CAJ | 학술논문

伴随着并购市场的活跃，整合环节不力导致的并购失败案屡见不鲜。文章以调研为基础，实证检验并购整合对并购绩效的影响。结论表明：并购后的战略整合、管理整合、人力资源整合和企业文化整合，有助于提升并购企业的财务绩效和市场绩效；资产及债务整合提升了并购企业的财务绩效，但对市场绩效无显著影响；战略整合对财务绩效的影响最大，而文化整合对市场绩效的影响最大；不同并购情形下，整合内容的选择对并购绩效有显著影响。
반수착병구시장적활약，정합배절불력도치적병구실패안루견불선。문장이조연위기출，실증검험병구정합대병구적효적영향。결론표명：병구후적전략정합、관리정합、인력자원정합화기업문화정합，유조우제승병구기업적재무적효화시장적효；자산급채무정합제승료병구기업적재무적효，단대시장적효무현저영향；전략정합대재무적효적영향최대，이문화정합대시장적효적영향최대；불동병구정형하，정합내용적선택대병구적효유현저영향。
Along with the booming of the Mergers & Acquisitions markets ,failures of M&A caused by ineffective integration occur quite frequently .Based on a series of investigations and surveys the present article makes an empirical test on the influence of M&A integration on the M&A performance .Our findings are concluded in four aspects .Firstly ,all the strategic integra-tion ,management integration ,human resource integration and corporate culture integration after making M&A can promote the enterprise’s financial performance and market performance re-markably ;secondly ,the asset integration and debt integration promote financial performance but have no remarkable influence on the market performance ;thirdly ,strategic integration has maxi-mum influence on financial performance while corporate culture integration has maximum influ-ence on market performance ;and last ,the selection of contents of integration has obvious signifi-cance for the M & A performance under different M&A types .