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  • Оценка влияния финансовых параметров на стоимость сделок слияния и поглощения фармацевтических компаний

Article

Оценка влияния финансовых параметров на стоимость сделок слияния и поглощения фармацевтических компаний

Балашов А. И., Подцикина С. В.

Importance. The problem of assessing the impact of the financial factoring on the value of mergers and acquisitions of pharmaceutical companies is very important due to several reasons. First, it is the patent collapse in the market of medicines. Second, it is the reduction of the pro-productivity in the creation of new blockbuster drugs. Third, it is the price pressure on the industry by the national governments, which is increasing in the period of post-crisis economic recovery.

Objective. The purpose of this paper is a theoretical formalization and econometric modeling of power and influence of the financial factors on the value of pharmaceutical companies in the processes of mergers and acquisitions in the industry market.

Methods. In this paper, using econometric methods have tested four hypotheses about the impact of financial parameters on the value of mergers and acquisitions in the pharmaceutical market. The first hypothesis is about the positive effect of the level of innovative activity of the target company, which is reflected in the value of its total assets, as well as in the amount of patents and goodwill. The second hypothesis is about the positive influence of the country and industry tax burden, which is reflected in the target company's net profit. The third hypothesis is about the positive effect of the level of cash flow of the target company at the time of the transaction, which is reflected in its operating income. The fourth hypothesis is about the positive influence of the share in the capital of the target company.

Results of analysis on a 5% level of significance, by a factor of determinate (R-squared), equal to 0.843 confirmed three of the four hypotheses.

Conclusion of the results of the research in this paper is to formulate recommendations to consider two factors in the processes of corporate integration of pharmaceutical companies. First, it is the amount and quality of total assets of a target company. Second, it is the net profit of a target company. The value of the research results is that the management of pharmaceutical companies is able to exercise strategic management of modern business, acting on identified key financial value drivers of M&A transactions.