CAJ | 학술논문

本文基于企业资源理论中“资源一能力一绩效”的逻辑关系，认为并购能力反映的是企业如何将资源转换为并购价值的相对转换效率。采用数据包络分析方法（DEA），将多个维度的资源作为输入变量，并购绩效作为输出变量，分行业计算相对转换效率以度量企业的并购能力。通过将并购能力与首次公告日的市场反应及后续的并购绩效进行回归检验，证实了该度量方法的有效性。并购能力的度量为企业管理层评价和制定并购决策提供了合理的现实依据。
본문기우기업자원이론중“자원일능력일적효”적라집관계，인위병구능력반영적시기업여하장자원전환위병구개치적상대전환효솔。채용수거포락분석방법（DEA），장다개유도적자원작위수입변량，병구적효작위수출변량，분행업계산상대전환효솔이도량기업적병구능력。통과장병구능력여수차공고일적시장반응급후속적병구적효진행회귀검험，증실료해도량방법적유효성。병구능력적도량위기업관리층평개화제정병구결책제공료합리적현실의거。
Based on the enteiprises resource-based view, this study proposes a new method of measuring the capability of mergers and acquisitions（ M＆A capability）. M＆A capability is embodied in how enterprises transform resources into the value of mergers and acquisitions. As a result, the efficiency of the transformation reflects the enterprises＇M＆A capability. The em- pirical study shows that data envelope analysis（DEA） can measure M＆A capability. A series of tests are also conducted to check the validation of the measuring method. The OLS regression results indicate that the M＆A capability is positively corre- lated with the cumulative abnormal return and the post M＆A performance respectively.