中文摘要：

经验学习与替代学习对于企业的跨国并购行为有着不同的影响。本文以1982-2012年有公告意向的中国企业跨国并购交易作为研究样本,从经验学习和替代学习的视角讨论了中国企业跨国并购过程中的学习效应。研究结论表明,经验学习和替代学习都具有结果依赖性,企业能够从自身和同行的跨国并购成功经验中获益。企业对于自身跨国并购失败经验的学习曲线为正U型,而对同行跨国并购失败经验的学习为负向。进一步研究发现,自身失败经验正向调节同行成功经验与自身并购完成可能性的正向关系;自身失败经验负向调节同行失败经验与自身并购完成可能性的负向关系。

英文摘要：

Experiential learning and vicarious learning generate distinct effects on cross-border MA.This paper investigates the learning effect of Chinese Enterprises cross-border MA,using the data from 1982 to 2012of Chinese enterprises cross-border MA declaration as samples.Our conclusion reveals that both experiential learning and vicarious learning have outcome interdependence.Companies can benefit from own and analogous enterprises＇ prosperous experience in cross-border MA.The learning curve of own focal experience is U Shape,while the analogous enterprises＇ is negative.Further studies conclusively show that own focal experience moderate the relationship of analogous enterprises＇ prosperous experience and transaction possibility of declared offer positively,the relationship of analogous enterprises＇ focal experience,and transaction possibility of declared offer negatively.