The Study On The Effect Of Empirical Learning On Corporate Overseas M&A Performance And Its Impact Path

From the official "going global" strategy put forward in 2000,the process of internationalization of Chinese enterprises was started,which objectively provided cases and data supports for the study of China's overseas investment.Compared with many developed countries,the development time for Chinese enterprises to go global is not long,but many examples and experiences are available for reference.How to deal with their own accumulated experience of internationalization,how to learn from the experience of other companies in internationalization,and how to make empirical learning in a changing internal and external environment are issues that China's overseas M&A enterprises need to seriously consider.The heterogeneity of M&A events,the heterogeneity of the internal organizational structure and the changes of environmental conditions in the external system all require enterprises to conduct in-depth analysis during the empirical learning of M&A.Many scholars introduce organizational behavior theory and behavioral learning theory to analyze the impact of empirical learning on overseas M&A performance,but have not yet formed a more unified conclusion.At the same time,the path of empirical learning affecting the performance of overseas M&A is not clear,and there are not many studies on the factors of empirical learning scenarios.Based on the existing literature,this paper attempts to use the organizational learning theory and contingency model to study the following questions:one is to study the impact of empirical learning on overseas M&A performance;the other is to analyze the empirical learning mechanism that affects the performance of overseas M&A,mainly the adjustment of the external institutional environment and the internal corporate governance.In response to these two questions,this paper empirically analyzes 311 Chinese enterprises 'overseas mergers and acquisitions events in 2001-2016 and uses two methods to define the performance of mergers and acquisitions,and to study the influence of experiential learning on the performance of overseas mergers and acquisitions through the industry,country and internal external processing.The results show that empirical learning has a significant impact on the performance of Chinese enterprises ' overseas mergers and acquisitions,and the impact on long-term performance is significantly higher than that of short-term performance.The effect of internal experiential learning on overseas mergers and acquisitions performance is not significant,but the internal experience of the same industry experience,with the host country experience on the performance of overseas mergers and acquisitions are U-type;the relationship between external experiential learning and overseas mergers and acquisitions performance is inverted U-shaped.Institutional distance and corporate governance structure have a significant moderating effect on experiential learning and long-term performance of mergers and acquisitions.This paper puts forward the corresponding policy suggestions:Chinese enterprises should pay more attention to experiential learning in the process of"going out",not only to summarize their own experience,but also to learn from the outside.In the experience of learning to distinguish between the identification of the type of experience,cannot blindly study.At the same time,the empirical study should also take into account the external institutional environment factors and internal corporate governance structure of the impact.On the one hand,pay attention to the cost of the system environment,on the other hand actively explore the system gap brought about by possible arbitrage opportunities.At the same time,enterprises should pay attention to the arrangement of their own governance organizations,promote experience learning,make correct decisions to improve performance.