Оценка влияния финансовых параметров на стоимость сделок слияния и поглощения фармацевтических компаний
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.
The main aim of the article is to feature historical and modern features of mergers and acquisitions (M&As) deals. For this will be considered: transaction history, the reasons for their appearance, fallacies and self-deceptions during the M&As. Moreover, M&As transactions will be characterized that take place between Russian insurance companies. For example, one of the deals will be characterized on the issue of comparative estimate of the economic productivity (the fit) of its execution.
This study identifies how country differences on a key cultural dimension—egalitarianism— influence the direction of different types of international investment flows. A society's cultural orientation toward egalitarianism is manifested by intolerance for abuses of market and political power and a desire for protecting the weak and less powerful actors. We show egalitarianism to be based on exogenous factors including social fractionalization, dominant religion circa 1900, and war experience from the 19th century era of state formation. Controlling for a large set of competing explanations, we find a robust influence of egalitarianism distance on cross-national investment flows of bond and equity issuances, syndicated loans, and mergers and acquisitions. An informal cultural institution largely determined a century or more ago, egalitarianism exercises its effect on international investment via an associated set of consistent contemporary policy choices. But even after controlling for these associated policy choices, egalitarianism continues to exercise a direct effect on cross-border investment flows, likely through its direct influence on managers’ daily business conduct.
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This paper is devoted to the analysis of mergers and acquisitions in Russia. Using the statistical and econometric methods the estimation of macroeconomic and industry factors influence on the intensity of mergers and acquisitions processes by sectors of Russian industry is carried out. As a result the relationship between the activity of the redistribution process of the corporate control rights and some industry characteristics such as an involvement into the foreign trade, the relative industry size, the concentration of production is revealed.
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.