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Премии По Сделкам И Последующее Списание Гудвилла В 2010-2015 Годах В Нефтегазовом Секторе // Acquisition Premiums And Subsequent Impairment Of Goodwill In 2010-2015 In Oil And Gas Sector

Author

Listed:
  • I. Zemskova

    (Financial University)

  • И. Земскова

    (Финансовый университет)

Abstract

Since 2014 oil price has decreased from above 100US$ to sinking below 28US$, which is the lowest price since 2003. Analysts expect M&A (mergers and acquisitions) activity in oil and gas sector to increase in 2016. That is why, two empirical researches are conducted to investigated factors influencing premiums paid and impairment of goodwill. The results showed that the increase in P/NAV and P/2P variable and taking logarithm from them lead to increase in the premium paid, while the increase in EV/BOED and in Oil price leads to decrease in the premium paid. According to the model of goodwill: goodwill on acquisition’s increase impacts positively, deal value increase shows negative impact, increase of % of gas in target company also shows positive impact, oil price increase affect positively. С 2014 г. цена на нефть снизилась от 100 долл. США до порога в 28 долл. США, что является самым сильным падением с 2003 г. Аналитики ожидают, что в 2016 г. увеличатся сделки M&A (слияния и поглощения) в нефтегазовом секторе. Поэтому были проведены два эмпирических исследования: влияние факторов на премии по сделкам и влияние факторов на последующее списание гудвилла. Результаты исследования показали, что увеличение мультипликаторов P/NAV и P/2P приведет к увеличению уплаченной премии, в то время как увеличение мультипликатора EV/BOED и рост цены на нефть приводит к снижению уплаченной премии. В соответствиис моделью гудвилла: гудвилл, учтенный при поглощении, влияет положительно, увеличение стоимости сделки показывает негативное влияние; рост доли газа в компании-цели до поглощения также показывает положительное влияние, рост цен на нефть влияет положительно.

Suggested Citation

  • I. Zemskova & И. Земскова, 2016. "Премии По Сделкам И Последующее Списание Гудвилла В 2010-2015 Годах В Нефтегазовом Секторе // Acquisition Premiums And Subsequent Impairment Of Goodwill In 2010-2015 In Oil And Gas Sector," Review of Business and Economics Studies // Review of Business and Economics Studies, Финансовый Университет // Financial University, vol. 4(2), pages 65-82.
    • Handle: RePEc:scn:00rbes:y:2016:i:2:p:65-82
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    References listed on IDEAS

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    1. Dimopoulos, Theodosios & Sacchetto, Stefano, 2014. "Preemptive bidding, target resistance, and takeover premiums," Journal of Financial Economics, Elsevier, vol. 114(3), pages 444-470.
    2. Antonios Antoniou & Philippe Arbour & Huainan Zhao, 2008. "How Much Is Too Much: Are Merger Premiums Too High?," European Financial Management, European Financial Management Association, vol. 14(2), pages 268-287, March.
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