在并购后的整合阶段无法取得预期的协同优势是造成并购高失败率的重要原因。个体知识的共享是整合阶段能够取得协同优势的关键,但是基于理性决策,知识传递者往往倾向于进行知识储藏,而知识的接收者往往倾向于知识拒绝,从而为知识传递者和知识接收者之间的个体知识的共享造成障碍。于是,协同优势无法形成,后并购整合活动最终走向失败。 In the integration stage after the merger can not achieve the expected synergy is the cause of high failure rate of mergers and acquisitions an important reason. The sharing of individual knowledge is the key to achieving synergy advantage during the integration phase. However, based on rational decision-making, knowledge transferrs often tend to store knowledge, while recipients of knowledge tend to refuse knowledge, so that knowledge transferors and knowledge recipients The sharing of individual knowledge creates obstacles. As a result, the synergy can not be formed, the eventual mergers and acquisitions eventually failed.