CAJ | 학술논문

并购是重新配置资源有效机制，而并购后的整合是提高社会资源配置的有效手段。并购后整合是否能实现价值的创造是决定企业是否进行并购的重要决定因素。基于广义资源观，探讨了并购后整合的价值创造机理，认为在企业并购中资源、能力和知识的转移是可以实现的，但因要素特性不同和转移过程中遇到的影响因素不同使得其转移的过程和难度有所不同。在企业并购中，经过长期学习积累起来的、以知识为主要形态的无形资源、隐性知识和核心能力的转移难度就很大。无形资源、隐性知识和核心能力的转移难度与这些要素的特征有直接关系。
병구시중신배치자원유효궤제，이병구후적정합시제고사회자원배치적유효수단。병구후정합시부능실현개치적창조시결정기업시부진행병구적중요결정인소。기우엄의자원관，탐토료병구후정합적개치창조궤리，인위재기업병구중자원、능력화지식적전이시가이실현적，단인요소특성불동화전이과정중우도적영향인소불동사득기전이적과정화난도유소불동。재기업병구중，경과장기학습적루기래적、이지식위주요형태적무형자원、은성지식화핵심능력적전이난도취흔대。무형자원、은성지식화핵심능력적전이난도여저사요소적특정유직접관계。
M&As are effective for reallocating resources and the integration after an M&A is an efficient approach in promoting the alloca-tion of community resources. Whether the integration will create value is the decisive factor for M&As. The study analyzes the value-creat-ing mechanism of the integration from the perspective of a broad resource-based view. It concludes that the transfer of resources, capabili-ties and knowledge could be achieved by M&As. However, the process and difficulty of the transfer vary with different element features and influencing forces in the process. It is difficult to transfer the intangible resources, tacit knowledge and core competence, which were in the form of knowledge and were accumulated through long-term learning. The transfer difficulty of intangible resources, tacit knowledge and core competence correlates directly with the features of these elements.