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Finance and Credit
 

Opportunities of growth of the company through mergers and acquisitions

Vol. 16, Iss. 4, JANUARY 2010

Available online: 27 January 2010

Subject Heading: MERGES AND JOININGS

JEL Classification: 

Kudina M.V. Ph.D of Economy, associate professor, Lomonosov Moscow State University School of Public Administration Department of Financial Management
mariannakud@mail.ru

The modern economic situation shows gradual revival of processes of integration. In the conditions of financial and economic crisis and an aggravation of problems of liquidity and solvency many companies have appeared on the verge of bankruptcy. On the one side, an acute shortage of financial resources limits possibility of growth of the companies by internal potential and attracting of additional external sources. On the other side there are large companies and private investors who have enough money resources, it demands revealing of new spheres and objects for investment. For this reason, in this difficult situation processes of integration as a whole, and merges and acquisitions in particular, can be considered as a source of creation and growth of fundamental value of the companies.

Keywords: Sustainable Growth Rate, asymmetric information, backward integration, forward integration, externals, scale effect, synergy, specific assets, transaction costs, subadditive costs, sunk investment, site specificity, physical specificity, dedicated assets, human assets, brand-name capital, temporal specificity

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ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

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