Knowledge Synergy and Long-Term Value Creation of M&A Based on the Dynamic Capabilities Perspective

In mergers and acquisitions (M&A), enterprises should not only pursue the realization of short-term financial value, but also the creation of long-tem strategic value. Based on the analysis of knowledge synergy in the capabilities innovation system, this paper studies the mechanism of knowledge synergy for enterprises´ dynamic capabilities evolution in M&A. According to the research, it can be concluded that enterprises can build and strengthen the dynamic capabilities by knowledge synergy in M&A, achieve sustainable competitive advantages in the rapidly changing dynamic environment, and then realize the long-tem value creation.