Книги по разным темам Pages:     | 1 | 2 | 1. Cлияния и поглощения в рыночной экономике: современные теоретические подходы и мировая практика 1.1. Теоретические концепции, () (),.,,. Ц.

.,,, / ;.

л.,.,, (. Manne, 1965; 1967).,,,,.,,.

,,,, ;

( л).

, л ; ( 3),., 3 (л).,. 7 л (discipline of last resort) Ц. Fama, 1980, p. 295.

,,, л - ,, (.,, Jensen, 1986) / (earnings per share) Ц. Bhagat, Shleifer, Vishny, 1990. л,.

,, 4.

,,, (.

Schwert, 1999).,.

Ц,. 80-. л: -, (-) Ц. Comment, Jarrel, 1987. л (takeovers made in heaven).

4., 80-.

, (Murphy, 1985); л. 1980.

20%, (chief executive officer), - (Hall, Liebman, 1998)..., 80-. : 1000.,, 5 (Jensen, Murphy, 1990).

8 (л), ; 80-. л (лhubris theory) Ц. Roll, 1986.,,.

: л,,,.,. (, л,,,,.,., ).

,, (.

Fama, 1970; 1991):,, (). -.

,,.,, л. л, q - (..,,, ).,, л .

л. л - (, hubris theory, 9 ) л, ( ),, ;.

. ().,.

,.,.

.,, (Klein, Crawford, Alchian, 1978).,. (economies of scale).

. :, Ц, Ц.

, (.,, Scott, 1977),, л (,,, ),..,,, 5.

,, л л (tax shield),.

Stapleton, 1982.

.,,.

,. л, (.,, Chung, Weston, 1982).

.

, (stakeholders) Ц,,,.,,,,,,,,,,.,, (. Shleifer, Summers, 1988),,,.

, (signalling)., -. ;,. л, (лsitting on a gold mine) Ц. Bradley, Desai, Kim, 1983; 1988.

., (Ross, 1977)., ;

,,.

.,, (. Holmstrm, Tirole, 1993; Tirole, 1999)..

..-., :,.., (.

Bolton, von Thadden, 1998).

,,,,.. (. 1.3 1.4),, (, split-off IPO).

(agency problems). (Jensen, Meckling, 1976), ;.

, ( )., (,..).

,,.

()., (л ). л ;., (sell-off) (divestiture) -, 6.

,,,, л.

.:

,, (. M.Jensen, 1986; 1988).,,.

, л .

,.

.,, л.,,.

1.3.

.,,,.,, :

()., Ц.

,, (.,, Moody, 1904),.,, :, 12 60-. (Mller, Hochreiter, 1976).,,, -,,.

,..,,,,. л,.

., - л,,,.

(л ),.,. merging for monopoly, 20-. merging for oligopoly (. Stigler, 1950).

:, л (equity carve-outs). л ,,,.

1.2. Влияние слияний и поглощений на эффективность хозяйственных операций: некоторые результаты эмпирических исследований., 663 (1962Ц1985.),, 60-.

19%, 70- - 35% 80-. - 30% (Jarrel, Brickley, Netter, 1988, p. 51); (Bradley, Desai, Kim, 1988).

,,,, ;.

:., 1984.

NASDAQ 10 19%, - 10,7% (Asquit, 1988).

,, ; Ц.,, л, (лwinnerТs curse) Ц. Giliberto, Varaiya, 1989.

, -,.

, ;,, 7.

.,,, -.

.. 13,.,, -, 4% (Jensen, Ruback, 1983). 60-. Ц, 70-. 2% (. Jarrel, Brickley, Netter, 1988).

, 80-., (, Bradley, Desai, Kim, 1988) -8..

:,., Ц,,,,,, Ц, 3Ц5 (. The Determinants and Effects of Mergers, 1980).

,, -. 133 1975. 1984., 53% -;, - 5% (You, Caves, Smith, Henry, 1986).

,.,,..

- (1969Ц1974.), 336., - 5. CAPM (,,, ex post л ).

,, - 20.,, 117.

(Malatesta, 1983)., :,,,,.

, -..., (1963Ц1988.)., 10. 78 ( 330) ( )., (Berkovitch, Narayanan, 1993)...

-, 60- - 70-...,.,,,.,,. ( ),.,,, (. Ravenskraft, Scherer, 1987).

,..., -.,,,.

, л , Ц, л (Mitchell, Lehn, 1990).

, -,,., - ( ) Ц. Palepu, 1986; Morck, Shleifer, Vishny, 1988.

( 50, 1979Ц1983.), ( ) - 2,4, Ц. Healy, Palepu, Ruback, 1992., л,, (de Young, 1997).

,, -., -,.

,, (.,, Bradley, Desai, Kim, 1983), - 5 Ц,.,,.

, (,,, л ) л, Ц. Shivdasani, 1993; Schwert, 1996.

,., (л), -, Ц, ().

.,,, -,.

(.,, Harford, 1999) :,,,.

,,, л, -,.

л ().,,,,, - (Mikkelson, Ruback, 1985)9, (Shleifer, Summers, 1988).

,,,, / (, - ). 60- - 70-.

.,,, (. Jensen, 1993).

,,,,..

.., 1895Ц1947 1948Ц1979.,, (Shughart, Tollison, 1984). л (bubble process), л л.

, :,, Ц. л.

., -, л.., л (.,, New York Times 31.XI. 1985, p. 29, 31).

- 12,0%, - 1,5%, (Travlos, 1987). : /.

,,,.,,, л., л .

,, Ц, л ., ().,., л , л..

1.3. Новые формы реструктуризации хозяйственных операций : 80-.,.

- л (going private). 70- - 80-. л., (Leveraged Buy-Out, LBO). 80-. 10% 27% LBO.

, (лshell corporation);.

, - л ( ) - -. LBO, ;.

, -., л ( ) LBO,.

LBO.

л,, 10.,.

, (), Management Buy-Out, MBO. 80-. 11Ц15% MBO.

LBO MBO, ( ). ;

.

KKR (лKohlberg, Kravis, Roberts and Company),.

LBO -..

LBO MBO,,,.,, LBO,,.

RJR Nabisco. 75.. KKR 90.., Nabisco., (112. ) KKR (.),, 11.

MBO, LBO..., 80-. (CEO), LBO, 1,4% 6,4% (Kaplan, 1989).

LBO MBO, (privately-hold firms).

, RJR Nabisco,.

,, л л.

() (Leveraged Cash-Out, LCO).,, (л, junk bonds)., (), 12;

(лstubs).

, LCO ( - )., LCO,, (, 20Ц30%).

LBO, л - Goldman Sachs Multimedia 1985.,. LCO,, л.

LCO : Multimedia 13% 43%, Harcourt, Brace, Yovanovich - 7% 30%. MBO,, LCO.

,., л (,, LCO 1987., 2. (Kleiman, 1988).

, LCO,.

MBO), 13.

:, ( 45%), ( ),,, ( 5%).,, (. T.Warfield, J.Wild, K.Wild, 1995, p. 86).

LBO, -,, LCO. ; LBO., ( ), л - .

(), ( )., 1979Ц1986., 1990. (Kaplan, 1991).

- Reverse Leverage Buy-Out - RLBO,, ;. :, ( 45%), ( ),,, ( 5%).,, (. T.Warfield, J.Wild, K.Wild, 1995, p. 86).

., 72,,. ( ) - 78%, LBO 1415%, 376% (Secondary Initial Public Offering, SIPO) 150% (Muscarella, Vetsuypens, 1990).,.

RLBO. л ,,,.. л,.., ( ),.

RLBO (Muscarella, Vetsuypens 1990)... 90, 1985Ц1986.

LBO, 1986Ц1987..,,, 14. (SIPO),, : LBO 82,4%, 51,3%.

0,86, 0,58.

,. ( 21,4% 14,3%):, LBO (Holthausen, Larker, 1996).

, RLBO,, л,.,,, л .

:. (л) 15, junk bonds,, л, ()., 80-.,,.

70-., - - Drexel, Burnham, Lambert (лDBL) Texas Instrumental.

(,,.). DBL, л (лbank of last resort),. 80-. DBL.

, (10Ц20 ), (deferred-interest bonds),.

(extendable reset bonds),.,.

80-., DBL.

80-.., 1984. 1989., 1000. LBO л. (extendable reset interest rates) (market spread),,.

л, LBO, (mezzanine financing). л,., -, 16.

, LBO MBO,,, - л., -, Ц, ( ).,, MBO.

, LBO17,,.

, 80-. л, 80-.. л ( Ц, extendable reset bonds) - 700Ц900.

, LBO, (Kaplan, Stein, 1993). 80-.., 1970.

Penn Central - 3,4%. 1987. 5,8%,. 1991. 10%., 1986Ц., 60. ( Altman, Bencivenga, 1995).

LTV ; 1989.

DBL,,,. - LBO.

,,., 90-. 30% (Holmstrm, Kaplan, 2001, p. 6).

:., 1985Ц1986. л ; 80-.

,.

.,.., 72 (, LBO, 15.) 1973Ц1980.

: 51%.

Ц, : 40 30%.

(, ) 57% (De Angelo, De Angelo, Rice, 1984).

. ( 100.) MBO 1979Ц1984.

,,, :

,, 3,8%.

MBO.,, (, ), 58%.

,, 76% (Lowenstein, 1985).

,,, л : MBO, -,...

, MBO,,, ;, (. Kaplan 1989; Smith, 1990).

.. LBO, (1980Ц1984.),,.,... 72,,, ( 20, 20 ) 41% Ц. Lehn, Poulsen, 1988.

MBO, л, ; 18.

( Kaplan, 1986; Smith, 1990), ;

.

, LBO (, MBO) ;,.,,.

(divisional) MBO. () ;. 151 MBO:,, ( 0,5%) Ц. Hite, Vetsuypens, 1988.

, 45 MBO,, ( 2, ) 2% (Muscarella, Vetsuypens, 1990).,, (, ).

,,, л.

, LBO,., 80-., LBO,,..,, LBO, :.,,, 80-.,, - (. Andrade, Kaplan, 1998).

.. : 24, LBO 1980Ц1983.,, LBO 1986.,, LBO 1987., (. Kaplan, Stein, 1993).

,,, 80-. (. Blair, Schary, 1992).

,, LBO, 80-., (. Opler, 1993).,,,,..

л, LBO,., Reverse LBO Mian, Rosenfeld, 1993 Holthausen, Larker, 1996.,, RLBO,,,,.

,, RLBO, (.

Holthausen, Larker, 1996, p. 296).

,,, -,, 70-.

80-.., л. 60-.

1/2 2/3., л ; (. Bhagat, Shleifer, Vishny, 1990). - л. 60-.,. 80-. : - (Matsusaka, 1993).

- Ц, л19.,,. л,.

,, -,.

.., 80-., (abnormal), 1981Ц1986. -,, 27,6. (Black, Grundfest, 1988). : -, - (. Jain, 1985; Copeland, Lemgruber, Mayers, 1987).

л :, 76 л, 1,8%.

(19 ) л. л.., (), ()., ( ) Ц., л - л (split-off IPO);, л. л :,, 2000,. 24.

,,,, л (. Schipper, Smith, 1986).

,,. 70-. - Ц. q - : 1965. 1,3, 80-. 0,5.,, (, ).

,, 80-. (л). (. Mitchell, Mulherin, 1996), - 80-. ().......

- : 90-., 80- - 90-.,. 90-.

.

.,,, 90-. ( 1999. - 15%). 70- - 80-.

, -,.

80-.,,,.,,, (Rappaport, 1990). 90-.,, л., 90-.

0,2Ц0,3% ( 1988. 2,5%).

80-. л . 90-.. 1993. (л ).

1990. 1994.,.

90-.,, 80-.

,. 1980.

1998... (!) Ц. Hall, Liebman, 2000 ( LBO, 80-.,, Ц.

Kaplan, 1989). 90-..

( ) ;,, л (лEconomic Value Added, EVA).,,,,,, л, (.,, Biddle, Bowen, Wallace, 1999).

л ,.

1980., 90-. (Gomperts, Metrick, 2000).,, ( ),.,.

90-. / л ; 80-.,,,,,.

, 90-.: л (, 19.; ), Martin Marietta Lockhead (10.;, - ), Viacom (8.; ), American Home Products (9,5.; ). ITT 1996.,,,.

,, Ц.,, Holmstrm, 1989. л,.

, 80-.,,. л - ;,.

90-...,,,. ( 80-.),.

1.4. Слияния и поглощения как форма регулирования эффективности Ц.,,., XIX XX.,. -,.

, ( )., л ,.

XIX - -.

- Ц,.

90-. л : 2000. л 10% (listed).

( л )20,, 2/5 (43,5%) 2000.,.

,,.

,,.,. л (bust-up takeovers): ( ),.

, 60-.,., табл. 1.

: 1971Ц2000. 0,45% (Jovanovich, Rousseau, 2002).

Таблица Распределение 200 крупнейших промышленных корпораций по степени диверсификации, 1960Ц1977 гг.

Число продуктовых групп1960. 1965. 1968. 1977.

5 62 80 112 10 7 14 32 20 - - - 30 - - - Источник: Spruill, 1983.

1950. - 7.,,, 7;,,, (. Asch, 1970).

60- - 70-.,, л 22.

Ц,.

., л,, {},.

, л (product category) - (two-digit).

,, Ц. Comment, Jarrel, 1995.

,. : 80- - 90-. (, ) (.,, Lamont, Polk, 2002).

, ( ), л ., (.,, Berger, Ofek, 1996),.

. л (, ) л, ;, л 23., л,.

.,,, (Kose, Ofek, 1995).

70- - 80-..

., 90-., Standard and Poors 500,,,, 1981. (Montgomery, 1994).

л,., л. 1975.

1987. 35% 54%.

(. 1.3), 80-.

1.3.

. - (), л л, 70-. 1,3, 80- - 7,0 ( л ) Ц. Morck, Shleifer, Vishny, 1990.

., -, : - qЦ,, - (. Andrade, Mitchell, Stafford, 2001, Hasbrouck, 1985).

,,,., MBO, л ,..

,,...,,, (C.Bludhorn, C.Icahn, I.Jacobs, C.Lindner, D.Murdock, V.Posner), :

(Holderness, Sheehan, 1985). :,,, (. Gorton, Kahl, 1999 Sec. 2C).

.,., (., 5700 ),,,,,,. () 2/3, (Lichtenberg, 1992).

,, (Martin, McConnel,l 1991; Shleifer, Summers, 1988; Jensen, 1984). л, л (Dimson, 1994).

,,. : q - ( ). л (HP-filtered) ( ) q 0,64 (Jovanovich, Rousseau, 2002).

:

q 60-.

л, -,, л q 70-.

.

.,,,.,,,,.,,,,,,.

,,,,,,,, /.., (.,, Franks, Mayer, 1998).

,, -,.,, ( ) 24.,,.

-.,,,, - ( Charkham, 1995).

л 1971. 1990.

л. ( л, 1988Ц1990. 26, Ц. Lichtenberg, Pushner, 1992)25.

,,, л 25%, 90-. 38 (Baums, 1994).

,,.

,, л ( ).

..,,..

,,, л..,.

, -,. 50- - 70-. ( ),,,.,,,,,,. Ц.

(.,, Morck, Nakamura, 1999).

. - () (, ) Ц. Ц.,, Gershenkron, 1962., (, ), л.

- Ц.,.

,,,. (, ),.

,, -, л,.,,,, (. La Port, Lopes-de-Silanes, Shleifer, Vishny, 1997).

,, (.,, Levine, Loyaza, Becu, 2000).,,..,.,.,, ( ),,, -, (Morck, Yeung, Yu, 2000).

90- 2000-. ;..,, Mannesman Telecom. -,,,,.

.

,, -,.,,,,,.

. л,,.

,,,,,. 80-.

(.,, Shiller, 1981; 1984),, л (net present value).

, (, Fama, 1991), :,,. (Jegadeesh, Titman, 1993) л, л,..,,, Ц,.

. -;,,,,, л 26.,.

, 60- - 70-., л.

:, -. л,.

.

.;,,,.,,, (Mitchell, Lehn, 1990).

(.,, Grossman, Hart, 1980; Shleifer, Vishny, 1986) :

-,,, ( )27.

л (self-reinforcing) : л,,.,, ;,, л (Marris, Mueller, 1980, p. 42).

:,,..

(. 1.3).,.,, -,, LBO 80-.,., LBO,.

,,,, ( ).,,,. : л ,, л,,.

Pages:     | 1 | 2 |    Книги по разным темам