Влияние структуры оборотного капитала на результативность компании по итогам сделок слияний и поглощений
Основная цель исследования состоит в том, чтобы определить взаимосвязь между структурой оборотного капитала и результатами деятельности компании по итогам сделок слияний и поглощений. Задачами данного исследования являются: определение основных характеристик оборотного капитала и управления оборотным капиталом фирмы; определение целевых показателей оборотного капитала компании как базу для дальнейших расчетов; определение ключевых показателей эффективности управления оборотным капиталом для компаний, которые будут отслеживаться для оценки взаимосвязи между управлением оборотным капиталом и результативностью по итогам сделок; разработка предложений по управлению оборотным капиталом для компаний, участвующих в деятельности по слияниям и поглощениям. Результаты работы — это четкое понимание взаимосвязи между структурой оборотного капитала и результатами деятельности компании при слияниях и поглощениях. В результате разработан и охарактеризован набор ключевых показателей, которые будут рассмотрены руководством, участвующим в сделках M&A.
Nowadays mergers and acquisitions market transformed and changed its models of deals and value creation significantly since 1990s and early 2000s when the majority of competent researches have been made. It is time to revise the theory and introduce new prepositions and implications to the world of takeovers.
Besides there is no doubt that there are a great variety of different factors that may influence the possibility of a deal, and the future post-merger performance of the company. One of such factors is the working capital management in the company. There is no secret that managing working capital today is one of the crucial task of the management of the company. Besides the rules of target working capital have been also changed.
Now it is not a surprise to see a very aggressive and steadily negative working capital in the technological company or, on the opposite, still conservative ratios of much higher assets over liabilities for manufacturing companies. But does it influence company’s operations before and after the deal? That is why the reason of this work will be to determine the key features of these indicator and explain the possible reason and potential implications.
The main research goal of the paper is to identify the relationship between working capital structure and after deal company performance. The main research questions to be answered are:
• What are the key performance drivers in M&A transactions?
• What are the main features of working capital and working capital management of the firms?
• What is the relationship between working capital structure and after-deal corporate performance?
• What is the optimal structure of working capital in M&A transactions that maximizes performance of the companies?
The main research objectives to be solved are:
• The main features of working capital and working capital management of the firms;
• Identify the target working capital ratios of companies as a proxy for the further calculations;
• Identify key performance indicators of working capital management for companies to be tracked to assess the relationship between WC management and after-deal performance;
• Develop suggestions on working capital management for companies involved into mergers and acquisitions activities.
The main research implication of this paper will be an established view on how working capital structure influences firms’ performance after the deal. Of course, working capital should not be the only concern of the company trying or already engaging into the mergers and acquisition deals, but this paper will show that companies still have to take a closer look at this indicator.
The main research method of the analysis is the econometrical modelling of the effects between dependent and independent variables. Based on the results of these analysis, relevant conclusion will be stated, and appropriate research implication will be developed. The methodology of the research will be further described in detail in the second chapter of this work.
As the main result of these paper we aim to meet all the research objectives defined previously and answer the above stated research questions. The results of the empirical part should be useful for the company management involved into mergers and acquisitions transactions, as well as for the other side of the deal participants, such investors and creditors. We aim to give a clear outlook on how the working capital management can help to increase performance of the companies in the mergers and acquisitions deals and therefore help all the parties involved in these deals.
The paper consists of the 5 main parts: introduction, three chapters and conclusion. The first chapter covers theoretical background of the working capital management of the firms, as well as clear view on which key indicators this metric and more important how the working capital structure itself influences the company performance. First chapter is also devoted to the identifying key mergers and acquisition resources that help to increase company performance involved, and tries to find out theoretical association between working capital management and M&A performance. In the second chapter we state clear hypotheses to be tested further and define research methodology that will be used to answer the research questions and accept or reject the stated hypotheses. The third chapter is the summary of the empirical data obtained during the analysis. It also includes the research interpretations and gives managerial implications, as well as research limitations and further room for the research. In the conclusion part we summarize all the prior results of the paper and present the conclusions in accordance with those results.
Abbadi, S. M., & Abbadi, R. T. (2013). The Determinants of Working Capital Requirements in Palestinian Industrial Corporations. International Journal of Economics and Finance, 5(1): 65-75.
• Alexandridis G., Fuller K., Terhaar L., Travlos N. (2013). Deal size, acquisition premia and shareholder gains. Journal of Corporate Finance 20, 1-13.
• Alhenawia Y., Krishnaswami S. (2015). Long-term impact of merger synergies on performance and value. The Quarterly Review of Economics and Finance 58, 93–118.
• André P., Kooli M. and L’Her J. (2004). The long-run performance of mergers and acquisitions: evidence from the Canadian stock market. Financial Management, Winter 2004, 27–43.
• Appuhami B. (2008). The Impact of Firms’ Capital Expenditure on Working Capital Management: An Empirical Study across Industries in Thailand. International Management Review, 4(1), 8–21.
• Baños-Caballero S., García-Teruel P., Martínez-Solano P. (2014). Working capital management, corporate performance, and financial constraints. Journal of Business Research 67 p. 332–338.
• Berger, A., & Udell, G. 1998. The economics of small business: the roles of private equity and debt markets in the financial growth cycle, Journal of Banking and Finance, 22: 613- 673.
• Berger, A., Klapper, F., & Udell, G. 2001. The ability of banks to lend to informationally opaque small business. Journal of Banking and Finance, 25: 2127-2167.
• Bhattacharya, H. (2009). Working Capital Management: Strategies and Techniques. New Delhi: PHI Learning Private Limited.
• Brealey, R.A.; Myers, S.C. & Allen, F. (2014). Principles of Corporate Finance.
• Chiou, J. R., Cheng, L., & Wu, H. W. (2006). The determinants of working capital management. Journal of American Academy of Business, 10: 149-155.
• Cuñat, V. 2007. Trade Credit: Suppliers as Debt Collectors and Insurance Providers. The Review of Financial Studies, 20 (2): 491-527.
• Deloof, M. (2003). Does working capital management affect profitability of Belgian firms? Journal of Business Finance & Accounting, 30, 573–587.
• Enqvist J., Graham M., Nikkinen J. (2014). The impact of working capital management on firm profitability in different business cycles: Evidence from Finland. Research in International Business and Finance 32, p. 36–49.
• Fazzari, S. M., & Petersen, B. C. (1993). Working Capital and Fixed Investment: New Evidence on Financing Constraints. Rand Journal of Economics, 24 (3): 328-342.
• Ganesan, V. (2007). An Analysis of Working Capital Management Efficiency in Telecommunication Equipment Industry, River Academic Journal, 3(2).
• Ghosh, A., & Jain, P. C. (2000). Financial leverage changes associated with corporate mergers. Journal of Corporate Finance, 377–402.
• Hayward M. (2003). Professional influence: the effects of investment banks on clients’ acquisition financing and performance. Strategic Management Journal, 24, 783–801.
• Healy. P, Palepu K., Ruback R. (1992). Does corporate performance improve after mergers? Journal of Financial Economics 31, 135-175.
• Iankova S. (2014). Main factors of success in mergers and acquisitions’ performance. Journal of Sofia University “St. Kliment Ohridski” 12, 373-389.
• Jordan, J., Lowe, J., & Taylor, P. 1998. Strategy and financial policy in UK small firms. Journal of Business Finance and Accounting, 25: 1-27.
• Jose, M. L., Lancaster, C., & Stevens, J. L. (1996). Corporate return and cash conversion cycle. Journal of Economics and Finance, 20: 33-46.
• Kieschnick, R., LaPlante, M., & Moussawi, R. (2011). Working capital management and shareholder wealth. Working paper.
• Kozlov. A, Tupikova D. (2015). The efficiency factors of mergers and acquisitions: a study of Russian practices. St. Petersburg State Polytechnical University Journal 6, 112-122.
• KPMG. (2013). M&A in Russia 2012. URL: https://home.kpmg.com/ru/en/home/insights/2013/03/ma_in_russia_2012.html
• KPMG (2018). Russian M&A Review 2017.
URL: https://assets.kpmg.com/content/dam/kpmg/ru/pdf/2018/03/ru-en-ma-survey-2017.pdf
• Lazaridis, I., Tryfonidis, D. (2006). Relationship between working capital management and profitability of listed companies on the Athens Stock Exchange. Journal of Financial Management Analysis. 19 (1), 26–35.
• Loughran T. and Vijh A. (1997). Do long-term shareholders benefit from corporate acquisitions? Journal of Finance, 52, 1765–1790.
• McConnell, J.J. & Servaes, H. (1995) Equity Ownership and the Two Faces of Debt. Journal of Financial Economics. Volume 39, 1995.
• Meyer, C.A. (2007). Working Capital and Corporate Value. New York.
• Mitchell, M., & Mulherin, H. (1996). The Impact of Industry Shocks on Takeover and Restructuring Activity. Journal of Financial Economics, 193-229.
• Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2004). Do Shareholders of Acquiring Firms Gain from Acquisitions? Journal of Financial Economics.
• Mueller, D. C. (1986). Profits in the long run. Cambridge University Press: Cambridge.
• Myers, S. (1977). The determinants of corporate borrowing. Journal of Financial Economics, 5 (2): 147-175.
• Myers, S. (1984). The capital structure puzzle. Journal of Finance, 39 (3): 575-592.
• Nazir M., Afza T. (2008). On The Factor Determining Working Capital Requirements. Proceedings of ASBBS, 15(1), 293–301.
• Nuhiu A., Dermaku A. (2017). A Theoretical Review on the Relationship between Working Capital Management and Company’s Performance.
• Oruc E., Sen M. (2009). Relationship between Efficiency Level of Working Capital Management and Return on Total Assets in ISE. International Journal of Business and Management, 4(10), 109–114.
• Padachi, K. (2006). Trends in Working Capital Management and its Impacts on Firm’s Performance: An Analysis of Mauritanian Small Manufacturing Firm. International Review of Business Research Papers 2(2) 45-58.
• Polikarpova M. (2014). Stages and features of the development of the Russian market of mergers and acquisitions. Molodoi uchenyi 3, 505—507.
• Powell, R., & Stark, A. (2005). Does operating performance increase post-takeover for UK takeovers? A comparison of performance measures and benchmarks. Journal of Corporate Finance, 293-317.
• Raheman, A., & Nasr, M. (2007). Working capital management and profitability – case of Pakistani firms. International Review of Business Research Papers, 3: 275-296.
• Ramaswamy K. (1997). The Performance Impact of Strategic Similarity in Horizontal Mergers: Evidence from the U.S. Banking Industry. The Academy of Management Journal 3, 697-715.
• Ravenscraft, D. J., and Scherer, F. M. (1987). Mergers, sell-offs, and economic efficiency. Washington, DC: Brookings Institute.
• Ravenscraft, D. J., & Scherer, F. (1989). The profitability of mergers. International Journal of Industrial Organization Volume 7, Issue 1, 101-116.
• Sauaia A. (2002). Is the Tobin’s Q a good indicator of a company’s performance? Developments in Business Simulation and Experiential Learning, Volume 29, 301-307.
• Shin, H. H., & Soenen, L. (1998). Efficiency of working capital and corporate profitability. Financial Practice and Education, 8: 37-45.
• Taleb, G., AL-Zoued, A., AL- Zoued, N., & AL-Shubiri, F. (2010). The Determinants of Effective Working Capital Management Policy: A Case Study on Jordan. Interdisciplinary Journal of Contemporary Research in Business, 4 (2): 248-264
• Ukaegbu, B. (2014). The significance of working capital management in determining firm profitability: evidence from developing economies in Africa. Res. Int. Business Finance 31, 1–16.
• Walker, D. 1991. An empirical analysis on financing the small firm. Advances in Small Business Finance: 47–61.
• Whited, T. M. 1992. Debt, liquidity constraints, and corporate investment: evidence from panel data. Journal of Finance, 47: 1425-1460.
Последние выполненные заказы
Хочешь уникальную работу?
Больше 3 000 экспертов уже готовы начать работу над твоим проектом!
4.2 (25 отзывов)
4.4 (59 отзывов)
4.8 (373 отзыва)
5 (21 отзыв)
4.6 (522 отзыва)
4.6 (30 отзывов)
4.6 (92 отзыва)
5 (154 отзыва)
5 (145 отзывов)
