Способствует ли покупка стартапа созданию стоимости для акционеров компании-покупателя?

Финансы и бизнес. 2025. Т. 21. № 2. С. 75–98.

Смирнов Е., Grigorieva S.

In an innovation economy, many companies have resorted to a strategy of active growth through mergers and acquisitions, choosing to acquire start-up companies to create new types of business models and forms of cross-industry co-operation. Acquiring a startup helps to improve the technological and innovative component of the acquiring company, as well as to obtain the necessary patents to improve business processes. This paper is one of the first to examine the success of startup acquisitions from an empirical perspective. Using the data on 96 mergers and acquisitions in developed capital markets between 2000 and 2022 where the acquired company is a venture capital-funded startup, we study the stock market reaction to such deals, and examine the impact of deal and startup firm characteristics on M&A performance for acquiring firms. Using the event study methodology and regression analysis, we find a positive stock market reaction to startup acquisition announcements and identify that the unrelatedness of the startup's business to the industry in which the acquirer operates is a value-destroying factor, while the high-tech nature of the deal increases the wealth of the acquirer's shareholders.

Keywords: слияния и поглощения, value creation, создание стоимости, mergers and acquisitions, венчурный капитал, развитые рынки капитала, venture capital, стартапы, developed capital markets, startups

Publication based on the results of: Corporate financial decisions within the framework of sanctions imposed on companies and individuals (2024)