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Article

Assessment of the Impact of Transactions M&A on Innovative Indicators of the Company

Borodin A. I., Yakovenko I., Kiseleva N., Panaedova G., Bilchak M.

M&A on expenses R&D the method the difference of differences (DID – Difference-in-Difference) which founder Meyer B is considered is applied to assessment of the impact of transactions. [1995]. The ideas of this method comparison of the companies with various characteristics of expenses R&D before and after the transaction M&A lies. However, at simple comparison of these characteristics will not give effective impact assessments M&A. To avoid influence of other factors on change of expenses R&D, such as economic instability in the country, world shocks of supply and demand and others, besides the main group of the observed companies, to be entered control group. Each company from the main group the company analog from control group is selected so that the company of an analog had no transactions during the period in which the company had a transaction from the main group. Thus, the DID method compares a difference of results of the acquisitions and no acquisitions firms before acquisition. For this method it is necessary to prove the choice of control group – the companies which did not undergo acquisition process. The trial and error method of control group on index of coincidence (PSM – Propensity Score Matching) [by The Central role …, was for this purpose applied 1983 Rosenbaum P.]. Selection on the basis of mark assessment allows to define control group which on the main characteristics would not differ from group of the acquainted firms