M&Aによる知の継承

• Material Type: 記事
• Title: M&Aによる知の継承
• Author Heading: 出川 敬司
• Publication Date: 2026-03-31
• Publication Date (W3CDTF): 2026-03-31
• Periodical title: 研究 技術 計画
• No. or year of volume/issue: 41 1
• Volume: 41
• Issue: 1
• Pages: 39-43
• Publication date of volume/issue (W3CDTF): 2026-03-31
• ISSN (Periodical Title): 09147020
• Publication (Periodical Title): Japan Society for Research Policy and Innovation Management
• Text Language Code: ja
• Target Audience: 一般
• DOI: 10.20801/jsrpim.41.1_39; https://doi.org/10.20801/jsrpim.41.1_39
• Data Provider (Database): 国立情報学研究所 : CiNii Research; https://cir.nii.ac.jp/
• Original Data Provider (Database): Japan Link Center; https://japanlinkcenter.org/top

• Summary, etc.: <p>This paper argues that M&A should be viewed not only as a financial deal but also as a knowledge succession effort. In Japan, more profitable SMEs are closing because they have no successors. When that happens, important know-how, customer relationships, and local business culture can disappear. M&A can help keep these assets alive, but only if companies manage the post-deal period as a planned process of knowledge succession.</p><p>The paper uses the well-known distinction between explicit knowledge and tacit knowledge. Explicit knowledge can be written down and stored (manuals, drawings, data, patents). Tacit knowledge is harder to capture because it is learned through experience (craft skills, sales "touch," managerial judgment, and everyday ways of working). In many deals, explicit knowledge is transferred at closing, but tacit knowledge is not. If key people leave, or if motivation drops, the buyer may end up with documents but lose the ability to reproduce quality, solve problems, or maintain trusted customer ties. In that sense, M&A can fail as "paper transfer."</p><p>From an organizational perspective, successful knowledge succession requires managing three elements together: transfer, retention/continuity, and integration. Transfer includes identifying critical knowledge, mapping who holds it, deciding what must be codified, and designing OJT so that know-how is learned in real work. Retention/continuity means keeping key people engaged long enough for knowledge to move—through incentives, clear roles, and a work environment where they feel respected. Integration focuses on how two cultures work together after the deal. Without cultural integration, people may protect their own ways of working and avoid sharing knowledge.</p><p>The author's PMI experience in the Bandai–Namco integration illustrates this point. One side emphasized quality and completeness, while the other emphasized speed and deadlines. Unless leaders create mixed teams and shared goals, such differences can turn into conflict and block learning. The paper also discusses three cases: Hoshino Resorts' succession of long-established inns (showing how service culture and local ties can be retained and systematized), a failed succession of a small factory with specialized manual processing (where tacit knowledge was lost through rapid departures), and a successful succession of a regional mold maker (where codification, OJT, and incentives supported continuity and improved performance).</p><p>Finally, the paper notes a practical gap: many M&A professionals focus on getting to closing, while few people can lead PMI as a knowledge succession process. Developing PMI talent is therefore essential for making M&A work as true knowledge succession.</p>; <p>本稿は，M&AをKnowledge Transferすなわち「知の継承プロジェクト」と再定義し，その意義と課題を考察した。事業承継型と技術獲得型の実態を分析し，成功・失敗の要因を明らかにするとともに，筆者自身のバンダイ×ナムコPMI経験を通じ，文化摩擦を乗り越える人的融合の重要性を強調した。</p><p>また，星野リゾートによる老舗旅館承継，町工場の失敗事例，金型メーカーの成功事例を検討し，知の継承がいかに成果や失敗を左右するかを明らかにした。</p><p>さらに，M&A専門家がクロージングまでしか関与せず，真の統合作業を担える人材が不足しているという課題を提示し，PMI人材育成の必要性を提言する。</p>
• DOI: 10.20801/jsrpim.41.1_39
• Access Restrictions: インターネット公開
• Data Provider (Database): 科学技術振興機構 : J-STAGE; http://www.jstage.jst.go.jp