Abstract
M&A has become one of the most important ways to growth of firms, but the percentage of the failure of M&A was high, so what the firms concern is that how to increase the percentage of the successful of M&A. We think the factors affect M&A performance is sequentially, first is Pre M&A factors, then is M&A process, finally the factors affect M&A performance, we will focus on how managers’ M&A experiences affect the speed of firms’ M&A. We think managers’ M&A experiences can help managers prevent the problems and salve the problems quickly in M&A process, and it will increase the firms’ M&A speed; We separate managers’ M&A experiences into two parts, depth of managers’ M&A experiences and scope of managers’ M&A experiences, and developing two hypotheses which are hypothesis 1: The depth of managers’ M&A experiences have positive effect to the firms’ M&A speed and hypothesis 2: The scope of managers’ M&A experiences have negative effect to the firms’ M&A speed. Form empirical research, we generalize two points. First, the depth of managers’ M&A experiences have positive effect to the firms’ M&A speed might need some requirements, second, the scope of managers’ M&A experiences trend to have positive effect to the firms’ M&A speed. In the conclusion, we explore the reason and try to develop the meaning of strategies, hoping the firms can find the fittest model of M&A strategies and the accumulation of managers’ M&A experiences, then achieving the objectives of its M&A.