Impact Of Experience Learning On M&A Performance

Following with the wave of fifth global M&A.the market of China's M&A was dramatically shifted,both the number and the amount of transactions of M&A in 2014 were far bigger than historical level.The M&A of enterprise,which was consider as a behavior for a company to pursue strategic development.It is a strategy for enterprises to obtain the rarely resources,to optimization the internal and external resources,and to fulfill the company's ambition.All above raise the importance for enterprises to learn from the M&A experience and accumulate respective knowledge,which could enable the companies to strengthen their competence.Here we collected M&A events happened between 2000—2013 in The Yangtze River Delta region manufacturing industry Corporation(Listed).by adopting the accounting research method and the event study method,and aiming to measure M&A performance from both short-term market performance and long-term operating performancetfurther to study the different influences of experience learning to M&A performance from three aspects:the M&A experience,performance feedback and the sufficiency of experience learning,to analyze the differences between own experience learning and observational learning,and to explore the influences of actual controller's nature to M&A performance.In this paper,SPSS 19.0 software was used to perform statistical analysis,and we received main conclusions are follows:firstly,the own experience learning,the observational learning have some impact on short-term market performance,and observational performance feedback,especially learning from failure experience of other enterprises has a positive role in promoting.Secondly,there is a reserved U shaped relationship between the own experience learning,observational learning and long-term M&A performance.The own successful experience and the external failure experience have positive impacts.Sufficient experience learning and long-term operating performance also has a positive correlation.Thirdly,the nature of actual controller is not significant in the short-term market performance,and to a certain extent,non-state holding listed companies play roles of regulations.But non-state holding listed companies play well in the long-term operating performance,while state holding listed companies perform poor in the regulation of learning effect.The paper has made some useful supplement to the theory of organizational learning and enterprise M&A strategy,mainly reflected as follows:firstly,the paper mainly focus on the empirical study in which field there are few literature on the study of M&A performance in organizational learning theory,to date.Secondly,the paper not only focus on the own experience learning,but also the observational learning,and emphasizes the importance of leader's experience and examines the different way of learning how to impact on M&A performance.Thirdly,the paper highlights the feedback on performance,analyzes empirically from own and leader's successful and failure experience,and emphasizes the importance of failure.Finally,according to research results and the facts of M&A market.We put forward some suggestions to improve M&A performance policy in the aspects of organizational learning theory.