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Методика оценки премии в сделках слияния и поглощения на развивающихся рынках для частных компаний // The Method of Estimating the Premium in Mergers and Acquisitions in Emerging Markets for Private Companies

Author

Listed:
  • Elena Ryabova V.

    (National Research University “Higher School of Economics”)

  • Valentina Petrova V.

    (National Research University “Higher School of Economics”)

  • Елена Рябова Вячеславовна

    (Национальный исследовательский университет «Высшая школа экономики»)

  • Валентина Петрова Владимировна

    (Национальный исследовательский университет «Высшая школа экономики»)

Abstract

Introduction. In the context of globalization of economies mergers and acquisitions (in short M&A) are becoming increasingly important in business, as a strategic development of companies. M&A deals, as a rule, are assessed for their efficiency for acquiring company and/or for target-company. There are a lot of papers and empirical studies on this subject. However, most of them concern public companies with shares listed on the stock exchange.Moreover, in the last decade M&A deals were most typical for private owned companies operating in an emerging capital market. Due to the imperfections of an emerging capital market, lack of available and reliable information about private target-companies, investors need a methodology able to take into account these features of the market, to more reasonably calculate the transaction price and the premium in its structure.Topic. As the object of the study we analyse mergers and acquisitions in the countries of the BRICS group (Brazil, Russia, India, China, South Africa) for 2005–2015.Purpose. The purpose of this study is development of methodological apparatus for assessment of premiums in M&A transactions for private companies in emerging capital markets.Methods. As research methods were used general scientific methods (analysis, synthesis, comparison, graphics), and special ones (statistical analysis methods, the coefficient method).Results. In this article we present the author’s approach to the assessment of fair market value and premiums in M&A transactions with private companies in emerging capital markets. We also conducted testing of proposed methodology.Implementation. The proposed methodology can be used by both external and internal analysts to calculate and justify the premium in deals with private companies in emerging capital markets. Введение. В условиях глобализации экономик сделки слияния и поглощения (mergers and acquisitions, M&A) приобретают все большую актуальность в бизнесе в качестве стратегического развития компаний. Сделки M&A, как правило, оцениваются на предмет их эффективности для компаний-покупателей и/или компанийцелей. Существует достаточно много работ и эмпирических исследований, посвященных данному направлению. Однако большая их часть осуществлена для публичных компаний, имеющих акции, котирующиеся на бирже. При этом в последние десятилетие сделки M&A более актуальны для частных компаний, функционирующих на развивающемся рынке капитала. В силу несовершенства развивающегося рынка капитала, отсутствия доступной и достоверной информации о частной компании-цели инвесторам требуется методика, способная учесть данные особенности рынка, чтобы более обоснованно рассчитать цену сделки и премию в ее структуре.Предмет. В качестве объекта исследования выступили сделки слияний и поглощений в странах группы БРИКС (Бразилия, Россия, Индия, Китай, ЮАР) за 2005–2015 гг.Цель. В этой связи цель работы заключается в разработке методологического аппарата по оценке премий в сделках M&A для частных компаний развивающихся рынков капитала. Методы. В качестве методов исследования использовались как общенаучные методы исследования (анализ, синтез, сравнение, графический), так и специальные (статистические методы анализа, коэффициентный метод).Результаты. В данной статье предложен авторский подход к оценке справедливой рыночной стоимости и премии в сделках M&A с частными компаниями на развивающихся рынках капитала, проведена апробация методики.Область применения результатов. Предложенная методика может быть использована как внешними, так и внутренними аналитиками для расчета и обоснования премии в сделках с частными компаниями на развивающихся рынках капитала.

Suggested Citation

  • Elena Ryabova V. & Valentina Petrova V. & Елена Рябова Вячеславовна & Валентина Петрова Владимировна, 2017. "Методика оценки премии в сделках слияния и поглощения на развивающихся рынках для частных компаний // The Method of Estimating the Premium in Mergers and Acquisitions in Emerging Markets for Private C," Финансы: теория и практика/Finance: Theory and Practice // Finance: Theory and Practice, ФГОБУВО Финансовый университет при Правительстве Российской Федерации // Financial University under The Government of Russian Federation, vol. 21(5), pages 128-139.
  • Handle: RePEc:scn:financ:y:2017:i:5:p:128-139
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    References listed on IDEAS

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