A Research About Organizational Learning To M&A Performance:Perspective Of Organizational Learning

Since the 1990s, the Size and number of global M&A has been rising, trading volume is even at its highest. Acquisitions represent strategic and market opportunities in the corporate development process. For the purpose to make the synergy realization more efficiently, corporates need to cumulate M&A experiences and improve skills about M&A. So it is very important for corporates to learn the knowledge about M&A. Continuous acquisition refers to an enterprise to complete the M&A incidents over a period. In fact, whether in domestic or foreign, continuous acquisition events are becoming more and more popular.Through predecessors’ research, in the field of strategic management, the relationship between organizational learning and M&A performance didn’t get a consistent conclusion. Roughly,there are three conclusions, and each has its own corresponding empirical support. The first kind of view is that organizational learning can promote the M&A performance; The second view,the relationship with organizational learning and M&A performance is u-shaped; The third kind of view has nothing to do with them. This dessertation examines the influence of organizational learning upon corporate acquisition using multiple regression based on a sample of acquisitions of Chinese listed companies over a period from 1998 to 2013.There are two problems in this paper. Firstly, whether the enterprise can influence subsequent acquisition performance through M&A of experience learning; Secondly,whether the management’s stock ownership and factory age can adjust the learning effect of enterprise M&A. There are five chapters in this paper. In chapter 1, we mainly introduce the background of this paper’s topic, research significance and research approach and put forward the problem to research. In chapter 2, we introduce the research conclusion on the driving factors and performance about the M&A and make a literature review to lay the theoretical basis for the paper.In chapter 3, we mainly try to do the theoretical analysis and put forward the research hypothesis and finally verify the rationality of the assumptions through the empirical research.In chapter 4, we extend the above research on the driving factors. On the basis of the theory and hypothesis,we analyze whether the enterprise can influence subsequent acquisition performance through M&A of experience learning through the event stud.In chapter 5, we summarize the paper’s research and give recommendations in combination with the specific. We also put forward the shortage of this paper and the possible improvements for further research.In this paper,the following main conclusions can be obtained:First, the quantity of experience in M&A significantly positively related to M&A performance. The accumulated certain experience in M&A, enterprise can gain more knowledge from the M&A experience, ability to deal with all kinds of merger integration problem gradually ascending, the result is a better M&A performance.Second, the quality of experience in M&A played an inhibitory effect to the enterprise M&A performance. Good performance feedback can make managers self-confidence,overestimate their ability to cope with the risk of M&A and the expectations of M&A, the synergistic effect of M&A,eventually lead to a poor M&A performance.Third, factory age can describe enterprise technical status, life stage and innovation level, can improve enterprise management level. In this paper, the results show that factory age significantly positively related to M&A performance.Fourth, the Factory age can weaken the relationship between the quality of experience in M&A and M&A performance.In addition, the management’s stock ownership didn’t show a significant moderating effect in our study.