聯盟與併購為近年來企業獲取與整合資源常用的策略之一。本研究之研究目的在於探討企業過去之經驗對於其從事進入策略選擇之影響，惟本研究中又將過去經驗分為三大類：(1)與特定夥伴合作之經驗，(2)與來自相同產業之夥伴的合作經驗，以及(3)與來自相同國家之夥伴的合作經驗。
以組織學習理論為架構，本研究係以2009年Forbes 100中之33間企業為樣本，觀察其於2000至2009年所從事之聯盟與併購活動，最終樣本數共為2878筆觀察值。
實證結果支持了部分假設。本研究發現，不論是聯盟或併購，企業與來自相同國家夥伴的合作經驗越多，其下次愈有可能會選擇進行併購活動。此外，本研究亦顯示，企業由先前聯盟活動所學習到的經驗能夠移轉、運用至併購活動，但卻沒有足夠證據支持企業所累積的併購經驗亦能移轉至聯盟活動。

Nowadays, organizations have been combining resources through two acquisition and alliance in record numbers. In this study, we explore how firms’ prior experience affects their subsequent entry mode choice. More specifically, we categorize firms’ prior experience into three levels such as (1) prior experience with the same partner, (2) prior experience with partners from same industry, and (3) prior experience with partners from same country.
We drew from organization learning literature to examine the likelihood of subsequent action. The data covers 2878 transactions announced and completed between 2000 and 2009 by 33 firms of the Forbes 100 in 2009.
The empirical results conducted by a logistic regression models provide partial support for our conjecture. Specifically, firms with the greater alliance and acquisition experience with partners from the same country will more likely to engage in a subsequent acquisitions. Moreover, the results also indicate that the effect of experience transformation is asymmetric across the two governance modes; in particular, the lessons learned from previous alliance may applicable to acquisitions but not vice versa.

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