Економічне обґрунтування процесу утворення корпоративних інтеграційних об’єднань

Abstract

Узагальнено підходи до економічної оцінки результатів утворення корпоративних інтеграційних об’єднань. Визначено умови та обмеження щодо економічного обґрунтування проведення процесу утворення корпоративних інтеграційних об’єднань. Розглянуто економічні умови та обмеження щодо вибору стратегічних партнерів при утворенні корпоративного інтеграційного об’єднання. Ключові слова: акціонерне товариство, інтеграція, оцінка діяльності, корпоративне інтеграційне об’єднання, ефект синергії.

Proved the need for additional justify and development of theoretical and methodological support of assess the feasibility of the formation of corporate integration associations, as well as the choice of integration options of integration. Generalized approaches to economic evaluation results of corporate integration associations creation (consolidated assessment of the book value of JSC - СIA future participants, evaluation of cash flow СIA time; strategic analysis of competitive advantages, reduce transaction costs forecasting, evaluation of consistency СIA formation of the general corporate strategy, evaluation by modified Altman Z-model). It was established that the existing scientific and methodological approaches to solving this problem are focused on certain more or less typical situation in which priority is given to the account of the impact of certain factors that determine the dynamics of corporate integration (market and competition, production technology, internal corporate, financial, etc.). Overviewed composition of sources providing additional revenue from corporate integration (synergies, savings from the elimination of duplicate administrative functions; potential revenue that can be derived from reducing the cost of sales; savings that can be obtained on the growth of scale and more efficient use of resources, savings on tax payments, savings on investments, potential income from increased diversification integration association, additional income from the simplification of credit resources, the merger of the company; additional revenue growth stock quotes). Established specialities of economic substantiation of creation of corporate integration associations, namely the need to determine the economic benefits and cost calculation synergistic effect of the integration process; the need to identify a motive integration, benefits and identification of participants; formation during the integration of specific tax, legal, personnel and accounting issues; need to consider the uneven distribution of benefits of the integration between the parties to this process; the need to analyze the market situation as a whole, in order to provide the appropriate actions of competitors. Determined conditions and restrictions on economic justification of the process of formation of corporate integration associations. Considered economic conditions and limitations on the choice of strategic partners in the formation of corporate integration association. Keywords: joint stock company, integration, assessment activities, corporate integration association, synergy