何种程度的失败才是成功之母?——并购失败程度对后续并购绩效的影响  

What Kind of Failure is the Mother of Success?Evidence from the Impact of M&A Failure on Subsequent M&A Performance

作　　者：陈仕华[1] 张章[1] 宋冰霜 CHEN Shi-hua;ZHANG Zhang;SONG Bing-shuang(Dongbei University of Finance &Economics,Dalian,Liaoning,116025,China;China Business Executives Academy,Dalian,Liaoning,116086,China)

机构地区：[1]东北财经大学工商管理学院,辽宁大连116025 [2]中国大连高级经理学院,辽宁大连116086

出　　处：《经济管理》2020年第4期20-36,共17页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目“并购溢价决策中的锚定效应:内在锚效应、外在锚效应,还是二者兼而有之?”(71472030)。

摘　　要：并购是企业获得快速成长的重要途径,但实践中半数以上甚至三分之二左右的并购交易都是以失败告终。本文基于失败学习理论和社会认知理论,以我国A股上市公司2003—2017年间有连续并购且首次并购失败的590家企业样本,研究并购失败程度对后续并购绩效的影响。研究发现:与首次并购失败程度较大的企业相比,首次并购失败程度较小的企业进行后续并购取得的并购绩效相对要好。进一步考察社会认知因素对失败并购经验的学习行为的调节效应发现,如果高管团队教育水平越高,或者企业受儒家文化影响越强,首次并购失败程度对后续并购绩效的负向影响越弱。上述研究结果表明,不同程度的并购失败经验会产生学习行为和效果的差异,进而对后续并购绩效产生不同影响,并且这种影响还会因管理者认知因素的不同而存在差异。本文将失败学习理论与社会认知理论结合起来考察企业连续并购中的学习行为,不仅对并购失败经验的研究提供了新的理论视角,也对实践中遴选高管团队成员提供有益的启示。In order to achieve rapid growth in a short period of time,enterprises will conduct frequent mergers and acquisitions(M&A)even in a short period of time.However,it is worth noting that more than half or even two-thirds of M&A events are failed in practice.The research on the failure experience of M&A is particularly important,but the existing research on this issue is insufficient.This paper focuses on the influence of M&A experience with different degrees of failure on subsequent M&A performance.Theory of failure learning believe that failure can be divided into major failure and minor failure according to the degree of loss.The actor attributes the failure to different causes according to the degree of the failure:the actor tends to attribute the major failure to uncontrollable external factors(e.g.,environment,luck,etc.),and the minor failure to controllable internal factors(e.g.,efforts).Compared with the negative emotions generated by external attribution,the positive emotions generated by internal attribution help to improve the learning effect.In addition,social cognitive theory suggests that cognitive differences of actors will affect attributional tendencies,so learners cognitive differences also play an important role in failure learning.This paper examines the impact of the failure degree of M&A experiences on subsequent M&A performance based on failure learning theory and social cognition theory.Based on the samples of 590 Chinese A-share listed firms that suffered failure in their first M&A from 2003 to 2017,the study finds that compared with those firms that suffered larger degree of failure in M&A,those firms that suffered smaller degree of failure in M&A achieved relatively better performance in subsequent M&A.This paper further finds that the higher the education level of the top management team(TMT)is,or the stronger the influence of Confucian culture is,the stronger the correlation between the loss degree of M&A failure and the subsequent M&A performance is.Existing researches on the experience

关 键 词：并购失败 失败学习理论 社会认知理论 并购绩效 

分 类 号：F275[经济管理—企业管理]