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Mergers and Acquisitions in Ownership Restructuring of Chinese Firms.pdf
Front．Bus．Res．Chma2013，7(1)：59—81
D0I10．3868／s070．002．013-0003．4
ZhaojunGao
MergersandAcquisitionsinOwnership
RestructuringofChineseFirms
Abstract Thispaperinvestigatesmergersandacquisitions(MA)inthe
contextoffirm ownershiprestructuringinChina，viaseveraltheoreticallenses
includingorganizationallearningandpopulation ecologytheories．Ithighlights
the e伍0ctoforganizationallearning on thechoice ofMA in ownership
resturcturing，based on the assumption thatthechoicemightbe favoredby
poor-performingfimr s．Byemployingahierarchicallinearregressionmodel，this
articleexaminesthecross—levelmoder
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