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Study on relationship between core competence and corporate M & a performance

Author: ZhangJieMei From: www.yourpaper.net Posted: 2010-05-31 18:05:37 Read:
Keywords: the core competence of merger and acquisition performance of
Abstract: explores the relationship between core competence and corporate merger and acquisition performance, select 1 ~ 7 years senior management experience and enterprise M & A questionnaire survey was conducted, and the relation between the core competence and performance of the integration of enterprise merger by an empirical study.Study shows that, core capability has a distinct direct positive impact on M & A integration performance.
Domestic and foreign scholars have conducted a lot of research on the cause of the failure, many of which are related to integration after M & a....The core competence of the corporation theory holds that the essence of enterprise is "a unique collection of" competence, the core competence of the enterprise long-term competitive advantage comes from the enterprise.With similar resources enterprises usually have differences in the efficiency of resource use, the difference in essence is the ability of the enterprise, is the deep factors generate competitive advantage.That is to say, the hidden ability in the enterprise resources behind the enterprise configuration, the development and protection of natural resources, is a deep source of competitive advantage.M & A integration of performance, its mechanism is the core competence system to build and promote the enterprise merger and acquisition activity, to eventually get a good performance, we should focus on the core competence and the pursuit of culture.
, theory and hypothesis of
Prahalad and Hammel believe that core competence is the accumulated knowledge in the organization, especially about the coordination of different production skills and the organic integration of a variety of technical knowledge of the genre; Teece the core competence is to define a set of alternative to provide enterprise competition ability and advantage based on specific business skills, the complementary assets and rules; Leonard Barton believes that core competence is a system, including employee skills, knowledge, management systems and values of the four forms of technical competence.On the core competence of enterprises understand the connotation of the current academic circles still have differences, the existing literature can be attributed to technical view, knowledge view, resource view, organization, operation and system view and system view five.This paper adopts the view of knowledge of the core competence perspective, that the core competence of enterprises from the way with enterprise characteristics, dependent, not easy for outsiders to access and imitate system of knowledge.The core competence of the corporation is composed of special knowledge and knowledge system is the fundamental basis of enterprises in the era of knowledge economy to achieve sustained competitiveness; and for its own activation and application of knowledge will be the fundamental guarantee to achieve sustainable competitiveness.
Enterprises merger enterprise resource reconfiguration, the corresponding knowledge and concept integration, special interaction capability building in the strategic factors level, forming a new enterprise core competence system.The impact of the inevitable system of core competence of new will to the enterprise has formed the relative stability of the core competence system, it can effectively integrate various scattered in two enterprise resources, ideas and knowledge in the enterprise after the merger, decide the enterprise can maintain its competitive advantage and expand the competitive advantage, and whether M & A can be achieved good performance.Enterprises through to the goal enterprise M & A, so that the original core competence can be extended and penetration, provides an intrinsic guarantee for the success of M & A, at the same time as the access to external resources and knowledge, thereby enhancing the core competence of the original.Based on the above analysis, this paper put forward the following hypothesis: the core capability has a significant positive effect on the performance of M & a integration.
two, research method
(a) the study sample
In this study, the transaction will be completed by 1 December deadline for the 2008 1 - 7 years between the M & A case as the study object.Problems in the design of questionnaire in variable scale method based on Liket, seven scoring method shall be adopted for all index.In order to ensure that the research work the author developed the research plan in detail in the research before.Determine research time; determine the single enterprise contact relevant personage by the Department in charge of the enterprise, I introduce the network of social relations is introduced, using interview; questionnaire distribution, mail and e-mail payment method in the way of the combination of the number of samples, which can meet the requirements of statistical analysis.Select a 1 - 7 years of experience in the merger of the enterprise merger and acquisition in the high-rise: management questionnaire issued.The author in a October 15, 2008 2008 December 1Et for 1 months in 60 companies a total of 240 questionnaires were issued, 130 were recovered, the recovery rate is 54.2%.Screening for recycling questionnaire principle is: there are multiple missing phenomenon in a questionnaire to be deleted; questionnaire to show obvious regularity deleted if the answer is "Z" line, all terms of the same options.Based on the above principle, after the screening finally get 113 effective questionnaires, the effective questionnaire rate is 47.1%.
(two) variable measurement
Research on the core competence scale is mainly refer to the Wei River, the core competence is divided into strategic management ability, management ability and management ability.Strategic management capabilities include environmental integration ability, market ability, planning ability.Organizational management capabilities include the ability to integrate project integration, interface integration capability, branch.Functional management capabilities include research and development capability, manufacturing capability, marketing ability, financial management ability, human resource management ability.
M & a performance scale is mainly on the basis of Kaplan and Norton in the domestic and foreign research results, proposed the combination of interviews.Enterprise merger and acquisition performance can be four aspects through the financial performance, customer performance, internal process performance, learning and growth performance displayed.Financial performance separately from the main and before and after the merger and acquisition rate of return on total assets (ROA), the rate of return on net assets (ROE), net earnings per share (EPS), sales profit ratio (ROS) and net profit (NI) in five aspects of the enterprise after acquisition of financial performance measurement.Customer performance consists of five items, respectively from the on time delivery, customer participation, service level, cooperation, customer complaints and other aspects of the enterprise after acquisition of customer performance measurement.From dealing with the environment, production capacity, quality control, operational efficiency, four items of merged enterprise internal process performance measurement.From the research and development ability, control ability, staff training, access to four respects of technology on the business after the acquisition of learning and growth performance measurement.
three, empirical analysis and hypothesis testing of
(a) the reliability and validity of the sample
In this study, in order to ensure the reliability and validity of measurement tools, as far as possible the use of the existing literature at home and abroad has used the scale, then according to the purpose of the present study is properly modified as the tool to collect empirical data.An operational definition of learning orientation, knowledge integration ability in organization, core competence and merger integration performance concept and measure methods, mainly used at home and abroad have been published theses or dissertations, before formally finalized questionnaire and investigation, first on the part of the business circles of questionnaire inquisition, to assess the questionnaire design and the accuracy of word, then according to the subjects with the advice of the revision of the questionnaire.
In exploratory factor analysis, according to the characteristic values to automatically determine the number of factors, using the principal component analysis method of factor extraction, and selected the Varimax rotation.The results of factor analysis of core competence is a factor of 1, as the core ability factor, Ot factor and core competence factor is 0.962, more than 0.70, indicating that the degree of consistency between each dimension measurement items inside the well, also shows that the scale reliability is higher among the projects.In addition, construct the measurement items of load for a minimum of 0.798, meet the standard requirements.
Factor analysis of M & a performance is one of the factors of performance, financial, customer, internal process performance factor performance factors and performance of learning and growth factor are obtained.And the coefficient of each factor were 0.964, 0.941, 0.941, 0.881, are greater than 0.70, indicating that the degree of consistency between each dimension measurement items inside the well, also shows that the scale reliability is higher among the projects.In addition, the factor construct measurement project load minimum respectively 0.922, 0.85, 0.918, 0.815, meet the standard requirements.
(two) the correlation analysis
The effects of present understanding between the core competence and merger and acquisition integration performance relationship, the following applies ordinary correlation analysis (Pearson) related to the analysis of core competence and merger integration performance and its various dimensions.The analysis results are shown in table 1.
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