基于广义资源观的企业并购整合的价值创造

Value Created by M&As from the Perspective of a Broad Resource-Based View

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。

M＆amp;As are effective for reallocating resources and the integration after an M＆amp;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＆amp;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＆amp;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.