摘要
文章以1991-2013年中国上市公司2632起的并购事件作为样本,运用cox比例风险模型分析并购次数对企业连续并购行为的影响。结果显示,以往并购次数越多,企业发生下一次并购的时间间隔越短。这表明,企业的并购行为受到并购经验的影响,企业在并购活动中的学习效应使其在后续的并购上更为积极。进一步引入并购绩效与并购次数的交互项,文章发现,过往的并购绩效越低,并购次数对未来并购间隔的缩短作用越强,这说明企业在学习过程中更看重过去相对失败的并购经验的反馈。
In a sample of Chinese public fLrms＇ 2632 acquisition deals from 1991 to 2013, this paper use Cox＇s proportional hazard model to examine the influence of acquisition experience on acquisition behavior. The results show that the time between deals become shorter as the number of prior acquisition deals increases, which indicates the presence of experiential learning effect in acquisition activities. Based on this conclusion, we further introduce the interaction effect of acquisition performance and acquisition experience and find that the negative effect of acquisition experience on the time between deals becomes stronger as the acquisition performance is lower, which means that in their learning process, Chinese companies pay more attention to the performance feedback of the relative failure experience.
出处
《南方经济》
CSSCI
北大核心
2017年第9期103-117,共15页
South China Journal of Economics
关键词
连续并购
学习
反馈
Serial Acquisitions
Learning
Feedback.
