Mergers and Acquisitions in Ownership Restructuring of Chinese Firms  

作　　者：Zhaojun Gao 

机构地区：[1]Guanghua School of Management, Peking University, Beijing 100871, China

出　　处：《Frontiers of Business Research in China》2013年第1期59-81,共23页中国高等学校学术文摘·工商管理研究（英文版）

摘　　要：This paper investigates mergers and acquisitions （M＆A） in the context of firm ownership restructuring in China, via several theoretical lenses including organizational learning and population ecology theories. It highlights the effect of organizational learning on the choice of M＆A in ownership restructuring, based on the assumption that the choice might be favored by poor-performing firms. By employing a hierarchical linear regression model, this article examines the cross-level moderating effects of the density of ownership restructuring patterns on the performance-M＆A relationship. Several key findings have been revealed. At the individual firm level, performance is negatively related to its choice of M＆A. The ownership restructuring pattern that firms adopted is positively associated with its choice of M＆A. Moreover, at the industry level, the density of patterns in an industry positively moderates the performance-M＆A relationship.This paper investigates mergers and acquisitions （M＆A） in the context of firm ownership restructuring in China, via several theoretical lenses including organizational learning and population ecology theories. It highlights the effect of organizational learning on the choice of M＆A in ownership restructuring, based on the assumption that the choice might be favored by poor-performing firms. By employing a hierarchical linear regression model, this article examines the cross-level moderating effects of the density of ownership restructuring patterns on the performance-M＆A relationship. Several key findings have been revealed. At the individual firm level, performance is negatively related to its choice of M＆A. The ownership restructuring pattern that firms adopted is positively associated with its choice of M＆A. Moreover, at the industry level, the density of patterns in an industry positively moderates the performance-M＆A relationship.

关 键 词：ownership restructuring PERFORMANCE mergers and acquisitions（M＆A） 

分 类 号：F279.23[经济管理—企业管理] F271[经济管理—国民经济]