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

  • 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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Литература

ЛИТЕРАТУРА НА РУССКОМ ЯЗЫКЕ

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Translation of references in Russian into English

Veselova A. S. 2013. Multinational corporations from emerging economies: the applicability of the existing theories. Problemy sovremennoj ekonomiki (4): 144–147.

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Опубликован
2015-10-26
Как цитировать
Панибратов, А., Веселова, А., & Ермолаева, Л. (2015). Институциональные и макроэкономические факторы географического направления российских международных сделок слияния и поглощения. Российский журнал менеджмента, 13(3), 59–78. извлечено от https://rjm.spbu.ru/article/view/173
Раздел
Теоретические и эмпирические исследования