Способствуют ли слияния и поглощения улучшению показателей компаний в секторе технологий, медиа и телекоммуникаций?
Аннотация
Компании сектора TMT (технологии, медиа и телекоммуникации) совершают наибольшее количество сделок по слияниям и поглощениям (M&A) в мире. Это объясняется их необходимостью постоянно адаптироваться к технологическим изменениям. Участие в M&A – один из самых быстрых и стратегически перспективных способов ускорения разработки продуктов, получения доступа к новым технологиям и повышения конкурентных преимуществ. Однако более 60% таких сделок оказываются неудачными и не способствуют созданию стоимости компании. Будет ли этот вывод справедлив для компаний сектора TMT, которые, с одной стороны, демонстрируют быстрый рост, а с другой – сталкиваются с высокими рисками? Данная статья оценивает влияние M&A на операционные показатели и стоимость компаний в сфере TMT. В отличие от предыдущих исследований, работа анализирует долгосрочные результаты сделок M&A, используя учетную методологию и модель экономической прибыли. Также она помогает выявить ключевые факторы, определяющие успешность таких сделок. Анализ выборки из 203 сделок M&A в секторе TMT, завершенных в период с 2003 по 2018 годы, показывает положительное влияние на операционные показатели (рост EBITDA/Sales на 2,2%) и стоимость компаний (рост экономической прибыли на $16,3 млн). Компании, использующие оплату акциями, демонстрируют лучшие результаты по сравнению с теми, кто использует наличные, что подтверждает теорию инвестиционных возможностей. Внутренние (локальные) сделки M&A оказываются наиболее эффективными благодаря культурной схожести. Кроме того, выявлена отрицательная связь между интенсивностью R&D покупающей компании и результатами после сделки, что объясняется эффектом технологической замены.Полученные выводы могут быть полезны менеджерам и советам директоров при принятии решений об участии в M&A в секторе TMT и понимании факторов, влияющих на успешность сделок.
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