우리나라 기업의 합병 요인 분석 -2010~2019년 합병을 중심으로-

The determinants of merger and acquisition of Korean companies during the period 2010-2019 were analyzed by applying the logit model. The study focuses on intangible assets, size, financial soundness, performance, assets, and labor efficiencies during mergers and acquisitions. Our results reveal that companies with higher intangible assets, better financial conditions, and larger size have a higher possibility of successful a merger and acquisition. Conversely, companies with lower performance, poor assets, and labor efficiencies are likely to be more incentivized for mergers. The incentives for acquiring intangible assets such as intellectual properties or new technologies, or improving the performance of efficiencies in business, are primary determinants of merger and acquisition in Korean companies. Moreover, larger companies with better financial conditions are more likely to overcome the adverse effects of mergers and acquisitions. This paper contributes to the existing M&A researches as well as provides guidelines to policymakers by suggesting the M&A determinants of Korean companies.