One of the most essential issues in business partners’ collaboration is whether the integration of their businesses creates a collaborative synergy and adds market value to merging companies. This paper aims to develop a methodological framework that will be convenient for managerial praxis and helpful for scholars’ research in forecasting explicit synergy and valuing tacit synergy in strategic collaborations. The paper theoretically and empirically contributes twofold to strategic foresight. It employs the ARCTIC framework as an extension of the VRIO model to predict an explicit synergy and real options methodology to measure tacit competence-based synergies in M&A deals. The paper makes several theoretical contributions and managerial implications to corporate finance and strategic management disciplines. Finally, the paper discusses research limitations and future work.

中文翻译：

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探索战略合作中基于能力的协同作用：来自全球医疗保健行业的证据

业务合作伙伴合作中最重要的问题之一是业务整合是否能够产生协作协同效应并为合并公司增加市场价值。本文旨在构建一个既便于管理实践，又有助于学者们预测战略合作中显性协同和重视默契协同的研究的方法论框架。本文在理论上和实证上对战略远见做出了双重贡献。它采用 ARCTIC 框架作为 VRIO 模型的扩展来预测显式协同效应和实物期权方法，以衡量并购交易中基于默示能力的协同效应。本文对公司财务和战略管理学科做出了一些理论贡献和管理启示。最后，本文讨论了研究局限性和未来的工作。