ИСТИНА

This paper focuses on exploring the significance of KM for a post-acquisition by innovative companies to achieve synergy effects in emerging capital markets. Reviewing abundant literatures of KM in M&As, it is noted that M&A performance of knowledge intensive firms (KIF) has largely depended on valuation of intangible capital and efficient and reliable method of KM. Examining deals of innovative listed enterprises in emerging capital market from databases Bloomberg and Zephyr over 2010 to 2016 based on event study and accounting study, it is supposed to find that the similarity of knowledge base of both acquirer and target firm plays an important role of the result in post-acquisition, the level of integration between involved firms could enhance the performance of M&A transaction. The most effective variables for KM in M&As are considered like knowledge retention, knowledge integration, knowledge application and creation. M&A strategy could be more effectively and successfully managed for innovative companies in emerging capital markets under condition that the top mangers learn how to quantify the in-between relationships of the variables proposed and gradually measure the effect of these variables on the knowledge integration success.