Институциональные и макроэкономические факторы  географического направления российских международных сделок  слияния и поглощения

Андрей Юрьевич Панибратов; Анна Сергеевна Веселова; Любовь Андреевна Ермолаева

Авторы

Андрей Юрьевич Панибратов Институт «Высшая школа менеджмента» СПбГУ, Россия https://orcid.org/0000-0002-3996-3790
Анна Сергеевна Веселова Институт «Высшая школа менеджмента» СПбГУ, Россия https://orcid.org/0000-0002-8538-4757
Любовь Андреевна Ермолаева Институт «Высшая школа менеджмента» СПбГУ, Россия https://orcid.org/0000-0003-1742-2886

Аннотация

В статье исследуется влияние макроэкономических показателей страны происхождения и принимающей страны, а также институциональной дистанции между ними на выбор направления сделок слияний и поглощений (M&A) российских компаний. На основе анализа данных по сделкам, осуществленным российскими компаниями в период с 2007 по 2013 г. в 46 странах, с применением метода отрицательной биномиальной регрессии выявлено, что наиболее значимыми мотивами для их совершения являются доступ к ресурсам, доступ к стратегическим активам и технологиям, а также повышение эффективности деятельности. При этом институциональная дистанция между страной происхождения и принимающей страной оказывает как значимое прямое влияние на количество сделок, так и модерационное влияние на взаимосвязь ключевых макроэкономических показателей и количества слияний и поглощений.

Ключевые слова:

интернационализация, прямые зарубежные инвестиции, сделки слияний и поглощений, макроэкономические факторы, институциональная дистанция, Россия

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Библиографические ссылки

ЛИТЕРАТУРА НА РУССКОМ ЯЗЫКЕ

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Панибратов А. Ю., Верба К. В. 2011. Интернационализация российских компаний: формирование конкурентных преимуществ в процессе зарубежных поглощений. Вестник С.-Петербургского ун-та. Серия Менеджмент (2): 39–60.

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