Транскордонні злиття і поглинання в умовах сучасних викликів

Abstract

Стаття присвячена дослідженню транскордонних злиттів і поглинань в умовах нестабільного та турбулентного зовнішнього середовища, а також впливу на них ключових сучасних викликів світової економіки. У ній проаналізовано глобальний ринок транскордонних злиттів і поглинань, його динаміку та галузеву структуру. Визначено основні зміни у підготовці та структуруванні угод транскордонних злиттів поглинань, що стали наслідком пандемії COVID-19. Охарактеризовано вплив російської агресії проти України на глобальний ринок транскордонних злиттів і поглинань, загалом, та український ринок зокрема. Досліджено зміни в здійсненні угод транскордонних злиттів і поглинань в умовах високої інфляції. Проаналізовано негативний та позитивний вплив високих відсоткових ставок на транскордонні злиття і поглинання.

This paper is devoted to the study of cross-border mergers and acquisitions in an unstable and turbulent environment, as well as the impact of key global challenges on them. The relevance of the chosen topic is confirmed by the fact that the global economy has experienced a series of shocks in recent years, which have significantly affected the prospects for its development and caused many obstacles for international investment. Cross-border mergers and acquisitions are particularly vulnerable to such challenges and disruptions, as they involve complex negotiations and transactions that are subject to a wide range of economic and political factors. Therefore, it is important to understand the impact of modern challenges on cross-border mergers and acquisitions in order to develop effective strategies for managing risk and maximizing value. This paper aims to provide insights into the complex and dynamic nature of cross-border mergers and acquisitions in the context of modern challenges. The article analyses the main trends of the cross-border mergers and acquisitions market, the dynamics of the number and value of mergers and acquisitions deals over the past three decades, and identifies changes in the market structure. The COVID-19 pandemic has resulted in economic uncertainties and disruptions to market conditions and international business models. The paper identifies significant changes in the due diligence process and in how deals are structured during and after the COVID-19 pandemic. The Russian invasion of Ukraine has dealt another significant blow to cross-border mergers and acquisitions. The article characterizes the impact of Russian aggression against Ukraine on the global and Ukrainian crossborder mergers and acquisitions market. The war has increased inflationary pressures globally. The paper examines the effects of high inflation on cross-border mergers and acquisitions deals and the valuations of target companies. Central banks react to high inflation by raising interest rates, and the negative and positive impacts of high interest rates on cross-border mergers and acquisitions are analysed.