The Relationship Among Organizational Learning Mechanism, Cross-border M&As’Capabilities And Enterprise Growth

Chinese firms face two constraints from globalization and localization. Globalization needs economic and technical advantages; while Chinese firms have the "strategic gap" between the resources and capabilities. So the firms will look for global resources in order to get development and competitive advantages. At the same time, Chinese firms also face the competition threat from multinational national corporations(MNCs) in the domestic market. So under the pressure of globalization and localization, more and more Chinese firms chosen cross-border M&As to enhance their core-competition.As the "latecomers" in international investment and operation, Chinese firms’ cross-border M&As are still in their beginning stages. How about the growth effect and how to achieve growth through cross-border M&As for Chinese firms should be the major concern. The object of the paper is acquisiting firms and answer three questions mainly:(1) how about the main dimensions and their relationship of cross-border M&As’capabilities;(2) what is the key factors among the factors that affecting growth performance; and (3) how to develop the cross-border M&As’capabilities. Centering on the three questions, the paper studies the following research tasks:(1) Basing on the grounded theory, the paper analyzed the concept and dimension of the cross-border M&As’capabilities. The paper found that:the cross-border M&As’ capabilities can be divided unto five key dimensions, including strategic choice capability, operation capability, integration capability, legitimacy capability and risk management capability. Among the capabilities, risk management capability is a reason variable. It has a significant positive impact on integration capability and operation capability; strategic choice capability has a significant positive impact on operation capability and operation capability also has a significant positive impact on integration capability.(2) This paper built the model of "organizational learning mechanism, cross-border M&As’ capabilities and enterprise growth"In this study, we intergared organizational learning mechanism, cross-border M&As’ capabilities and enterprise growth into a comprehensive framework in basis of the theories including capability, konwledge and organizational learing. And we proposed31hypothses and found that:Firstly, the cross-border M&As’ capabilities and organizational learning mechanism are the core elements for enterprise growth. Among the cross-border M&As’ capabilities, legitimacy capability has the most impact on the enterprise, and the learing chain consisting of konwledge sharpen, konwledge code and konwledge share also has the positive effect on the enterprise growth. Secondly, learning mechanism has the pisitive effect on the cross-border M&As’ capabilities. The konwledge sharpen has positive effect on strategic choice capability, operation capability and integration capability; konwledge code has positive effect on all the cross-border M&As’ capabilities; konwledge share has positive effect on integration capability.Thirdly, the cross-border M&As’ capabilities have the media effect. Strategic choice capability and operation capability have the positive effect on the relationship between konwledge sharpen and enterprise growth with konwledge code; integration capability has the media effect on the relationship between organizational learning mechanism and enterprise growth; legitimacy capability and risk management capability have the positive effect on the relationship between konwledge share and enterprise growth.(3) In this paper, we suggested that some management tools and strategic recommendations for Chinese firms. For example, we proposed the firms should bulid the enterprise growth mechanism in basic of the cross-border M&As capabilities, design the "learning chain" and "two stage model" for getting the cross-border M&As capabilities.