Влияние слияний и поглощений на операционную эффективность компаний на развивающихся рынках капитала

Корпоративные финансы. 2012. № 3 (23). С. 31–43.

Grigorieva S., Троицкий П. В.

This paper examines the impact of mergers and acquisitions on corporate performance on the sample of companies from BRIC countries over 2005-2009. Based on the accounting study method we find that the operating performance of firms (measured by EBITDA/Sales ratio) improves subsequent to mergers and acquisitions. We also find that the main determinants of M&A performance for the companies from BRIC countries are the acquirer’s size and friendly character of the deal.

Keywords: слияния и поглощения, mergers and acquisitions, развивающиеся рынки капитала, corporate performance, emerging capital markets, эффективность деятельности компании, operating performance, операционная эффективность

Publication based on the results of: Research on the Corporate Financial Decisions of Russian Companies and Companies of other Emerging Capital Markets under Pressure of the Global Transformation of Capital Markets and the Formation of an Innovation Economy (2012)