M&A 이후 결합잠재성, 구조․시스템 및 사업통합, 그리고 시너지 실현간의 영향관계
An Influence of Combination Potential on the Structure System, Business Integration and Synergy Realization after M&A
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본 연구에서는 M&A가 이루어진 다음에 인사․조직 분야에서 어떻게 하는 것이 인수합병의 성공을 유도할 수 있는가를 규명함과 동시에 실제 M&A 이후 시너지 효과를 실현할 때 유용한 관리전략의 틀을 제시하고자 하였다. 이를 위해 M&A 이후 기업조직의 변화에 따른 결합잠재성과 구조․시스템 및 사업통합, 그리고 시너지 실현 간에 어떠한 영향관계가 있는지를 국내 M&A를 대상으로 삼아 실증 분석한 결과는 다음과 같다, 첫째, 결합잠재성이 구조․시스템 및 사업통합, 시너지 실현에 정(+)의 영향을 미치는 것으로 나타났다. 둘째, 구조․시스템통합이 사업통합과 시너지 실현에 정(+)의 영향을 미치는 것으로 나타났다. 셋째, 사업통합이 시너지 실현에 정(+)의 영향을 미치는 것으로 나타났다. 넷째, M&A 이후 경영에 대한 인식은 M&A 이전 소속기업(인수기업과 피인수기업)에 따라 결합잠재성과 구조․시스템 및 사업통합, 그리고 시너지 실현에 미치는 영향정도가 다르게 나타난다는 사실을 보여주고 있다. 이러한 연구결과는 M&A 이후 기업조직의 변화에 따른 결합잠재성, 구조․시스템 및 사업통합이 시너지 효과를 실현하고 M&A를 성공으로 이끄는 중요한 요인이라는 것을 보여주고 있다. 또한 M&A에 대한 적대적 인식이 강한 한국에서 이들 요인을 동시에 효율적 으로 결합시킨다는 것은 매우 어려운 일이지만, M&A를 성공시키기 위해서는 결합잠재성을 최대한 높이고 생산적인 구조․시스템 및 사업통합을 통하여 시너지 효과를 실현시켜야 한다는 인식을 갖게 하였다
Abstract
The performance realization after M&A has been a topic of interest to researchers in several disciplines, such as strategic management, industrial and financial economics. Research in financial economics has investigated the returns to acquirers and targets in large samples of M&A. On the other hand, the strategic management field has focused on factors that might influence the post-M&A performance of acquirers. But there are few studies about the synergy realization of post-M&A in the perspectives of system and organizational integration. We studied previous literatures of M&A process and post-performances and derived some influencing components such as combination potential between acquirer and target firm, integration of organizational structure and system, and business integration. In order to empirically analyze the effects of combination potential, organizational structure and system, business integration on synergy realization under the change of the corporate organization after M&A, we collected 304 data set from the acquiring and targeted firms. The results of SEM(structural equations models) could be summarized as follows; First, the combination potential had significant influences on structure system, business integration and synergy realization positively. The more have the combination potentials between acquirer and target firms, the more the acquiring firms would attain the integration of organizational structure, system integration, and the more has synergy realization. It is suggested that the acquirers should consider deeply the potential of combined between acquirer and target firm before contracting M&A. Second, the organizational and system integration of both firms were positively related to business integration and synergy realization. This means that integration of organizational structure and system has significant influence on business integration positively and later get bring synergy realization . Third, the business integration had positively significant influence on synergy realization. This result is consistent with the previous studies. Fourth, the fact that there were different relationships between two kinds of M&A(acquirer vs. target firm) would give significant implications in organization management strategies after M&A. Specially Some hypotheses that adopted in case of M&A acquirers was rejected or contradictory in the case of target firms. In conclusion, this research showed that the level of the combination potential between the two merged firms significantly enhances the integration of structure, system and business, these impacts consequentially bring effective performance of M&A. Therefore, to make M&A process successfully, the acquiring firms will recognizes the fields to maximize the combinational potential between the two merged firms before M&A, and exercise the effective management of organizational structure and system for business integration after M&A. In spite of this finding, this study has some limitations that the survey was conducted with a convenience method from only auto manufacturer and banking firm and also empirical test was performed at individual level of analysis. Therefore more studies will be necessary in order to test our hypotheses in different context and to generalize research framework. Such researches will provide additional understanding the way of attaining effective M&A performance.
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