Модель создания стоимости в сделках приобретения бизнеса с привлечением заемных средств
Журнал «KANT» №1(38) 2021 [стр. 6]
DOI: 10.24923/2222-243X.2021-38.1
Ключевые слова: долговое финансирование; финансируемый выкуп; стоимость сделки LBO; источники стоимости; факторы стоимости.
В статье на основе исследования трудов отечественных и зарубежных авторов представлена декомпозиционная модель создания стоимости при проведении сделок приобретения бизнеса с привлечением заемного капитала (LBO), раскрыто содержание ее основных элементов. Уточнение прямых и косвенных источников создания стоимости сделок долгового финансирования, а также факторов, влияющих на их стоимость, создает теоретическую основу совершенствования финансового анализа и оценки эффективности сделок LBO, способствуя их развитию.
Литература:
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13. Opler T., Sheridan Titman. Determinants of Leveraged Buyout Activity: Free Cash Flow vs. Financial Distress Costs. // The journal of Finance , Vol. 48, №5 (Dec., 1993), pp. 1985 -1999
14. Pignataro P. Mergers, Acquisitions, Divestitures, and Other Restructurings / Paul Pignataro – Wiley, 2015 – 369 p.
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1. Гвардин С. В., Чекун И. Н. Слияния и поглощения: эффективная стратегия для России. – СПб. : Питер, 2007. – 192 с.
2. Ивашковская И.В. Моделирование стоимости компании. Стратегическая ответственность советов директоров. – М. : ИНФРА-М, 2012. – 429 с.
3. Achleitner A., Lichtner K., Diller C., Braun R., Engel N., Figge C. & Tappeiner F. Value creation in private equity [Electronic resource] // Munich: Centre for Entrepreneurial and Financial Studies (CFES) at the Technischen Universitat Munchen, Capital Dynamics. 2009. URL: https://www.semanticscholar.org/paper/Value-creation-drivers-in-a-secondary-buyout-%E2%80%93-the-Achleitner-Figge/73381df 41750314e0c2f1ae436 447732 179acb63 (accessed date 17.11.2020)
4. Berg A., Gottschalg O.F. Understanding value generation in buyouts [Electronic resource] // Journal of Restructuring Finance, 2005, vol. 2, no. 01, pp. 9-37. – https://www.semanticscholar.org/paper/Understanding-value-generation-in-buyouts-Berg-Gottschalg/6c370a2bb245660f9c7ae1e6a232fb feeac9ec33 (accessed date 10.10.2020)
5. Bergman А., Bergman I. On the determinants of leveraged buyout activity [Electronic resource] // URL: http://arc.hhs.se/download.aspx?MediumId=159 (accessed date 23.09.2020)
6. Cotter J.F., Peck S.W. The structure of debt and active equity investors: the case of the buyout specialist [Electronic resource]. // Journal of Financial Economics, 2001, vol. 59, no. 1, pp. 101-147. (accessed date 12.12.2020)
7. Damodaran Aswath. The Anatomy of an LBO: leverage, control, value there are three components [Electronic resource] // New York University – stern School of Business, 22 Jul 2008 – http://people.stern.nyu.edu/adamodar/ pdfiles/country/LBO.pdf (accessed date 16.12.2020)
8. DePamphilis D.M. Mergers, Acquisitions, and other Restructuring activities. An Integrated Approach to Process, Tools, Cases, and Solutions / Donald M. DePamphilis – 10th edition, Wiley, 2019 – 564 p.
9. Jensen М., Meckling W. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure [Electronic resource] // https://www.academia.edu/30946980/JENSEN_AND_ MECKLING_A_Summary (accessed date 17.01.2021)
10. Gifford, D. Why debt can hurt corporate growth [Electronic resource] // MIT Sloan management review, 2001, vol. 42, no. 3, pp. 18https://go.gale.com/ps/anonymous?id=GALE%7CA109946770&sid= googleScholar&v=2 .1&it=r&linkaccess=abs&issn= 15329194&p=AONE&sw=w (accessed date 12.12.2020)
11. Kaplan S.N., Per Stromberg. Leveraged Buyouts and Private Equity // the Journal of Economic Perspectives, Vol. 23, No 1(Winter, 2009), pp. 121-146
12. Loos N. Value Creation in Leveraged Buyouts [Electronic resource] // Dissertation Universitat St. Gallon, 2005. https://link.springer.com/ content/pdf/ bfm%3A978-3-8350-9329-4%2F1.pdf (accessed date 15.01.2021)
13. Opler T., Sheridan Titman. Determinants of Leveraged Buyout Activity: Free Cash Flow vs. Financial Distress Costs. // The journal of Finance , Vol. 48, №5 (Dec., 1993), pp. 1985 -1999
14. Pignataro P. Mergers, Acquisitions, Divestitures, and Other Restructurings / Paul Pignataro – Wiley, 2015 – 369 p.
15. Schwetzler B. Value Generation in Private Equity Investments [Electronic resource] // HHL Leipzig Graduate School of Management. 2007 – https://www.yumpu.com/en/document/read/20850469/value-generation-in-private-equity-investments-pilot-finexpert (accessed date 11.06.2020).
16. Streich F. Value drivers in leverage buyouts and its differences between primary and secondary buyouts: a quantitative analysis [Electronic resource] // URL: https://research.cbs.dk/en/studentProjects/ed3051b9-abfe-4a39-a72a-6ddcd827de1 9 (accessed date 19.09.2020).
Model of creating value in business acquisition transactions with borrowed funds
Keywords: debt financing; financed buyout; LBO transaction value; sources of value; cost factors.
Based on the study of the works of domestic and foreign authors, the article presents a decompositional model of value creation when conducting business acquisition transactions with the involvement of debt capital (LBO), discloses the content of its main elements. Clarification of direct and indirect sources of value creation for debt financing transactions, as well as factors affecting their value, creates a theoretical basis for improving financial analysis and evaluating the effectiveness of LBO transactions, contributing to their development.