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Let \\(S_\\bullet{\\mathcal C}\\) denote the simplicial Waldhausen category produced from \\({\\mathcal C}\\) by means of the \\(S_\\bullet\\) construction and \\(\\text{w}S_\\bullet{\\mathcal C}\\) its subcategory of weak equivalences. It is known that the \\(K\\)-groups \\(K_*({\\mathcal C})\\) of \\({\\mathcal C}\\) are the homotopy groups \\(\\pi_{*+1}(|N(\\text{w}S_\\bullet{\\mathcal C})|)\\) where \\(N\\) denotes the simplicial nerve and \\(| - |\\) the geometric realization, which implies that \\(K({\\mathcal C})\\) is \\(\\Omega |N (\\text{w}S_\\bullet{\\mathcal C})|\\) and the \\(K\\)-theory spectrum of \\({\\mathcal C}\\) can be obtained by iterating the \\(S_\\bullet\\) construction.  The purpose of this paper is twofold: first to give a decomposition of this \\(K\\)-theory space in terms of its Dwyer-Kan simplicial localization; and second, with the help of this decomposition, to provide a criterion for functors to induce an equivalence of \\(K\\)-theory spectra. Throughout this paper, it is assumed that Waldhausen categories are saturated and admit (functorial) factorizations. Then the main results are stated as follows:  {\\parindent=6.5mm \\begin{itemize}\\item[(1)] For \\(n > 1\\), the nerve of \\(\\text{w}S_n{\\mathcal C}\\) is weakly equivalent to the homotopy coend of \\(L{\\mathcal C}(X_{n-1}, X_n) \\times \\dots \\times L{\\mathcal C}(X_1, X_2)\\) indexed by \\((X_1, \\dots, X_n) \\in\\text{w}{\\mathcal C}^n\\) where \\(L{\\mathcal C}\\) denotes the Dwyer-Kan hammock localization. \\item[(2)] Under mild hypotheses, a weakly exact functor that induces an equivalence of homotopy categories induces an equivalence of \\(K\\)-theory spectra. The criterion obtained above generalizes the approximation theorem of \\textit{R. W. Thomason} and \\textit{T. Trobaugh} [``Higher algebraic K-theory of schemes and of derived categories'', The Grothendieck Festschrift, Prog. Math. 88, 247--435 (1990; Zbl 0731.14001)].    \\end{itemize}}  The key idea in the proofs is using the \\(S'_\\bullet\\) construction instead of Waldhausen's \\(S_\\bullet\\) construction, which is the homotopical variant of the \\(S_\\bullet\\) construction introduced by the authors [Acta Math. 200, No. 2, 155--179 (2008; Zbl 1149.18008)]. Actually the proof of (2) is mainly a consequence of a version of (1), (\\(1'\\)), in which \\(\\text{w}S_\\bullet{\\mathcal C}\\) is replaced by \\(\\text{w}S'_\\bullet{\\mathcal C}\\). This approach relies on two facts: One is that the inclusion \\(\\text{w}S_n{\\mathcal C} \\to\\text{w}S'_n{\\mathcal C}\\) induces a weak equivalence on nerves for each \\(n\\). The other indicates the advantage of using the \\(S'_\\bullet\\) construction that it preserves the required properties of Waldhausen categories, which allows one to successively apply (\\(1'\\)) to \\({\\mathcal C}, S'_\\bullet{\\mathcal C}, S'_\\bullet S'_\\bullet{\\mathcal C}, \\dots \\). In consequence one finds that the \\(K\\)-theory spectrum of \\({\\mathcal C}\\) can be constructed from the \\(S'_\\bullet\\) construction. That is, it means that the argument made here proceeds based on comparing the \\(S_\\bullet\\) construction with the \\(S'_\\bullet\\) construction.  The authors also consider criteria for determining when a functor inducing an equivalence of homotopy categories becomes a functor that induces a weak equivalence of Dwyer-Kan simplicial localizations. By observing the results obtained, it is easily seen that an exact functor having Waldhausen's approximation property is just such a functor. Finally, in the appendices the authors discuss the non functorial case. 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