Ключевые слова: международная корпоративная консолидация, корпоративный глобализм, транснационализация, международные корпоративные стратегии, трансграничные слияния и поглищения, синергетический эффект.

Annotation

Ryabets N.M. Strategies of the international corporate consolidation.--Manuscript.

The dissertation is for a Candidate Degree in Economic Sciences by specialty 08.00.02 - World Economy and International Economic Realations - SHEE “Vadym Hetman Kyiv National Economic University”. -Kyiv, 2010.

The dissertation is aimed to study the theoretical and practical essential features of corporate consolidation processes in conditions of economic transnationalisation, internationalisation and globalisation. Genesis, character and scales of restructuring of corporations are exposed. The global imperatives of international business expansion corporate strategies and strategic factors of Merger and Acquisition agreements efficiency are defined.

The theoretical bases of knowledge conserning the phenomenon of cross-boder corporate consolidation was determined in the research. Besides, it is necessary to note the fact, that among the forms of corporate consolidation mergers and acquisitions (M&A) is the most popular one. Within the course of the research the author not only examinated the conseptual features of the category “Corporate consolidation” but also having analyzed the theoretical evidence and the findings of the most outstanding foreign and Ukrainian scientists, skilled experts in the field of mergers and acquisitions, and provisions of internal, European, and American M&A bodies of law, the author proposed the narration of the difinition, within the framewirk of which three levels should be defined: 1) legal (the process of transfer of ownership of assets and liabilities, identification of legal successor, difinition of its rights and obligations); 2) accounting (mechanisms of assets and liabilities consolidation, criteria of their recognition, methods of accounting treatment of transactions, preparation of the items of financial statements); 3) economic ( sources of competetive advantages of the company and their determing factors).

The author studies particularities of the cross-border corporate consolidation process and its influence on the economic development. The basic directions of M&A process and its potential influence on competitive development of the accepting countries are considered. In general positive influence is proved, as cross-border consolidation deal from abroad allows overcoming lack of national capital for investments, improving level and quality of employment, modernization of enterprises. Though these positive effects may be neutralized by non-developed antitrust legislation, characteristic to this group of states.

In the circumstances where the requirements to competitive advantages are becoming tougher and the objective of achieving them is more complicated thus, the motives for cross-border consolidation to author's opinion can be explained by necessity of fast entry to the new markets, access to resources and capital, serving corporate clients, which globalise, etc. and present response to the challenges of globalization. The paper is also devoted to complex analysis of sectorial and regional features of corporate consolidation in a context of disproportions intensification in economic development of developed and developing countries.

Having generalized the most known consolidation deals, the author proves that it is too early to make an unequal conclusion about M&A transactions efficiency growth. According to the survey results carried out by the author, the ultimate goal of M&A initiators - which is the increase of business cost--is achieved in 40% of cases (for Europe, Middle East, Africa), in 20% of cases - for North and South America, in 12% of cases - for Asia-Pacific region. Thus the parameters of inefficiency of transactions are significant: 21%-- for Europe, Middle East, Africa; 28%-- for North and South America; 44%-- for Asia-Pacific. The author focused the attention on this aspect since now there was the systematization of risks for M&A. From author's point of view for a target company these are: failure to use channels for acquisition of income in addition to dividend; losses due to the changes in dividend policy of a new company; establishment of an unfavorable exchange rate of shares; violation of shareholder's rights under the condition that he retains the minority interest; loss of status of a joint owner of an independent company. The acquirer's risks are: overestimation of shares of the target company; over expenditure in connection with M&A; acquisition of an insolvent company; weakening of the acquirer's market power and its financial standing after the completion of M&A transaction. There are general risks as well: fall of stock of either a target company or an acquirer on the market; deterioration of the market power and financial standing for the period until the corporate consolidation process is completed.

Within the framework of the dissertation the author suggested a classification of factors influencing the dynamics and character of corporate consolidation processes. The author specified two primary groups: external and internal. The external group was systematized by three levels: micro-, meso- and macro. The author believes that this approach is significant for forecasting and minimization of M&A risks.

In order to solve problems and elaborate the estimation methods of effectiveness and risk of consolidation process a number of indexes and methods of merging effectiveness, efficiency, risk estimation of such form of transformation as merging are proposed in the thesis. Methods of elaboration, forming, and implementation of integration mechanism such as forming of organisational structures of enterprise management, creation of target groups directed on establishing of joint enterprise activity, are also improved in the dissertation. The methods worked out in the dissertation were approved and implemented on the in enterprises of Kyiv.

The author defines terms of internal environment of Ukraine for the national capital consolidation and concentration by cross-border M&A in a context its innovation and investment development. Directions to modernize Ukrainian system of M&A regulation and control suggested, which include: development of mechanisms to protect shareholders' rights during the corporate consolidation process; equal regimen for all shareholders irrespective of the type of shares owned, ensuring liquidity of payment for M&A; protection of minority shareholders rights; enhance transparency of the merger process.

The author proposes the formation the Ukrainian “external” economy's by its bilateral transnationalization through cross-border corporate consolidation processes.

Key words: international corporate consolidation, merger and acquisition (M&A), transnationalisation, merging effectiveness, risk of merging.

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