企业并购中的组织学习效果研究
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摘要
2006年全世界企业并购总额已超过3.79万亿美元(Barkema和Schijven，2008)，然而以往的文献研究表明，由于受到内部和外部等多重因素的影响，大部分企业并购都以失败告终(Datta、Pinches和Narayanan，1992；King、Daily和Covin，2004)。并购体现了企业发展过程中的一种战略机遇和市场机会，为了能够有效的实现其调整经营模式、整合和重组内外部资源的作用，就需要不断积累并购经验、提高并购技巧(Hitt、Harrison和Ireland，2001)，因此，其企业来说对并购知识的学习和掌握就显得尤为重要。
本文采用1998年至2009年间我国上市公司的并购事件作为研究对象，采用事件历史研究和次序PROBIT回归，分别从并购惯例和绩效反馈两个角度研究了组织学习对并购决策的影响，分析和比较了自我经验学习和观测式学习对并购决策的影响差异，同时探讨了并购决策过程中董事会治理和所有权治理对不同类型组织学习效果的调节影响，本文的研究内容包括以下四部分：
1、组织学习与企业连续并购决策。内部经验的传承与外部经验的观察和模仿有助于企业获取并购知识、提高并购能力，研究从并购惯例和绩效反馈这两个角度入手，研究企业连续并购决策过程中自我经验学习和观测学习的作用。研究结果发现，上市公司并购行为呈现出一个不断总结并购经验、逐步提高并购能力的学习过程，具体表现为：自身并购惯例对连续并购发生率的影响呈倒U型；从以往并购绩效反馈越好，企业采取连续并购决策的可能性越大；观测到的并购惯例对企业并购决策制定的影响都呈显著地倒U型；企业从并购绩效反馈较好的同行业企业那里学习并购知识，有助于提高并购决策效率。
2、组织学习与企业并购绩效。从并购惯例和绩效反馈这两个角度研究入手，自我经验学习和观测学习对并购期望绩效实现效果的影响，结合基于市场期望的绩效和基于会计数据的财务绩效，构造了能够反映上市公司对市场期望绩效实现水平的指标，采用次序概率模型检验了我国上市公司的并购绩效影响因素。研究结果发现，自身并购惯例对并购绩效的影响呈U型；以往并购绩效反馈越好，企业并购绩效水平越高；观测到的并购惯例对企业并购市场期望绩效实现水平的影响都呈显著地倒U型；并购绩效反馈较好的同行业企业对企业并购能力的提升影响更大。
3、组织学习、公司治理与企业连续并购决策。分析并购战略决策选择过程中，以董事会治理和所有权治理为代表的公司治理机制对组织学习效果的调节影响。研究结果发现，在并购决策过程中，企业通过强化并购惯例和绩效反馈提高并购决策效率，但是这种学习行为的效果受到公司治理机制的调节影响，并且董事会治理和所有权治理对不同类型组织学习的调节影响存在显著差异。
4、组织学习、公司治理与企业并购绩效。分析组织学习行为对并购绩效的影响是否受到以董事会治理和所有权治理为代表的公司治理机制的调节。研究结果发现，所有者和董事会成员对决策的审核与质疑会引起组织学习的进化，其结果影响了企业的组织学习效果，调节了组织学习对改善并购绩效的贡献，而且这种调节作用对不同类型的组织学习影响存在显著差异。
本文的研究结果对战略管理和组织行为领域的相关理论做出了一些有益的扩充，主要表现为以下几点：
首先，本文的研究成果拓展了企业并购理论和组织学习理论，特别是自身经验学习和观测式学习对企业并购决策的影响机制。本文从企业惯例与绩效反馈两个角度入手，探讨了组织学习对中国上市公司连续并购决策选择和并购绩效的影响，讨论了绩效反馈与惯例对并购决策的交互影响；同时，分析了中国上市公司对同行业竞争者并购经验的学习和模仿行为，检验了观测式学习如何影响企业并购决策的制定及并购战略的执行效果，并分析了他们之间的影响差异，得到与以往研究不同的结论(自身并购惯例对连续并购发生率的影响呈显著地倒U型，对并购绩效的影响呈U型；观测并购惯例对连续并购发生率的响都呈显著地倒U型，对并购绩效的影响呈U型；并购惯例和绩效反馈对并购绩效的交互影响显著为负)，揭示了目前中国企业并购的行为差异，丰富了该领域研究的实证证据。
其次，本文结合了基于会计数据的度量方法和基于股票市场的度量方法，从并购后实际绩效对市场期望绩效的实现水平角度入手，构建了反映市场期望绩效和实际绩效两个维度的全新度量方法，该指标不仅反映了企业并购后整合的能力，也反映了并购战略的执行力。
同时，有关制度约束对组织学习效果影响的研究，仍处于萌芽和理论分析状态，缺乏实证和系统性的检验，本文结合公司治理理论和组织学习理论，构建了企业并购决策过程中公司治理机制对组织学习效果影响的理论框架，并通过实证分析进行了验证。研究结果发现，组织学习行为体现在企业并购决策的整个过程中，以董事会治理机制和所有权治理机制为代表的公司治理机制会影响学习行为的效果。公司治理机制对学习效果的调节作用不仅影响企业并购决策选择效率，同时也会影响并购决策执行效率(即并购绩效)，并且这种调节对自身经验学习和观测学习的影响存在差异。
本文的研究得到了一些有意义的研究结论，丰富了该领域的理论和实践证据，这将有助于今后相关学者在该领域的研究。
Worldwide mergers and acquisition activity become the dominant mode of firmgrowth and hit new record high of$3.79trillion in2006(Barkema&Schijven，2008).But a lot of literatures have revealed that on average acquisitions fail to create valuefor acquiring firm shareholders (Datta， Pinches，&Narayanan，1992; King，Dalton， Daily，&Covin，2004). Acquisitions represent strategic and marketopportunities in the corporate development process.For the purpose to make thesynergy realization more efficiently， corporates need to cumulate M&A experiencesand improve skills about M&A (Hitt，Harrison&Ireland，2001). So， it is veryimportant for corporates to learn the knowledge about M&A.
This dessertation examines the influence of organizational learning uponcorporate acquisition using event history analysis and ordered probit regression basedon a sample of acquisitions of Chinese listed companies over a period from1998to2008.This research include four studies.
1. Organizational learning and the decision of subsequent acquisition. Learningfrom the firm’s own experience and from the experience of other firms can improvethe capability and knowledge required to be successful in acquisition. The resultsshow that1)serial acquisition as a function of stage of learning shows an invertedU-shaped relationship between prior acquisitions and the likelihood of subsequentacquisition.2)The better the feedback of acquisition performance， the higher thelikelihood of the acquirer making a subsequent acquisition is.3)The relationshipbetween the number of vicarious experience and the likelihood of subsequentacquisition was inverted U-shaped.4)Vicarious learning is motivated by observingcompetitors who have received good acquisition performance.
2. Organizational learning and the performance of acquisition. The results showthat1)serial acquisition as a function of stage of learning shows a U-shapedrelationship between prior acquisitions and realization of aspiration.2)The better thefeedback of acquisition performance， the higher the level of realization of aspirationis.3)The relationship between the number of vicarious experience and realization of aspiration was inverted U-shaped.4)Vicarious learning is motivated by observingcompetitors who have received good acquisition performance.5)The interactionbetween the number of acquisition experience and the feedback of acquisitionperformance is negatively related to the realization of aspiration.
3. Organizational learning， corporate governance and the decision ofsubsequent acquisition.This paper examines the influence of the characteristics ofboards upon the strategic decision of learning corporate. The results show thatlearning corporate can increase the ability of strategic decision by improving internalexperience learning and vicarious learning. The effect of the characteristics of boardsupon the M&A decision making and execution differs from each other. The leadershipstructure， independence and size of boards have impacts on the efficiency oforganizational learning.
4. Organizational learning， corporate governance and the performance ofacquisition. This paper examines the influence of corporate governance andexperience learning upon acquisition performance. The results show that the strongerat higher levels of managerial ownership and CEO power， the higher the likelihoodof the acquirer making a subsequent acquisition. Board independence has a negativerelation with the decision of making acquisition. The positive effect of acquisitionexperience on the likelihood of the acquirer’s subsequent acquisition decision will bestronger at higher levels of managerial ownership， CEO power and boardindependence.
The results of this dissertation could be an extension to the theory of strategymanagement and organization behavior. The main points are as follows:
First，the results extend the theory of organizational learning, especially internallearning and vicarious learning’s influence on M&A decision system. Thisdissertation discusses the organizational learning’s influence on acquisition abilitydevelopment from aspects of routine and performance feedback，and finds differentresults from the literature. At the same time，this dissertation analyzes the listedcompany’s competitor M&A experience learning and imitation behavior and testshow vicarious learning influence the M&A decision making and the performance of M&A strategy and the different among them in China. This dissertation also showsthe differences of M&A behavior among companies in China and adds to theempirical literature.
Second，this dissertation combines the measurement based on accounting dataand stock market and constructs a new measurement comparing the actualperformance after M&A to the market expected performance which reflects bothmarket expected performance and actual performance.
Third， this dissertation constructs the theory framework of the corporategovernance’s influence on organizational learning in M&A decision process and testsit by empirical methods adding to the theory and practice in this field. Thisdissertation analyzes how ownership concentration and board of directors influenceM&A decision making and the effect of organizational learning during this processfrom the aspect of institution. This dissertation also tests the corporate governance’sinfluence on internal learning and vicarious learning and discusses how routine andperformance feedback be influenced by corporate governance during the M&Adecision making and its implement. This dissertation gains some useful and helpfulconclusions for further research in this field.
本文采用1998年至2009年间我国上市公司的并购事件作为研究对象，采用事件历史研究和次序PROBIT回归，分别从并购惯例和绩效反馈两个角度研究了组织学习对并购决策的影响，分析和比较了自我经验学习和观测式学习对并购决策的影响差异，同时探讨了并购决策过程中董事会治理和所有权治理对不同类型组织学习效果的调节影响，本文的研究内容包括以下四部分：
1、组织学习与企业连续并购决策。内部经验的传承与外部经验的观察和模仿有助于企业获取并购知识、提高并购能力，研究从并购惯例和绩效反馈这两个角度入手，研究企业连续并购决策过程中自我经验学习和观测学习的作用。研究结果发现，上市公司并购行为呈现出一个不断总结并购经验、逐步提高并购能力的学习过程，具体表现为：自身并购惯例对连续并购发生率的影响呈倒U型；从以往并购绩效反馈越好，企业采取连续并购决策的可能性越大；观测到的并购惯例对企业并购决策制定的影响都呈显著地倒U型；企业从并购绩效反馈较好的同行业企业那里学习并购知识，有助于提高并购决策效率。
2、组织学习与企业并购绩效。从并购惯例和绩效反馈这两个角度研究入手，自我经验学习和观测学习对并购期望绩效实现效果的影响，结合基于市场期望的绩效和基于会计数据的财务绩效，构造了能够反映上市公司对市场期望绩效实现水平的指标，采用次序概率模型检验了我国上市公司的并购绩效影响因素。研究结果发现，自身并购惯例对并购绩效的影响呈U型；以往并购绩效反馈越好，企业并购绩效水平越高；观测到的并购惯例对企业并购市场期望绩效实现水平的影响都呈显著地倒U型；并购绩效反馈较好的同行业企业对企业并购能力的提升影响更大。
3、组织学习、公司治理与企业连续并购决策。分析并购战略决策选择过程中，以董事会治理和所有权治理为代表的公司治理机制对组织学习效果的调节影响。研究结果发现，在并购决策过程中，企业通过强化并购惯例和绩效反馈提高并购决策效率，但是这种学习行为的效果受到公司治理机制的调节影响，并且董事会治理和所有权治理对不同类型组织学习的调节影响存在显著差异。
4、组织学习、公司治理与企业并购绩效。分析组织学习行为对并购绩效的影响是否受到以董事会治理和所有权治理为代表的公司治理机制的调节。研究结果发现，所有者和董事会成员对决策的审核与质疑会引起组织学习的进化，其结果影响了企业的组织学习效果，调节了组织学习对改善并购绩效的贡献，而且这种调节作用对不同类型的组织学习影响存在显著差异。
本文的研究结果对战略管理和组织行为领域的相关理论做出了一些有益的扩充，主要表现为以下几点：
首先，本文的研究成果拓展了企业并购理论和组织学习理论，特别是自身经验学习和观测式学习对企业并购决策的影响机制。本文从企业惯例与绩效反馈两个角度入手，探讨了组织学习对中国上市公司连续并购决策选择和并购绩效的影响，讨论了绩效反馈与惯例对并购决策的交互影响；同时，分析了中国上市公司对同行业竞争者并购经验的学习和模仿行为，检验了观测式学习如何影响企业并购决策的制定及并购战略的执行效果，并分析了他们之间的影响差异，得到与以往研究不同的结论(自身并购惯例对连续并购发生率的影响呈显著地倒U型，对并购绩效的影响呈U型；观测并购惯例对连续并购发生率的响都呈显著地倒U型，对并购绩效的影响呈U型；并购惯例和绩效反馈对并购绩效的交互影响显著为负)，揭示了目前中国企业并购的行为差异，丰富了该领域研究的实证证据。
其次，本文结合了基于会计数据的度量方法和基于股票市场的度量方法，从并购后实际绩效对市场期望绩效的实现水平角度入手，构建了反映市场期望绩效和实际绩效两个维度的全新度量方法，该指标不仅反映了企业并购后整合的能力，也反映了并购战略的执行力。
同时，有关制度约束对组织学习效果影响的研究，仍处于萌芽和理论分析状态，缺乏实证和系统性的检验，本文结合公司治理理论和组织学习理论，构建了企业并购决策过程中公司治理机制对组织学习效果影响的理论框架，并通过实证分析进行了验证。研究结果发现，组织学习行为体现在企业并购决策的整个过程中，以董事会治理机制和所有权治理机制为代表的公司治理机制会影响学习行为的效果。公司治理机制对学习效果的调节作用不仅影响企业并购决策选择效率，同时也会影响并购决策执行效率(即并购绩效)，并且这种调节对自身经验学习和观测学习的影响存在差异。
本文的研究得到了一些有意义的研究结论，丰富了该领域的理论和实践证据，这将有助于今后相关学者在该领域的研究。
Worldwide mergers and acquisition activity become the dominant mode of firmgrowth and hit new record high of$3.79trillion in2006(Barkema&Schijven，2008).But a lot of literatures have revealed that on average acquisitions fail to create valuefor acquiring firm shareholders (Datta， Pinches，&Narayanan，1992; King，Dalton， Daily，&Covin，2004). Acquisitions represent strategic and marketopportunities in the corporate development process.For the purpose to make thesynergy realization more efficiently， corporates need to cumulate M&A experiencesand improve skills about M&A (Hitt，Harrison&Ireland，2001). So， it is veryimportant for corporates to learn the knowledge about M&A.
This dessertation examines the influence of organizational learning uponcorporate acquisition using event history analysis and ordered probit regression basedon a sample of acquisitions of Chinese listed companies over a period from1998to2008.This research include four studies.
1. Organizational learning and the decision of subsequent acquisition. Learningfrom the firm’s own experience and from the experience of other firms can improvethe capability and knowledge required to be successful in acquisition. The resultsshow that1)serial acquisition as a function of stage of learning shows an invertedU-shaped relationship between prior acquisitions and the likelihood of subsequentacquisition.2)The better the feedback of acquisition performance， the higher thelikelihood of the acquirer making a subsequent acquisition is.3)The relationshipbetween the number of vicarious experience and the likelihood of subsequentacquisition was inverted U-shaped.4)Vicarious learning is motivated by observingcompetitors who have received good acquisition performance.
2. Organizational learning and the performance of acquisition. The results showthat1)serial acquisition as a function of stage of learning shows a U-shapedrelationship between prior acquisitions and realization of aspiration.2)The better thefeedback of acquisition performance， the higher the level of realization of aspirationis.3)The relationship between the number of vicarious experience and realization of aspiration was inverted U-shaped.4)Vicarious learning is motivated by observingcompetitors who have received good acquisition performance.5)The interactionbetween the number of acquisition experience and the feedback of acquisitionperformance is negatively related to the realization of aspiration.
3. Organizational learning， corporate governance and the decision ofsubsequent acquisition.This paper examines the influence of the characteristics ofboards upon the strategic decision of learning corporate. The results show thatlearning corporate can increase the ability of strategic decision by improving internalexperience learning and vicarious learning. The effect of the characteristics of boardsupon the M&A decision making and execution differs from each other. The leadershipstructure， independence and size of boards have impacts on the efficiency oforganizational learning.
4. Organizational learning， corporate governance and the performance ofacquisition. This paper examines the influence of corporate governance andexperience learning upon acquisition performance. The results show that the strongerat higher levels of managerial ownership and CEO power， the higher the likelihoodof the acquirer making a subsequent acquisition. Board independence has a negativerelation with the decision of making acquisition. The positive effect of acquisitionexperience on the likelihood of the acquirer’s subsequent acquisition decision will bestronger at higher levels of managerial ownership， CEO power and boardindependence.
The results of this dissertation could be an extension to the theory of strategymanagement and organization behavior. The main points are as follows:
First，the results extend the theory of organizational learning, especially internallearning and vicarious learning’s influence on M&A decision system. Thisdissertation discusses the organizational learning’s influence on acquisition abilitydevelopment from aspects of routine and performance feedback，and finds differentresults from the literature. At the same time，this dissertation analyzes the listedcompany’s competitor M&A experience learning and imitation behavior and testshow vicarious learning influence the M&A decision making and the performance of M&A strategy and the different among them in China. This dissertation also showsthe differences of M&A behavior among companies in China and adds to theempirical literature.
Second，this dissertation combines the measurement based on accounting dataand stock market and constructs a new measurement comparing the actualperformance after M&A to the market expected performance which reflects bothmarket expected performance and actual performance.
Third， this dissertation constructs the theory framework of the corporategovernance’s influence on organizational learning in M&A decision process and testsit by empirical methods adding to the theory and practice in this field. Thisdissertation analyzes how ownership concentration and board of directors influenceM&A decision making and the effect of organizational learning during this processfrom the aspect of institution. This dissertation also tests the corporate governance’sinfluence on internal learning and vicarious learning and discusses how routine andperformance feedback be influenced by corporate governance during the M&Adecision making and its implement. This dissertation gains some useful and helpfulconclusions for further research in this field.
引文
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