失败学习——基于浙、鄂两省的实证研究[J]. , 2017, 29(6): 96-105.
[5]	谢雅萍, 梁素蓉, 陈睿君. 失败学习、创业行动学习与创业能力——悲痛恢复取向的调节作用[J]. , 2017, 29(4): 47-58.
[6]	查成伟, 陈万明, 唐朝永. 高质量关系、失败学习与企业创新绩效[J]. , 2016, 28(2): 175-184.