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Research On The Influences Of The Organizational Learning Of Enterprise On Decision-making Of M&A

Posted on:2018-03-30Degree:MasterType:Thesis
Country:ChinaCandidate:S Y YangFull Text:PDF
GTID:2359330533469636Subject:Business Administration
Abstract/Summary:PDF Full Text Request
Under the drive of supply side reform,China's M & A activities are very active in recent years.With the increasing number of M & A transactions,there is a case of competitive mergers and acquisitions in the market.However,most previous literatures have found that the performance of competitive mergers and acquisitions is on the decline,and most of the M & A transactions end in failure.M & A is an important method for enterprise strategic management.In order to realize the integration of internal and external resources,it is necessary to continue to accumulate experience in mergers and acquisitions,and to enhance the ability of merge and acquisition.Therefore,organizational learning in mergers and acquisitions is essential for enterprises.This paper analyzes the impact of organizational learning on M & A decision,and explores the learning mechanism of organizational learning in mergers and acquisitions,which is of theoretical sign ificance for enterprises to achieve effective learning in competitive mergers and acquisitions,and to obtain acquisition gains.Based on the theory of organizational learning and strategic management,organizational learning can be divided into two parts according to different objects of organizational learning to study the impact of the merger decision.One part is the learning in the organization and another part is the learning between the organizations.In the process of analysis,the influence of organizational learning behavior on M & A decision is discussed at two levels.The two levels are divided according to study content: acquisition experience's routine,and acquisition performance feedback.On this basis,the moderating effect of managerial characteristics on organizational learning influencing decision making is investigated.Whether the enterprise decides to carry on the merger and acquisition is the uncertain event in the future.But according to the large number theorem,the probability distribution is regular.Using regression analysis of historical data,whether an enterprise will make merger decision in the future can be predicted.This paper chooses the survival analysis of Cox regression model as empirical analysis methods.Using the transaction data of China's listed companies from 2011 to 2015 as the study sample,the paper verifies that the organization learning in the two levels of acquisition experience's routine and acquisitions performance feedback influences decision making process of mergers and acquisitions.The empirical results show that the organizational learning behavior of Chinese enterprises in mergers and acquisitions is the process of accumulation of M & A experience and the formation of merger and acquisition capability.Specifically,it is different from the prediction curve of learning curve inverted U in foreign countries,and the influence of the experience and practice of M & A on the decision probability of M & A is linear.Mergers and acquisitions decisions of enterprises do not reflect the impact of different absorptive capacity in the acquisition sequence.The better the performance feedback of mergers and acquisitions,the more likely the enterprises are to make competitive M & A decisions.The empirical routine of M & A have a linear influence on the decision probability of M & A.Learning from the same industry whose mergers and acquisitions performance feedback is better improves the efficiency of mergers and acquisitions decision-making.Moreover,the interaction between other M & A Empirical routine and M & A performance feedback is significant,which effectively improves the efficiency of M & a decision making.Also,the moderating effect of managerial characteristics in the process of learning is verified.The results show that managers working longer,the higher the ratio of managers having part-time jobs or the stronger the manager learning ability is,the learning efficiency is higher,and the impact of organizational learning on the merger decision probability is stronger.Therefore,enterprises should pay attention to organizational learning in the process of competitive mergers and acquisitions,and improve the success rate of mergers and acquisitions through organizational learning.At the same time,they should strengthen the supervision of decision makers and prevent excessive mergers and acquisitions.
Keywords/Search Tags:organizational learning, competitive M & A decisions, experiential learning, learning between the organizations
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