The Top Management Team Characteristics Influence The Learning Performance Of Serial Merger And Acquisition Base On Listed Corporation

In recent years,in the background of Chinese economic transformation,industrial upgrading steadily and merger restructuring policies encouragement,Chinese merger and reorganization activities showing a hot trend,Chinese capital market M&A transactions amounted to 3546,the transaction amounted to 9874 billion yuan in 2014,respectively,it increase 44.28% and 48.44%,compared with the same period in 2013,and our country enterprise tends to merger and make acquisition in a short period of time,in the period of 2008-2012,listed companies merger and make acquisition about 5.29 times in China.Launched a number of mergers and acquisitions in short period of time become a new feature.By sorting out the previous research literature,we found that mergers and acquisitions performance shows a different relationship with times, the performance are four shapes,decreasing,increasing,"U" type and "U" type,and scholars have explained the reason of different shapes in single-level.However,we found that serial acquisition performance of listed companies presents a wide variety of shapes on the Chinese market,in order to explore the factors.In this paper,we use our main listing corporation merger event from 2011 to 2013 as the research object,using multiple regression,studying the the relationship between top management team demographic and serial learning acquisition performance from the upper echelons theory perspective.We believe that clarifying the relationship between top management team and serial acquisition learning performance can help listed companies select the best management personnel to set up a management team,learn acquisition of knowledge better in the merger and acquisition and improve capacity and performance of M&A.The main conclusions as follow:First,the average age of top management team significantly negatively related to learning performance in serial acquisition,this shows that in the face of the highly competitive environment,enterprises need to have stronger learning ability of young executives to participate in the merger and acquisition decision;the average educational level of top management team positively related to learning performance in serial acquisition,indicating that the enterprise need highly educated talent,no matter is in the M&A activities or other strategic;the average tenure of top management team significantly negatively related to learning performance in serial acquisition,indicating that companies need to have the short tenure,with learning and fighting spirit of executives;the size of top management team are not related to learning performance in serial acquisition,this shows that the decision-making meeting of the listing corporation has provided the opportunity to communicate with the organization,and has weakened the negative influence of the team size on the organizational learning.Second,the heterogeneity of age,the education,tenure,professional background significantly positively related to learning performance in serial acquisition.This shows that diversity team are more willing to learn and share experience of past merger,improving the subsequent merger performance through mutual exchange of information and discussion.Third,the ownership structure will adjust the education level of the top management team on Enterprise and learning performance.That is,the lower the proportion of State-owned shares,the higher the education level of the top management team of the enterprise will get better learning performance on serial of acquisition.In the lower proportion of state-owned shares,top management team of interests related to the enterprise of performance,enterprise make serial acquisition for building strength,should be careful of selecting target,learning more of knowledge and collection external of information,top management who have more high level of education,his information identify and processing capacity more high,more can get key information in the extraction large messy resources,grasp the nature problem in the complex environment,more effective learning past of experience and using it to next acquisition.Fourth,ownership structure will adjust the top management team heterogeneity term influence on the learning performance.This indicate that the high proportion of State-owned shares in companies,executives often follow the government’s policy to develop a strategic plan and strategic choice.when facing problems,the small heterogeneity of tenure likely get different opinion,reduce communication between teams.team learning atmosphere is relatively weak.when enterprises make serials of acquisition,poor performance will be achieved.