The Impact Of Merger Integration On Synergy

Post-merger integration plays a key role in the overall M&A process.The quality of integration directly affects the performance of M&A.From the above theoretical and empirical analysis of synergy and integration capabilities,it can be seen that the essence of M&A integration is in this The 1+1 process involves the resources of the two companies,including management,finance,human resources,culture,and technology.Through certain procedures,these resources can be effectively combined and fully utilized to create complementary resources.To achieve the goal of optimizing the allocation,the overall performance after mergers and acquisitions is greater than the individual performance of the respective companies before mergers and acquisitions,and ultimately achieve the synergy effect of mergers and acquisitions,that is,the essence of mergers and acquisitions integration is the process of integrating resources to realize synergies.The integration of elements is not the completion of mergers and acquisitions integration.Only the elements after integration will come together to form a new ratio.Some capacity systems have more efficient capacity systems that are the real success of mergers and acquisitions.This article takes the listed company from 2009 to 2012 as a sample,selects the merger and acquisition event,and constructs a synergy effect and integration ability model.Through empirical research,it is found that the synergies and integration abilities of mergers and acquisitions do have a certain relationship.The research results show that the ability of the enterprise to integrate itself will affect the size of the synergies,which is mainly reflected in the financial capabilities.However,the intangible assets owned by the main parallel have no direct impact on the mergers and acquisitions of the company;The internal environment will also affect the synergies of mergers and acquisitions to some extent.Among them,the number of successful mergers and acquisitions in the past five years has a greater impact on the synergies and the size of the synergies has nothing to do with the agency costs;the integrated external environment also influences the success of mergers and acquisitions and the size of the synergies.Whether or not the merger is in the same industry has a significant relationship with the synergies.The synergy of mergers and acquisitions has nothing to do with the related transactions.