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the substantive provisions of dissertational research born on protection:

1. Company re-structuring is one of methods of realisation of a financial company strategy which is connected with process of transition of business system (company) in qualitatively new condition caused by changes in internal capital structure, interrelations and interdependence between its elements leading to change of the external competitive environment.

Within the limits of realisation of methods of integration of the capital by a re-structuring strategic target growth of cost of a vested capital of the company at the expense of new competitive advantages, and tactical — increase of efficiency of its current financing activities is.

2. Indicators of efficiency of re-structuring of the company methods of integration of the capital are: 1) the "cost" efficiency defined as the relation of the maximum difference between investment cost of the company by i variant of re-structuring and a market value of the company as is to the resulted expenses for re-structuring; 2) the social efficiency representing a maximum of the relation of social expenses by i variant of re-structuring to number of the working.

Classification of strategy of creation sinergeticheskih the effects realised in various functional lines of business of the company (organizational, industrial, commercial, financial, innovative, investment, speculative) allows more obosnovanno to approach to identification of expected result sinergeticheskih effects.

One of motives for konglomerativnyh merges is acquisition gudvilla the companies-purposes which represents intangible advantages, for the purpose of reception of the following economic resources directly influencing a finance result: the information, allowing to raise competitiveness of the company; access to administrative resources; kompetentsy managers of the company; information technologies; organizational culture.

The method of redundant assets for an estimation gudvilla should be based on definition of cost of the resources necessary for achievement sredneotraslevogo of level oborachivaemosti of assets with the subsequent subtraction of value of assets of the company, reflected in a financial accounting that will allow to avoid complexity in definition of the rate of capitalisation and the defects inherent in an indicator of profit, at their use in a method of redundant profit.

Account of costs of financial difficulties of the company connected with not optimum structure of its capital, includes account of the threshold rate of percent on promissory notes 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.

By means of merge/absorption it is expedient to apply the model based on comparison of following indicators to decision-making on re-structuring of the company: a market value of cash flows in prognoznom and postprognoznom (residual) the periods, investment cost of business at a term of financing only at the expense of an ownership capital and a market value of the cash flows connected with extra financing that will allow managers to react to qualitative changes in the company and an environment in time.

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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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