Эмпирическое исследование результативности сделок слияний и поглощений в индустрии предметов роскоши на основе метода экономической добавленной ценности
Индустрия роскоши возникла в XVIII веке, но развитие слияний и поглощений началось в XX веке, поэтому общие исследования отстают от других отраслей, возникших в тот же период. Цель этой диссертации — изучить влияние слияний и поглощений на результаты деятельности компаний-покупателей в индустрии роскоши путём разработки системы оценки EVA и определить факторы, влияющие на результаты деятельности после слияния.
Для достижения цели исследования поставлено несколько задач (1) Изучить теории, связанные с M&A, (2) Провести обзор последних исследований по эффективности M&A, факторам, влияющим на эффективность M&A, (3) Сформулировать гипотезы, разработать методологию и модели, (4) Определить выборку и собрать данные, в качестве источников данных используются Zephyr, база данных Thomson Reuters Eikon, Statista и финансовые отчёты компаний, (5) Запустить регрессионную модель и представить результат, (6) Дать практические рекомендации.
Рассчитав изменения показателей EVA с года до слияния до третьего года после слияния, автор также использует модель множественной линейной регрессии для анализа факторов, влияющих на показатели после слияния, и в итоге получил следующие выводы (1) Начиная с года завершения слияния и поглощения, показатели компаний-покупателей в индустрии роскоши демонстрируют чёткую тенденцию роста до третьего года после слияния, а затем стабилизируются, что доказывает долгосрочное положительное влияние слияния и поглощения на показатели компаний в индустрии роскоши, (2) Отношение Гудвилла к общим активам и возраст компании-цели положительно связаны с результатами деятельности после слияния, в то время как отношение книги к рынку, коэффициент D/E и денежные выплаты отрицательно связаны с результатами деятельности после слияния, (3) В подборке конгломератов в индустрии роскоши эмпирические результаты показывают, что влияние Гудвилла и левериджа более выражено, чем в полной выборке.
An Empirical Study on M&A Performance of Luxury Industry Based on EVA…………………1 Introduction……………………………………………………………………………………………………………….. 9 Chapter 1 Literature Review……………………………………………………………………………………….11
1.1 The concept of mergers and acquisitions……………………………………………………………. 11
1.2 Six M&A waves……………………………………………………………………………………………….11
1.3 Classification of M&A………………………………………………………………………………………13
1.4 Luxury goods and luxury industry…………………………………………………………………….. 15
1.5 Research on M&A motives, measurement and performance………………………………… 19
1.5.1 Theories of M&A Motives…………………………………………………………………………. 19
1.5.2 Research on M&A Performance Measurement Methods………………………………..22
1.5.3 Research on the influencing factors…………………………………………………………….. 23
Chapter 2 Empirical Analysis of M&A Performance Based on EVA………………………………26
2.1 Hypotheses Statement……………………………………………………………………………………….26
2.2 Principle of M&A performance evaluation using EVA……………………………………….. 28
2.3 Data and sample………………………………………………………………………………………………. 30
2.4 Adjusted EVA calculation………………………………………………………………………………… 33
2.4.1 Accounting adjustment for NOPAT and capital employed……………………………..34
2.4.2 Capital employed calculation……………………………………………………………………… 35
2.4.3 WACC calculation……………………………………………………………………………………..35
2.4.4 Adjusted EVA calculation result………………………………………………………………….36
2.4.5 Performance change trend analysis……………………………………………………………… 37
2.5 Empirical analysis…………………………………………………………………………………………….40
2.5.1 Research methodology………………………………………………………………………………..40
2.5.2 Variable Definitions……………………………………………………………………………………41
2.5.3 Variable correlation test………………………………………………………………………………42
2.5.4 Regression model results……………………………………………………………………………. 42
2.6 Sub-sample analysis………………………………………………………………………………………….45
2.7 Main findings and discussion……………………………………………………………………………. 47
2.8 Managerial implications…………………………………………………………………………………… 47
2.9 Limitations and Recommendations……………………………………………………………………. 48
Conclusion……………………………………………………………………………………………………………….. 50 References……………………………………………………………………………………………………………….. 52 Appendices………………………………………………………………………………………………………………. 55
Appendix 1 Zephyr filter criteria……………………………………………………………………………..55 Appendix 2 Adjusted NOPAT calculation result for example……………………………………. 55 Appendix 3 Adjusted NOPAT calculation result……………………………………………………….56 Appendix 4 WACC result for all samples…………………………………………………………………57
The essence of M&A is to acquire the assets, equity, control or management rights of other enterprises through cash transactions, stock transactions, etc., which makes one enterprise gain the right to dominate another enterprise. M&A allows companies to take advantage of their own favorable conditions, such as brand value, market size, capital, corporate culture, etc., so that stock assets can be converted into incremental assets and capital appreciation can be achieved.
The actual birth of the luxury industry far predates its M&A development. In the 18th century, most of the luxury brands were small-scale production owned by families, and most of the brand owners were designers or artisans who made the products back to that time. The real boom in the luxury industry actually came after the Second World War, when various high-end brands such as Dior, YSL, Givenchy, etc. emerged. The golden period of the merger wave in the luxury industry started around 1980s, when conglomerates gradually emerged to replace family operations. This, coupled with the fact that “luxury” is a relative concept and there is no classification of the luxury industry in any database, makes it more difficult to study the industry as a whole, so most scholars focus only on case studies. Overall, the research on M&A in luxury industry is far behind other industries that emerged in the same time period, and the number of related studies is much smaller.
Moreover, in recent years, the scale of transactions of personal luxury goods (PLG) companies has further expanded, such as LVMH acquired Bulgari SpA, an Italian jewelry brand for 5.2 billion dollars in 2011 and acquired Tiffany & Co., an U.S. jewelry brand in2021 for 16.2billion dollars1, both became the largest transaction of the decade at that time (Roberts, 2011). But do these high-value M&As in luxury industry really bring sufficient returns to the acquirer?
Therefore, the main questions to be answered in this thesis are: What impact does merger and acquisition have on luxury industry acquirers? What factors will affect the post-merger performance of luxury industry acquirers? How to adjust EVA? What is the relationship between EVA indicators and other performance indicators?
1 https://www.lvmh.com/news-documents/press-releases/tiffany-and-lvmh-modify-merger-price/
9
To sum up, the goal of this thesis is to investigate the impact of mergers and acquisitions on the performance of acquirers in the luxury industry by developing an EVA evaluation system and to identify the factors that influence post-merger performance.
In order to achieve the research goal, several objectives are set:
Study the M&A related theories, especially these theories related to the characteristics of M&A in the luxury goods industry
Review latest research on M&A performance, M&A performance influencing factors
According to the content of the literature review, formulate hypotheses, establish methodology and models
Determine the sample and collect data
Run the regression model and give the result
Give practical suggestions based on the results obtained
Zephyr, Thomson Reuters Eikon database, Statista and financial reports of the
companies are used as the data source to examine the change of acquirer’s M&A performance, and the time period for analysis is one year before the deal to the third year after the deal. So, the completion of M&A cannot be later than December 31, 2017. And after the economic crisis in 2007-2008, a change from crisis to recovery to new normal was formed in the luxury industry, which can provide a reference for the recovery of the luxury industry after COVID-19. Therefore, this thesis screens for M&A transactions in the luxury industry that were completed between January 1, 2008 and December 31, 2017.
The first part of the thesis is the literature review, which focuses on the theory of M&A, its development and performance, motivations, influencing factors and research methods. The second part is an empirical analysis of the screened 39 luxury industry M&A deals that occurred during 2008-2017, based on the EVA system to analyze their M&A performance. The non-parametric Wilcoxon signed-rank test is used to analyze the pre- and post-merger changes, and multiple linear regression is used to investigate the factors affecting the change in performance. Finally, managerial application and limitations and suggestions for future research are presented.
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