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the Conclusion

The carried out research on the subject of «Re-structuring of the companies by methods of integration of the capital» has allowed to draw following conclusions:

1. Re-structuring - the important strategy of transformation of the company, directed on growth of its long-term competitive advantages and increase, thereof, efficiency of activity of the company and maximisation of its cost.

Re-structuring of the companies is distinguished by following characteristics:

- Scale of transformations - is changed internal structure of the company, interrelation and interdependence of its elements, - therefore the company passes in qualitatively new a condition;

Target orientation of transformations — creation, preservation, development of competitive advantages of the company in the long-term period;

The basic criterion of re-structuring - growth of its cost, additional

Relative and social efficiency of process of re-structuring.

2. One of re-structuring methods is the method of merges which gains now the increasing distribution among the Russian enterprises: the average rate of increase of number of bargains in the market of merges/absorption has averaged by data for five years of 23 % in a year. Appeal of the given method consists in reception of competitive advantages more fast and less zatratno in comparison with a method of organic growth of the company. Main feature of a method of merges control acquisition over the company-purpose which is necessary for successful transformation of the companies participating in the bargain. New possibilities (competitive advantages) the companies is sinergeticheskie the effects resulting realisation of strategy of merges/absorption in various functional lines of business of the organisation: organizational, industrial, commercial, financial, innovative, investment, speculative and leading to growth of its investment cost. Possible benefits of a method are high, but risks of realisation of the given strategy are high also and they are connected with wrong estimation of cost the companies-buyers and the companies-purposes, and also sinergeticheskih the effects resulting merge. For the purpose of decrease in the given risks the author has developed techniques of an estimation of the company-purpose and gudvilla with allowance for realisations of a method of merge.

3. Efficiency research konglomerativnyh merges does not lead to the unequivocal results, one of them have shown efficiency konglomerativnyh merges, others do not confirm the given conclusion. The author considers, that one of motives konglomerativnyh merges is acquisition gudvilla the companies-purposes with which help the company - the buyer can acquire competitive advantages which cannot be received any in another way as they are inseparable from the company./for an estimation gudvilla the author offers a technique of redundant assets in which on a basis sredneotraslevoj oborachivaemosti assets the value of assets settles up, necessary for the company for maintenance given oborachivaemosti. The received size is compared to available assets, the difference between these two indicators and is gudvillom the companies.

4. The analysis of the factors influencing activity of the Russian market of merges and absorption carried out by the author, has allowed to reveal the factors, to the greatest degree defining activity of the domestic market of merges/absorption.

For the domestic market of merges and absorption by such factors are: volume of investments into a fixed capital, a price index of manufacturers of manufactured goods, equity market volume. Communication between activity of the Russian market of merges/absorption and other economic indicators: gross national product, an industrial production index, a consumer price index is not significant for analyzed conditions.

Accounts of the author show, that in the Russian market of merges/absorption it is possible to explain 86,5 % of changes of number of bargains change of investments into a fixed capital that shows popularity of strategy of external growth at the Russian companies in comparison with strategy of organic growth. At an increase of investment on 1 % the number of bargains of merges/absorption to enough significant probability will increase by 1,05 %. Change of cost of bargains also largely (79,2 %) depends on changes in a fixed capital, but significant impact and other factors make on cost - on 21 % it depends on them. At an increase of investment on 1 % cost of bargains of merges/absorption to enough significant probability will increase by 1,26 %.

5. Results of research of quality of a financial accounting of the companies speak about importance of the given factor for investors, paying attention to quality of the financial documentation, the company raises the reputation among the creditors that allows it to involve financial resources on more favourable conditions in comparison with the companies which are not paying in the activity to given aspect attention. The analysis has shown obvious difference of factors of the business defining decision-making on its financing: for funds of direct investments commercial indicators of activity of the company, for organizers of extra financing - yield of business and capital structure are important, i.e. The first pay attention to business prospects (growth rates, a market share), the second - on a current condition that is connected with various risks at decisions on direct and extra financing - at direct investments the investor supervises cash flows, for decisions on extra financing bolshee warranties of return of means (at the expense of received current yields or company assets) have significance.

6. At definition of market and investment cost of a vested capital of the company it is necessary to use an adjusted-present-value rule as he allows to evaluate

Separately cost of business (assets) and cost of benefits and the costs connected with structure of financial resources. Account of costs of the financial difficulties connected with not optimum capital structure, the companies includes account of the threshold rate of percent on debt to obligations of the company and its comparison with an actual rate of percent that allows to consider risks of the company-purpose in the maximum degree and to evaluate their acceptability at realisation of the bargain of merges/absorption. 7. In work the model intended for decision-making on re-structuring of the project of merge/absorption and based on comparison of following indicators is developed: a present value of cash flows in prognoznom the period; a present value of cash flows in postprognoznom the period; a present value of the cash flows connected with extra financing. The given model will allow managers to react in time to qualitative changes in the company and an environment and to take adequate measures.

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A source: Vishenin Daniel Alekseevich. RE-STRUCTURING of the COMPANY by METHODS of INTEGRATION of the CAPITAL 08.00.10 - the Finance, monetary circulation and the credit. The dissertation on competition of a scientific degree of a Cand.Econ.Sci. Volgograd -. 2008

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