ORGANIZATIONAL FEATURES OF FINANCIAL AND ECONOMIC ANALYSIS OF MERGERS AND ACQUISITION PROJECTS IN THE ENVIRONMENT OF INDUSTRIAL ENTERPRISES
Abstract
The article examines the features of the organization of financial and economic analysis of corporate projects of mergers and acquisitions for industrial enterprises. Large enterprises seek to find additional sources of expansion, among which one of the most popular is mergers and acquisitions (M&A). The basic blocks of financial and economic analysis are highlighted and the structural distribution of indicators of these blocks is given. The use of a three-dimensional indicator of financial stability in the implementation of mergers and acquisitions is justified. A modular approach to the division into groups of financial indicators was proposed: "indicators used in external financial analysis", "indicators used in internal economic analysis", "indicators in the financial management system" and formed causal and economic logical connections, in order to effectively determine the financial feasibility of the merger / acquisition agreement. It is proved that in the presence of access to internal information of the integrated enterprise the system of indicators of the analysis of the merger / acquisition agreement significantly expands, the analytical aspects in the financial management system come to the fore. This applies to all stages: at the pre-integration - in order to justify the feasibility, ability, effectiveness of M&A; on integration - to monitor the unification process; on post-integration - to determine the effectiveness of this procedure. The peculiarities of using investment analysis to assess the level of growth of share capital value are determined. It is proved that the value of the enterprise is determined by the indirect method – as the difference between the market value of equity and debt capital. The key financial indicator that requires constant attention and forecast assessment in the course of integration analysis is the market value of the enterprise. To forecast its value as one of the options, a sales forecast is developed and net cash flow is modeled, A simulation model of profit based on the modeling method was created in order to simulate the definition of one or more options for forecasting the need for additional financing.
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