دانلود رایگان مقاله انگلیسی همکاری های مالی از ادغام و جذب: بین اهداف و دستاوردها - اشپرینگر 2018

Abstract

Mergers and acquisitions (M&A) market is a barometer of the attractiveness of the national economy for the foreign capital but also for the local capital to develop its businesses. In recent years, worldwide, foreign investments have resulted mainly in M&A transactions than in green field investment. The objective of this article is to analyze the financial performance of companies in Romania which went through a M&A transaction, before and after this transaction. The purpose of this research is to determine if the financial performance of these companies has improved after a M&A transaction. The financial performance of M&A transactions in Romania will be analyzed, during the 2010–2013 period, taking into consideration a sample of ten transactions from several industries. The objective of the study is to analyze the impact of M&A transaction on the financial performance of the companies involved. We consider that a M&A transaction is efficient in financial terms if it generates growth in profit and if it generates an increase in value for shareholders, compared to previous values before the transaction. Financial performance measurement method used in this study is accounting-based measure, using financial indicators analysis. Through this method, it will be established: the impact of M&A transaction on the profitability of companies and the impact of M&A transaction on the value created for shareholders.

22.5 Conclusions

The main reasons leading to merger or acquisition decisions are mainly synergies and acquisition of strategic assets. The success of a merger or acquisition is closely related to the correct forecast of the opportunity, taking into account several factors, such as corporate resources, legal and regulatory restrictions, and macroeconomic environment. It is essential to analyze the competitive position of the buyer and the target company, making an objective evaluation of the operation (Ulijin et al. 2010, p. 32). Once the merger or acquisition operation has been carried out, its success could be jeopardized by neglecting the integration and subsequent planning process if the company is too focused on reducing costs and neglecting core activities, staff, and stakeholders (Straub 2007, p. 64).