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3. 3.1. 1998 4 33 2 103 11 1 3 3 2006 1997 37 5 1 315 42 4 15 1 1 (2006 12, :, %) '97 (A) 33 5 11,, - (B) 16 (B/A) 48.5 1 18 2,070 164 180 539 883 42.7 110 1,297 30 36 50 32 231 1,666 25 2,103 22 5 10 7 107 2 11 169 7 7 6 6 28 124 2 191 - - 3 4 1 530 1 539 29 15 20 13 136 656 14 899 96.7 41.7 40.0 40.6 58.9 39.4 56.0 42.7% 1 19 21 30 15 15 9 111 2 40 51 49 110 1,025 20 1,315 132
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1997 2000 ROA ROE 25 4 1 5 6 65 ROE 0 4 ROA IMF 1998 6 IFC 1 5 2 IMF 4. M&A 4.1. M&A M&A PMIpost merger integration due diligence M&A M&A 3) M&A 4) M&A 60 80 M&A 5) 1998 1999 A. T. Kearney 115 M&A M&A 53 4.2. M&A strategic capabilities 2 3 Haspeslagh, P. and Jamison, D., 1988, Managing acquisitive growth, New York: The Free Press. 4 Cartwright, S. and Cooper, C. L., 1993, The psychological impact of merger and acquisition on the individual: a study of building society managers, Human Relation, 46: 327-348. 5 Marks, M. L. and Mirvis, P. H, 2001, Making mergers and acquisitions work: strategic and psychological preparation, Academy of Management Executive, 15: 80-92. 137
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1998 9 8 MOU memorandum of understanding M&A 8 5 3 M&A 5 3 1998 10 27 1 0 2549 1 0 1485 67 9 409 927 89 5 169 808 92 9 218 3 7 4 1999 1 1 140
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AAA 1999 2001 NCSI1 5.2. 2000 2001 middle/mass M&A 1991 1959 53 1987 2001 142
1990 1991 5 2 4 6 7 6 2 99 1 2002 5 31 7 2002 9 27 2002 9 27 1 1 500 30 9 86 3 3 4 2002 10 1 143
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6. M&A M&A 7) M&A M&A M&A 50% : %, 40% 30% * 20% * 10% * * * * * * * * * 50 100 150 200 2002 7 Levine, P. and Aaronovitch, S., 1981, The financial characteristics of firms and theories of merger activity, Journal of Industrial Economics, 30: 149-172. 146
M&A M&A M&A 8 1997 24 1999 41 86 M&A 9 1 374 2 300 2000 M&A 100,000,000 90,000,000 80,000,000 70,000,000 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 25 20 15 10 5 0 147
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2003 21 1999 2005 M&A LG http://www.epic.kdi.re.kr Cartwright, S. and Cooper, C. L., 1993, The psychological impact of merger and acquisition on the individual: a study of building society managers, Human Relation, 46: 327-348 Hambrick, D. C. and Cannella, A. A., 1993, Relative standing: a framework for understanding departures of acquired executives, Academy of Management Journal, 36: 733-762 Haspeslagh, P. and Jamison, D., 1988, Managing acquisitive growth, New York: The Free Press. Ivancevich, J. M. et al., 1987, Strategy for managing human resources during mergers and acquisitions, Human Resource Planning, 10: 19-35. Levine, P. and Aaronovitch, S., 1981, The financial characteristics of firms and theories of merger activity, Journal of Industrial Economics, 30: 149-172. Marks, M. L. and Mirvis, P. H, 2001, Making mergers and acquisitions work: strategic and psychological preparation, Academy of Management Executive, 15: 80-92. Napier, N. K., 1989, Mergers and acquisitions, human resources issues and outcomes: a review and suggested typology, Journal of Management Studies, 26: 271-289. 149