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계열사 간 조직통합: 통합과정, 영향요인 및 통합속도를 중심으로

Achieving Post-Merger Integration : Processes, Drivers, and Speed of Integration

허문구|김국태
한국전략경영학회 (Korean Strategic Management Society)|2013.12|전략경영연구 (Journal of Strategic Management)|제16권 제3호|pp. 29-59|DOI 10.17786/jsm.2013.16.3.002

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합병 전 통합합병 후 통합통합속도계열회사 간 합병Pre-merger IntegrationPost-merger IntegrationSpeed of IntegrationMerger of Affiliated Companies
주제분류경영학

초록

인수합병 후 통합(post-merger integration; PMI)이 M&A 성공에 있어 매우 중요한 역할은 한다는 인식에도 불구하고, PMI의 전체 프로세스를 다룬 연구는 많지 않다. 한편, 글로벌 금융위기 이후, 국경을 넘는 인수합병(cross border M&A)은 위축되고 있는 반면, 그룹내 계열회사 간 등과 같은 관련 기업 간의 합병은 크게 증가하고 있다. 본 연구는 대기업의 계열회사 간 합병을 대상으로, 조직통합의 전 과정을 체계적으로 분석하고, 각 단계별로 이에 영향을 미치는 요인들을 규명하였다. PMI에 대한 선행연구들을 종합하여 조직통합 과정에 대한 포괄적인 연구 틀을 개발하였으며, 이를 바탕으로 사례연구를 통해 기업 간 통합과정과 영향요인, 통합속도 및 통합 시너지를 동시에 분석하였다. 본 연구의 주요 결과는 다음과 같다. 첫째, 계열회사 간 통합은 일반적인 M&A와는 달리 합병 이전의 통합(pre-merger integration)이 매우 중요한 과정으로 나타났다. 둘째, 계열회사 간 합병 이전의 통합 단계에서는 그룹본부(headquarters), 리더십, 커뮤니케이션, 통합추진팀, 인수경험이 중요한 영향요인으로 작용한다. 셋째, 계열회사 간 합병 이후의 통합 단계는 업무 통합(task integration)과 인적 통합(human integration)으로 나뉠 수 있으며, 이 과정에서 비전, 커뮤니케이션, 리더십, 통합추진팀, 초기 성과가 성공적인 통합에 중요한 역할은 한다. 넷째, 업무 통합으로 인한 초기 성과는 인적 통합에 긍정적인 영향을 미친다. 마지막으로, 계열회사 간 합병과 통합에 있어서 통합의 속도는 통합의 단계에 따라 다른 패턴을 갖는다.

Abstract

This study examines the organizational integration process, especially PMI(post-merger integration) through a intensive single case study about a merger between affiliated companies. Despite the recognition that the post-merger integration plays an important role in successful performance of M&A, most previous studies have provided few insights into the whole processes of the integration because they have focused mainly on only one or two side among integration processes, determinants of M&A success, and the speed of integration. On the other hand, since the global financial crisis, while cross-border mergers has reduced, mergers of affiliated companies have significantly increased. This research proposes a comprehensive model including organizational integration process, determinants of integration success, and speed of integration. In an analysis of the successful merger case of LG-Innotec and LG-Micron, we derive several propositions as follows: 1) Pre-merger integration plays an important role in creating integration synergies. 2) In pre-merger integration, headquarters, leadership, communication, integration task force team, and acquisition experiences have positive effects on integration synergies. 3) In post-merger integration, vision, communication, integration task force team, and initial performance have positive effects on integration synergies. 4) the initial performance from task integration has positive effects on human integration. 5) the speed of integration reveals different patterns depending on the integration process. Specifically, when the speed in pre-merger integration slow, the speed in post-merger integration can be fast. It may has a positive effect on achieving the integration synergies. Based on the results, the theoretical and practical implications of the research findings are discussed, and recommendation for future research are provided.

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