Справедливая стоимость фирм при экономической интеграции
Importance The paper is devoted to analysis of the effectiveness of economic integration of firms. By efficiency I mean the standard requirements for profitability of integration (non-decreasing of total profit) in microeconomics, theory of the firm and the theory of industrial organization, or non-negativity of synergy in the theory of corporate finance and business valuation theory.
Objectives The purpose of the article is to derive the fair value of companies within the economic integration. Its definition is necessary to take into account the effect of external interaction in the competitive environment on the value of the business, to determine the volume of shares exchanged in the merger, the synergy share to pay to the acquired company in the purchase price, for deciding about splitting the business.
Methods Each company aims to increase its own value, which indicates the conflicted nature of the interaction between agents. Thus, this paper proposes the use of tools of the cooperative game theory to determine the profitability of integration for each of the participating firms, taking into account non-decreasing its share in the fair value of the entire integration.
Results The paper formalizes the notion of profitability of economic integration and the fair value of companies with the tools of cooperative game theory. It proofs the interpretation of solution concept of cooperative game as a method of calculating the fair value of companies with regard to its external cooperative interaction with contractors or the purchase price of acquired companies in M&A deals. The paper provides an example of such an analysis for economic integration in the aviation industry.
Conclusions and Relevance The proposed approach to the analysis of economic integration extends the understanding of its nature, making it possible to estimate the contribution of each individual firm. The article is of practical importance for companies to jointly carry out R&D, supply chains, alliances, holdings, M&A deals or investment and consulting companies serving such transactions.