Характеристика российских сделок по слиянию на страховом рынке
The article presents information on important features of mergers and acquisition. It includes a survey of the literature, the main (incentive) causes of deals and typical problems regarding fallacies and self-deceptions on investment deals. Data for the study was taken mainly from foreign sources, the list of which is presented at the end of the article.
The collection contains the research results presented at the international conference "Sustainable growth: society and economy". Articles cover the entire spectrum associated with sustainable growth problems: economic, environmental, and financial.
In recent years the most part of deals on mergers and acquisitions have been unsuccessful. However the number of such transactions has been increasing. The goal of this article is to characterize the investment deals on the example of Russian insurance market. The main focus was on the case study of strategies such deals. Results of the investigation show the presence of common features, strengths and weakness of the Russian deals on mergers and acquisitions. This suggests that the use of results the study contribute to predict the situation this investment deals in the insurance market of Russia. Furthermore, mergers and acquisitions deals impact the growing solvency and the financial stability of Russian insurance companies.
The article presents information on important features of mergers and acquisition. It includes a synopsis of the literature, the main (incentive) causes of deals and typical problems involving fallacies and self-deceptions on investment transactions. The aim of research is a case analysis on investment deals that took place at the Russian insurance market. It should be noted that this will have to make some assumptions based on no-systematized (disparate) the data on the deals. Data for the study was taken from interviews with managers of insurance companies, operating on the insurance market in Russia, and from foreign sources, the list of which is presented at the end of the article.
Importance. To reveal the degree of influence of investment transactions on the development of the Russian insurance market through the analysis of the main indicators of its activity.
The aim (objective) of the research is to reveal factors related to deals of merger and the activity of the Russian insurance market. These factors will be analyzed to determine the extent of their influence on the position of the largest insurance companies in Russia.
Methods. The investment deals, to a great extent, have closed information purpose, therefore, the analysis of quantitative and qualitative data is done using case analysis and ranking. Basic information for the study was taken: websites of state agencies, from interviews with managers of insurance companies operating on the insurance market in Russia, and the opinions of financial analysts presented in the periodicals.
Results. Focus on was be given to the analysis of the main financial characteristics, presents the absolute and relative indicators. Among the absolute indices need allocate: size of the share capital, the number of insurance companies, the volume of insurance premiums and payments. Among the relative indices should be noted: the productivity of capital premiums, index Hirshman-Herfindahl. All indicators are presented in tabular form. Moreover there are other comparative tables: the impact of deals on separate economic indicators; real and fictitious investment transactions.
Conclusions and Relevance. This article is relevant and has a high importance for understanding that is a happening in the insurance market consolidation. The fact can be associated with a small number of such studies. Primarily the investment deals were considered like a quick way of increasing financial and competitive power of insurance companies. However, despite the positive impact on the activities of the Russian insurance market, such deals lead to the consolidation and the emergence of oligopolistic tendencies that reduces competition.
For the last two decades the majority of conducted investment deals in the Russian insurance market have been unsuccessful. However the number of such deals has been increasing. The goal of this study was therefore to investigate possible reasons for grow of investment deals in insurance market of Russia. For this mergers and acquisitions (M&As) deals were analyzed. The main focus was on M&As strategies in the field of the Russian insurance market. Results of the study showed the presence of common features, strengths and weakness of the Russian deals for the acquisition. This suggests that the use of results of this study will help to predict the situation on investment deals in the insurance market of Russia.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.