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Article

Оценка влияния сделок слияний и поглощений на фундаментальную стоимость компаний в странах BRICS

Корпоративные финансы. 2015. Т. 35. № 3. С. 27-50.
Лузина Д. С., Рогова Е. М.

The paper presents the results of the study of mergers and acquisitions’ impact at the fundamental value of acquiring companies at BRICS countries. The research is based on the Residual Income Valuation (RIV) model. At the sample of 366 M&A deals, related to the period of 2009 – 2012, it was revealed that mergers and acquisitions resulted in the growth of fundamental value per share of acquiring companies. Also the factors, causing the value creation or decrease, were undermined, among which there was the company’s size, the mode of deal funding, the industrial specifics and the method of payment.