Детерминанты сделок слияний и поглощений на развивающихся рынках Азии: влияние конфуцианства и технологического развития
Аннотация
Азиатские развивающиеся рынки являются примером новой тенденции глобализации – регионализации. Страны этого региона имеют тесные культурные связи. Под влиянием идеологии конфуцианства формируется уникальный способ ведения бизнеса, который распространяется и на заключение сделок слияний и поглощений.
Однородность культурных ценностей повышает доверие сторон даже в трансграничных сделках, что влияет на оценку премии. В то же время внутри региона выделяется группа стран «азиатских тигров», лидирующих в технологическом развитии в целом и в цифровизации в частности. Растущая конкурентоспособность технологически развитых компаний также влияет на оценки премии за сделку.В данной статье предпринята попытка исследовать теоретическую часть этих вопросов и эмпирически подтвердить культурное влияние конфуцианства и технологического развития на слияния и поглощения на основе базы данных 2677 трансграничных сделок, собранных с 1 января 2002 г. по 1 января 2021 г. для 10 растущих рынков Азии. В статье впервые рассматриваются в качестве объекта исследования стоимость сделки M&A и оценка компании в ходе сделки на примере глокального региона.
Основные выводы, полученные в данной работе, подтверждают идею о том, что культурное сходство оказывает существенное влияние на стоимость сделки M&A, причем для культурно схожих стран эта стоимость снижается. Схожие ценности укрепляют доверие между людьми и защищают акционеров компании от дополнительных рисков. Это дает возможность политикам и хозяйствующим субъектам корректировать свои решения или обновлять понимание процессов, влияющих на экономику.
Скачивания
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