Анализ детерминантов трансграничных российских сделок слияний и поглощений

Аннотация

This paper examines the main determinants of cross-border mergers and acquisitions in the context of the Russian economy. The relevance of this work lies in the problem of the expansion of Russian companies abroad through mergers and acquisitions. Conducting M&A depends on a number of factors that can affect the success of this process and directly depends on the choice of the country where they take place. The main purpose of the work is to understand the main determinants of mergers and acquisitions involving Russian companies at the country level. The object of research in this paper is Russian companies involved in M&A transactions abroad, and the subject of research is the determinants of outgoing cross-border M&A transactions. The main conclusions that were obtained in the course of the study are that the number of mergers and acquisitions is influenced by various groups of factors, in the context of this study, these are macroeconomic, quality of good governance and geocultural factors. Macroeconomic factors indicate that Russian companies do most of their business with underdeveloped and developing countries, as Russian companies do not have sufficient current resources and assets to take over larger companies from developed countries. The role of geocultural proximity lies in the fact that Russian companies and the countries in which the largest number of transactions take place have many cultural similarities, which makes it more comfortable for them to do business between them.