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Abstract M&A is an important growth method for scitech enterprises,and the organizational learning in M&A is essential to improve the performance of M&A.This paper makes use of the survival regression,analyzes how the M&A experiences and the feedback of M&A performance of scitech enterprises influence the decisionmaking of serial M&A,and explores the learning mechanism of organizational learning in M&A.The conclusion is that,the more M&A happens ,the better the feedback of M&A will perform,the higher probability that the scitech enterprises would like to make the decisions of continuous M&A,the good performance feedback of M&A strengthens the impact of the number of M&A in purchasing decisions.This conclusion is of theoretical guiding significance to the improvement of the efficiency on M&A of scientific and technological enterprises in the serial M&A.
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| Fund:山东省社会科学规划研究项目（16CJJJ29）；教育部人文社会科学研究项目（12YJA790044） |
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