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基于组织学习理论以及企业战略管理理论，本文按照组织学习对象的不
同将组织学习分为组织内学习和组织间学习两个部分，研究组织学习对并购
决策概率的影响。在分析的过程中，通过将学习内容分为并购经验惯例和并
购绩效反馈两个方面，分层次探讨组织学习行为对并购决策的影响。并且在
此基础上，考察了管理者特征对组织学习影响并购决策的调节作用。企业是
否决定进行并购，是未来发生的不确定性事件，但根据大数定理，其概率分
布具有规律可循，利用回归分析历史数据，可以预测某个企业是否会在未来
作出并购决策。本文选择了生存分析中的 Cox 回归模型作为实证分析方法，
使用我国上市公司 2011 年至 2015 年的并购交易数据作为研究样本，验证组
织学习中的并购经验惯例和并购绩效反馈对并购决策效率产生的影响，并与
国外已有并购中组织学习的实证研究结果相对比，探究中国并购市场具有的
特殊性
实证结果表明，中国企业在并购中的组织学习行为是并购经验不断积累，
并购能力逐渐形成的过程，具体表现为，与国外关于学习曲线呈现“倒 U”
型的预测结果不同，自身并购经验惯例对并购决策概率的影响呈现线性关系，
企业的并购决策中并未体现并购序列前后期吸收能力的不同所带来的影响；
自身并购绩效反馈越好，企业做出连续并购决策的可能性越大；他人并购经
验惯例对并购决策概率的影响显著地呈线性关系；对并购绩效反馈较好的同
行业的学习，提高了企业的并购决策效率；并且，他人并购经验惯例与并购
绩效反馈的交互作用结果显著，该作用有效的提高了并购决策效率。管理者
特征在学习过程中的调节作用也得到了验证，结果显示管理者任职时间越长、
管理层兼职比率越高、管理者学习能力越强，学习效率越高，组织学习对并哈尔滨工业大学管理学硕士学位论文
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购决策概率的影响越强。因此，企业在连续并购中，应重视组织学习，通过
学习提高并购成功率，同时，应对决策制定者加强监控，防止出现过度并购
行为
关键词：组织学习；连续并购决策；经验学习；替代学习哈尔滨工业大学管理学硕士学位论文
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Abstract
Under the drive of supply side reform, China&39;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 significance 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&39;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哈尔滨工业大学管理学硕士学位论文
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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: organizational learning, competitive M & A decisions, experiential
learning, learning between the organizations哈尔滨工业大学管理学硕士学位论文
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目 录
摘要 ..I
ABSTRACT...III
第 1 章 绪 论 ...........1
1.1 研究背景及意义.... 1
1.1.1 研究背景.... 1
1.1.2 研究意义.... 2
1.2 国内外研究现状.... 3
1.2.1 国外研究现状........ 3
1.2.2 国内研究现状........ 5
1.2.3 研究现状评述........ 7
1.3 主要研究内容 ....... 8
1.4 研究方法及技术路线图 .... 9
1.4.1 研究方法
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