INVESTMENT ATTRACTIVENESS AS A REALIZATION FACTOR OF THE LONG-TERM SYNERGY IN THE CONTEXT OF MERGERS AND ACQUISITIONS
Abstract
The application of the system approach in the examination of the investment nature of mergers and acquisitions makes it possible to determine the synergy sources depending on time of its receipt and planning horizon. The article analyses the interrelation of concepts of competitiveness and investment attractiveness of a company. Their value on the realization of the long-term synergy is defined. Choice of assessment criteria of the investment attractiveness considering goals (motives) of integration, risk level and investor potential is proved. Recommendations enabling to prove the choice of company – goal at the planning stage of M&A deals, as well as increase the efficiency of managerial decisions on M&A deals are made.
About the Authors
G. M. Tarasova
Novosibirsk State University of Economics and Management
Russian Federation
Russian Federation
Doctor of Economics, Professor, Head of the Chair of Banking, Novo- sibirsk State University of Economics and Management, Novosibirsk, Russia
L. M. Rerikh
Novosibirsk State University of Economics and Management
Russian Federation
Russian Federation
Senior Lecturer, Chair of Finance, Novosibirsk State University of Eco- nomics and Management, Novosibirsk, Russia
References
1. Andrissen D., Tissen R. Nevesomoe bogatstvo. M.: Olimp-biznes, 2004.
2. Botasheva L.S. Ocenka ustojchivosti razvitija otraslej regiona // Audit i finansovyj analiz. 2009. № 1. P. 93–96.
3. Brighem Ju., Gapenski L. Finansovyj menedzhment. Polnyj kurs v 2-h tomah. T. 2 / Per. sangl.; Pod red. V.V. Kovaleva. SPb.: Jekonomicheskaja shkola, 2004. 669 p.
4. Bryzzhik A. Jekonomicheskaja sut’ i principy gudvilla // Bjulleten’ DP – Konsul’tant Pravo. 2004. № 40. P. 15.
5. Damodaran A. Investicionnaja ocenka: Instrumenty i metody ocenki ljubyh aktivov / Per. s angl. 7-e izd. M.: Al’pina Pablisher, 2011. 1324 p.
6. Ivashkovskaja I.A. Ocenka ustojchivosti rosta kompanii: stejkholderskij podhod // Finansy i kredit. 2010. № 43(427). P. 14–18.
7. Kosorukova I.V., Sekachev S.A. i dr. Ocenka stoimosti cennyh bumag i biznesa: Universitetskaja serija. M.: Izd- vo Mos. fin. prom. akademija, 2011. 669 p.
8. Kudina M.V. Vozmozhnosti rosta kompanii za schet slijanij i prisoedinenij // Finansy i kredit. 2010. № 4(388). P. 42–52.
9. Kudina M.V. Teorija stoimosti kompanii. M.: Forum, INFRA-M, 2010. 368 p.
10. Makarova M.V. Investicionnaja privlekatel’nost’ predprijatija na osnove analiza strategii // Finansovaja analitika. 2010. № 12(36). P. 39.
11. Matjash I.V. Ustojchivoe razvitie sistem biznesa: problemy jekonomicheskogo analiza, proektirovanija i upravlenija: monografija. Barnaul: Iz-vo Alt. un-ta, 2005. 288 p.
12. Novikov A.V., Novikova I.Ja. i dr. Ocenka investicionnoj stoimosti kompanii / Otv. red. M.V. Lychagin. Novosibirsk: IJeOPP SO RAN, 2009. 352 p.
13. Sigova S.V., Gurtov V.A. Bjudzhetnoe finansirovanie nauki i obrazovanija v sub#ektah RF. M.: Jekonomika, 2008. 688 p.
14. Simonova Ja.G. Razrabotka investicionnyh strategij i stoimostnoj podhod k strategi cheskomu razvitiju predprijatija // Audit i finansovyj analiz. 2008. № 3. P. 285–293.
15. Teplova T.V. Sovremennye modifikacii stoimostnoj modeli upravlenija kompaniej // Vestnik Moskovskogo un-ta. 2004. № 1. P. 5–12.
16. Cherkashina T.A., Zaharchenko E.S. Opredelenie sinergicheskoj stoimosti predprijatij pri restrukturizacii // Finansovaja analitika: problemy i reshenija. 2011. № 35(77). P. 40–46.
17. Jevans Frjenk Ch., Bishop Djevid M. Ocenka kompanij pri slijanijah i poglowenijah: Sozdanie stoimosti v chastnyh kompanijah / Per. s angl. M.: Al’pina Pablisher, 2004. 332 p.
18. Mark L.Sirower. The Synergy Trap: How Companies Lose the Acguisition Game. New York: The Free Press, 1997, 2000.
19. Iwenko I.V. Formirovanie strategii upravlenija konkurentosposobnost’ju promyshlennyh predprijatij. URL: http:www.diss.rsl.ru
Review
For citations:
Tarasova G.M., Rerikh L.M. INVESTMENT ATTRACTIVENESS AS A REALIZATION FACTOR OF THE LONG-TERM SYNERGY IN THE CONTEXT OF MERGERS AND ACQUISITIONS. Vestnik NSUEM. 2012;(2):200-211. (In Russ.)
Email this article 
