A Meta-analysis On The Relationship Between M&a Experience And Post-acquisition Performance

Recently, the number and scale of global mergers and acquisitions has been increasing rapidly, with the turnover having great achievement. In the meantime, whether firm experience on mergers and acquisitions promotes the performance, has been one of the controversial areas in corporate mergers and acquisitions research. From the perspective of learning curve, contingency theory and institutional theory, it has accordingly arrived at different conclusions that correlation between experience and performance of M&A is positive, negative, "U shape" or irrelevant conclusions. Although the research on the correlation of M&A experience and performance start late in China,it has inconsistent result, too.In our research, the method of Mata-analysis is adopted in order to explore the relationship between M&A experience and post-acquisition performance. Firstly, we searched the relevant literature published in the databases of ABI/INFORM, EBSCO, JSTOR, Elsevier ScienceDirect, PROQUEST/ISI Web of Science (SCIE/SSCI/ISTP/ISSHP), Google academic, Chinese periodical net database and so on. As a result,47 research objects were obtained through rigorous screening. Moreover, we used Excel to code literature and calculate the effect size. Finally, the encoded data were analyzed through stata. The results indicate that there was no significant correlation between M&A experience and acquisition performance. However, performance in the temporal dimension plays as a moderator on the relationship between M&A experience and post-acquisition performance. Specifically, M&A experience has negative impact on acquisition M&A performance for short term, and positive effect on M&A performance for long term.In conclusion, the study demonstrates the effectiveness of learning theory. It not only provides a reliable theoretical basis for further study of M&A experience, but also provides useful managerial implications for M&A practice.