全部 标题 作者
关键词 摘要

OALib Journal期刊
ISSN: 2333-9721
费用:99美元

查看量下载量

相关文章

更多...
管理评论  2015 

何种经验更易吸收:关于并购经验学习效果的实证研究

, PP. 150-160

Keywords: 并购经验,经验学习效果,失败学习

Full-Text   Cite this paper   Add to My Lib

Abstract:

并购是否创造价值和并购价值创造的可能来源一直是并购领域不断探索的主题。关于并购经验学习如何影响并购的价值创造是这一领域的重要研究内容。本研究基于组织学习理论中的吸收理论和失败学习理论,对中国上市公司发生在1998年到2012年间并购事件的经验学习规律进行了研究。研究结果发现,并购经验的学习效果随着经验次数的增加呈现先降后升的规律,资本市场对较长时间并购经验反应更积极,企业更容易从失败的并购经验取得积极的学习效果。本研究的主要贡献是从经验学习时间长短和前期并购经验成败两个方面对并购经验学习的规律有所发展。

References

[1]  陈国权,宁南.组织从经验中学习:现状、问题、方向[J]. 中国管理科学, 2009,17(1):157-168
[2]  Finkelstein S., Haleblian J. Understanding Acquisition Performance: The Role of Transfer Effects[J]. Organization Science, 2002,13(1):36-47
[3]  Haleblian J., Devers C. E., Mcnamara G., Carpenter M. A., Davison R. B. Taking Stock of What We Know about Mergers and Acquisitions: A Review And Research Agenda[J]. Journal of Management, 2009,35(3):469-502
[4]  Hayward M. L. When Do Firms Learn From Their Acquisition Experience? Evidence from 1990-1995[J]. Strategic Management Journal, 2002,23(1):21-39
[5]  Zollom M. Superstitious Learning with Rare Strategic Decisions: Theory And Evidence From Corporate Acquisitions[J]. Organization Science, 2009,20(5):894-908
[6]  Barkema H. G., Schijven M. Toward Unlocking the Full Potential of Acquisitions: The Role of Organizational Restructuring[J]. Academy of Management Journal, 2008,51(4):696-722
[7]  吴超鹏,吴世农,郑方镳.管理者行为与连续并购绩效的理论与实证研究[J]. 管理世界, 2008,(7):126-133
[8]  谢玲红,刘善存,邱菀华.学习型管理者的过度自信行为对连续并购绩效的影响[J]. 管理评论, 2011,23(7):149-154
[9]  Benkard C. L. Learning and Forgetting: The Dynamics of Aircraft Production[J]. American Economic Review, 2000,90(4):1034-1054
[10]  Huan Z., Ghauri P. N. Learning through International Acquisitions: the Process of Knowledge Acquisition in China[J]. Management International Review, 2008,48(2):207-226
[11]  韩立岩,陈庆勇.并购的频繁程度意味着什么——来自我国上市公司并购绩效的证据[J]. 经济学, 2007,6(4):1185-1200
[12]  Tucker A. L., Edmondson A. C. Why Hospitals Don't Learn from Failures: Organizational and Psychological Dynamics that Inhibit System Change[J]. California Management Review, 2003,45(2):55-72
[13]  Madsen P. M., Desai V. Failing to Learn? The Effects of Failure and Success on Organizational Learning in the Global Orbital Launch Vehicle Industry[J]. Academy of Management Journal, 2010,53(3):451-476
[14]  Muehlfeld K., Padma R. S., Arjen V. W. A Contextual Theory of Organizational Learning from Failures and Successes: A Study of Acquisition Completion in the Global Newspaper Industry, 1981-2008[J]. Strategic Management Journal, 2012,33(8):938-964
[15]  郭冰,吕巍,周颖.公司治理、经验学习与企业连续并购——基于我国上市公司并购决策的经验证据[J]. 财经研究, 2011,37(10):124-134
[16]  Aktas N., De Bodt E., Roll R. W. Corporate Serial Acquisitions: An Empirical Test of the Learning Hypothesis[C]. Unpublished Working Paper, UCLA, Anderson School of Management. 2009
[17]  Gomes E., Angwin D. N., Weber Y., Yedidia Tarba S. Critical Success Factors through the Mergers and Acquisitions Process: Revealing Pre- and Post-M&A Connections for Improved Performance[J]. International Business Review, 2013,55(1):13-35
[18]  张新.并购重组是否创造价值?——中国证券市场的理论与实证研究[J]. 经济研究, 2003,(6):20-29
[19]  姜付秀等.管理者过度自信、企业扩张与财务困境[J]. 经济研究, 2009,(1):131-143
[20]  Moeller S. B., Schlingemann, F. P., Stulz, R. M. Firm Size and the Gains from Acquisitions[J]. Journal of Financial Economics, 2004,73(2):201-228
[21]  胥朝阳,高国.上市公司横向并购绩效的实证分析——基于2004年深沪数据[J]. 武汉科技学院学报, 2007,20(12):67-70
[22]  李青原.资产专用性与公司纵向并购财富效应:来自我国上市公司的经验证据[J]. 南开管理评论, 2011,14(6):116-127
[23]  陈仕华,卢昌崇.企业间高管联结与并购溢价决策——基于组织间模仿理论的实证研究[J].管理世界, 2013,(5):144-156
[24]  冯根福,吴林江.我国上市公司并购绩效的实证研究[J]. 经济研究, 2001,36(1):54-61
[25]  陈健,席酉民,贾隽.上市公司控制权制衡与关联并购的关系研究[J]. 管理评论, 2009,21(5):3-12
[26]  李善民,朱滔.管理者动机与并购绩效关系研究[J]. 经济管理, 2005,(4):4-12
[27]  贾昌杰.企业并购经历对并购业绩的影响[J]. 数量经济技术经济研究, 2003,20(12):133-136
[28]  Meschi P., Métais E. Do Firms Forget about Their Past Acquisitions? Evidence from French Acquisitions in the United States (1988-2006)[J]. Journal of Management, 2013,39(2):469-495
[29]  张广宝,施继坤.并购频率与管理层私利——基于过度自信视角的经验分析[J]. 山西财经大学学报, 2012,34(6):96-104
[30]  苏卫东,谢玲红.基于时间间隔的连续并购行为分析[J]. 西北工业大学学报(社会科学版), 2011,31(1):28-31

Full-Text

comments powered by Disqus

Contact Us

service@oalib.com

QQ:3279437679

WhatsApp +8615387084133

WeChat 1538708413