Abstract: Organizational learning plays an important role in business decision making. Using the data of Chinese A-share listed companies from 2007 to 2019 as samples, this paper investigates the learning effect of Chinese listed companies' divestiture from the perspectives of experiential learning and vicarious learning. The empirical results reveal that both experiential learning and vicarious learning improve the probability of subsequent divestitures significantly. In addition, it is found that there is a substitution relationship between experiential learning and vicarious learning. Furthermore, the results of the grouping tests indicate that there is no difference in the effect of enterprises' own divestiture experience on their subsequent divestiture decisions across contexts, but the finding that industry divestiture experience significantly and positively affects enterprises' divestiture decisions holds only when economic policy uncertainty is lower and when the influence of Confucian culture is greater.

Key words: Divestiture, Organizational Learning, Experiential Learning, Vicarious Learning

摘要： 组织学习对企业决策有重要影响。利用2007—2019年中国A股上市公司数据,本研究从经验学习和替代学习的视角讨论了中国企业资产剥离过程中的学习效应。实证结果表明,经验学习与替代学习均会影响企业的资产剥离决策,即企业自身的资产剥离经验与行业资产剥离经验均会显著提升企业后续剥离资产的概率。此外,经验学习与替代学习对企业后续资产剥离选择的影响存在替代关系。进一步的分组检验结果表明,在不同情境下自身资产剥离经验对企业后续资产剥离决策的影响没有差异,但是行业资产剥离经验显著正向影响企业的资产剥离决策这一结论仅在经济政策不确定性更低、受儒家文化影响更深时成立。

关键词: 资产剥离, 组织学习, 经验学习, 替代学习