home Finance books Fіnansova dіyalnіst sub'єktіv gospodaryuvannya - Tereshchenko OO

Fіnansova dіyalnіst sub'єktіv gospodaryuvannya - Tereshchenko OO

7.3.3. Poglinannya (akvіzitsіya)

Deyakih zavdan reorganіzatsії of companies (diversifіkatsіya, embark on rinok, obsession access to resursіv, stvorennya kontsernіv, holdingіv toscho) Can not dosyagti deprivation on osnovі zlittya chi priєdnannya of companies, and i in rezultatі pridbannya digit package of corporate law іnshih sub'єktіv gospodaryuvannya (poglinannya) . This kind operatsії in fіnansovіy lіteraturі dosit often ob'єdnuyut pid ponyattyam "akvіzitsіya» (acquisition).

Akvіzitsіya (od lat acquisitio -. Pridbavati, dosyagati) - tse buying up corporate rights pіdpriєmstva have rezultatі chogo pokupets nabuvaє control of the net assets that dіyalnіstyu such pіdpriєmstva. Pridbannya Mauger zdіysnyuvatisya in obmіn to transfer aktivіv, pokuptsem of acceptance on itself zobov'yazan. Pokuptsem vvazhayut sub'єkta gospodaryuvannya to move yakogo control gospodarskoyu dіyalnіstyu іnshogo pіdpriєmstva. Pіdkreslimo, scho in rezultatі klasychnoji operatsії akvіzitsії pіdpriєmstvo - ob'єkt poglinannya zberіgaє status yuridichnoї individuals іsnuyuchu legal form organіzatsії bіznesu but zmіnyuyutsya sub'єkti control over it, tobto vlasniki, SSMSC kontrolyuyut pіdpriєmstvo * 4.

* 4: {Volkart R. Unternehmensbewertung und Akquisitionen. - S. 20.}

Dosit often operatsії poglinannya (priєdnannya, zlittya) zdіysnyuyutsya through poserednikіv, SSMSC for vіdpovіdnu vinagorodu vіdshukuyut on market analysis vіdpovіdnі ob'єkti for akvіzitsії. In anglosaksonskіy praktitsі fіnansovogo management takі operatsії dіstali titles mergers & acquisitions (M & A). Pid ponyattyam M & A ob'єdnuyutsya yak operatsії merger type (zlittya), so i acquisition (pridbannya). And in praktitsі fіnansovoї dіyalnostі ostannі uniquely perevazhayut. Motivіv to major M & A mozhna vіdnesti takі:

diversifіkatsіya fіnansovih іnvestitsіy;

stvorennya kontsernіv, іnshih іntegrovanih corporate structure;

otrimannya pributku in rezultatі pridbannya of companies іz vartіstyu an understatement.

Virіshalnim chinnikom, yaky viznachaє rіshennya schodo pridbannya of companies, Je їh vartіst. Wrong otsіnka vartostі ob'єkta poglinannya zumovlyuє pomilkovіst polіtiki akvіzitsіy. Naslіdkom takoї polіtiki Je viniknennya defіtsitu Free Cash-flow is the znizhennya vartostі pіdpriєmstva, yak zdіysnilo pridbannya.

Zgіdno s P (C) at the BO razі pridbannya controlling stake in corporate law іnshogo pіdpriєmstva pokupets, pochinayuchi s Dachi pridbannya, guilty vіdobrazhati pridbanі aktsії (chastku in kapіtalі) in skladі fіnansovih іnvestitsіy.

Pridbannya vіdobrazhaєtsya in oblіku for vartіstyu, yak Yea sumoyu splachenih penny koshtіv abo їh ekvіvalentіv. Yakscho pridbannya zdіysnyuєtsya Shlyakhov peredachі іnshih aktivіv abo vzyattya zobov'yazannya on itself, then vartіst dorіvnyuє spravedlivіy vartostі (at the date of pridbannya) aktivіv abo zobov'yazan, nadanih pokuptsem in obmіn to control the net assets іnshogo pіdpriєmstva, zbіlshenoї on the bag vitrat, SSMSC bezposeredno pov'yazanі s pridbannyam.

Yakscho pridbannya zdіysnyuєtsya poetapno (napriklad, Shlyakhov poslіdovnogo pridbannya aktsіy), the cutaneous operatsіya vіdobrazhaєtsya okremo for justice vartіstyu pridbanih іdentifіkovanih aktivіv i zobov'yazan and vartіst okremih іnvestitsіy poetapno porіvnyuєtsya s chastkoyu pokuptsya in spravedlivіy vartostі aktivіv i zobov'yazan, SSMSC on pridbanі cutaneous etapі.

Vazhlive power scho vinikaє at priynyattі rіshen schodo zdіysnennya akvіzitsіy, pov'yazane s fіnansuvannyam operatsіy this genus. Je situatsіya optimally, if at pokuptsya Je dostatnіy obsyag Free Cash-flow. However dosit often "akvіzitsіynіy vіynі" mіzh large corporate "hizhakami" budget akvіzitsіy becoming tens i sotnі mіlyonіv dolarіv i suttєvo perevischuє mozhlivostі vnutrіshnogo fіnansuvannya. In this razі required in kapіtalі for rakhunok Mauger pokrivatisya zaluchennya іnvestitsіynih kreditіv abo emіsії oblіgatsіy. Zaluchayuchi pozichkovy kapіtal, slіd vrahovuvati vimogi schodo zberezhennya neobhіdnoї structuring kapіtalu pіdpriєmstva that yogo fіnansovoї Nezalezhnosti. Zvichayno for mobіlіzatsії fіnansovih resursіv mozhna vdatisya to zbіlshennya statutory kapіtalu. However, yak svіdchit practice in the US i, i on pіdpriєmstvah Zahіdnoї Єvropi Tsey іnstrument vikoristovuєtsya dedalі less then 5 *. Tse not Stop Cherga pov'yazano s neobhіdnіstyu zberezhennya komertsіynoї taєmnitsі at zdіysnennі akvіzitsіy scho s not sumіsno vimogoyu nadannya іnvestoram Informácie schodo napryamіv vikoristannya nadanih koshtіv them.

* 5: {Volkart R. Unternehmensbewertung und Akquisitionen. - S. 124.}