financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2019-23-6-76-90finance-929Research ArticleФИНАНСОВЫЙ МЕНЕДЖМЕНТFINANCIAL MANAGEMENTОценка и анализ факторов изменения стоимости заимствований после внутрироссийских слияний и поглощенийAssessment and Analysis of the Cost of Debt Changes after Domestic Russian Mergers and Acquisitionshttps://orcid.org/0000-0002-1899-685XМихальчукВ. Б.Mikhal’chukV. B.

Виталий Борисович Михальчук — аспирант школы финансов факультета экономических наук

Vitalii B. Mikhal’chuk — Postgraduate Student, School of Finance, Faculty of Economic Sciences

vitalymikhalchuk@gmail.comНИУ «Высшая школа экономики»РоссияNational Research University Higher School of EconomicRussian Federation2019241220192367690Copyright © Михальчук В.Б., 20192019Михальчук В.Б.Mikhal’chuk V.B.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/929

Исследование посвящено анализу влияния внутрироссийских слияний и поглощений на стоимость заимствований для компаний, участвующих в сделках. Автор систематизировал существующие достижения в исследовании этой области на развитых и  развивающихся рынках. Разработанная автором методика анализа влияния слияний и поглощений на стоимость заимствований учитывает специфику российского рынка и может применяться в условиях ограниченной информации о непубличных компаниях. Оценка стоимости заимствований основана на синтетических кредитных рейтингах компаний, участвующих в сделке, и соответствующих спредах доходностей между корпоративными и государственными облигациями. Тестирование разработанной методики проведено на выборке из 73 внутрироссийских сделок, завершенных в 2014–2016 гг. Значимость факторов изменения стоимости заимствований оценена с помощью модели со случайными индивидуальными эффектами с использованием робастных стандартных ошибок коэффициентов. Получен ряд практических результатов. Во-первых, в рассмотренной выборке сделки приводят к  увеличению стоимости заимствований на 3,1% в  течение года после их завершения. Во-вторых, определены значимые факторы, влияющие на изменение стоимости заимствований после внутрироссийских сделок слияний и поглощений. Снижению стоимости заимствований способствует покупка крупных компаний в период экономического роста. Существует значимое влияние стоимости сделки на увеличение стоимости заимствований. Результаты исследования могут быть использованы менеджментом компаний, учеными и специалистами для оценки перспективных сделок слияний и поглощений на развивающихся рынках. Разработанная методика может быть применена к сделкам слияний и поглощений в других странах для анализа специфики этих рынков.

The study analyzes the impact of domestic Russian mergers and acquisitions on the cost of debt for companies involved in deals. The author systematized the existing findings in this area in developed and emerging markets. The methodology developed by the author for analyzing the impact of mergers and acquisitions on the cost of debt considers the specifics of the Russian market and can be used in conditions of limited information about nonpublic companies. The estimation of the cost of debt is based on synthetic credit ratings of the companies involved in the deal and the corresponding yield spreads between corporate and government bonds. The methodology was tested on a sample of 73 domestic deals completed in 2014–2016. Random effects model with robust standard errors was used to test the significance of factors affecting the cost of debt. This research makes several practical contributions. First, in the studied sample, deals lead to an increase of the cost of debt by 3,1% within a year after the deal. Second, significant factors affecting the change in the cost of debt after domestic Russian mergers and acquisitions were identified. The cost of debt is reduced by the purchase of large companies during the period of economic growth. There is a significant impact of the deal value on the increase of the cost of debt. Company management, academic researchers and experts can use research results to assess potential deals of mergers and acquisitions on emerging markets. The developed methodology can be applied to mergers and acquisitions in other countries to analyze the features of these markets.

слияния и поглощениясинергиякредитный рейтингпремия за рисккорпоративные облигациибезрисковая процентная ставкастоимость заимствованийстратегияmergers and acquisitionssynergycredit ratingrisk premiumcorporate bondsrisk-free interest ratecost of debtstrategyReferencesРид С., Лажу А. Искусство слияний и поглощений. Пер. с англ. М.: Альпина Паблишер; 2011. 960 с.Reed S., Lajoux A. The art of M&A: A merger acquisition buyout guide. Transl. from Eng. Moscow: Alpina Publisher; 2011. 960 p. (In Russ.).Депамфилис Д. Слияния, поглощения и другие способы реструктуризации компании. Пер. с англ. М.: Олимп-Бизнес; 2007. 960 с.DePamphilis D. Mergers, acquisitions, and other restructuring activities: An integrated approach to process, tools, cases, and solutions. Transl. from Eng. Moscow: Olymp-Business; 2007. 960 p. (In Russ.).Дамодаран А. Инвестиционная оценка. Инструменты и методы оценки любых активов. 11-е изд. Пер. с англ. М.: Альпина Паблишер; 2008. 1342 с.Damodaran A. Investment valuation: Tools and techniques for determining the value of any asset. 11th ed. Transl. from Eng. Moscow: Alpina Publisher; 2008. 1342 p. (In Russ.).Chava S., Livdan D., Purnanandam A. Do shareholder rights affect the cost of bank loans? The Review of Financial Studies. 2008;22(8):2973–3004. DOI: 10.1093/rfs/hhn111Chava S., Livdan D., Purnanandam A. Do shareholder rights affect the cost of bank loans? The Review of Financial Studies. 2008;22(8):2973–3004. DOI: 10.1093/rfs/hhn111Elyasiani E., Jia J., Mao C. Institutional ownership stability and the cost of debt. Journal of Financial Markets. 2010;13(4):475–500. DOI: 10.1016/j.finmar.2010.05.001Elyasiani E., Jia J., Mao C. Institutional ownership stability and the cost of debt. Journal of Financial Markets. 2010;13(4):475–500. DOI: 10.1016/j.finmar.2010.05.001Borisova G., Megginson W. Does government ownership affect the cost of debt? Evidence from privatization. The Review of Financial Studies. 2011;24(8):2693–2737. DOI: 10.1093/rfs/hhq154Borisova G., Megginson W. Does government ownership affect the cost of debt? Evidence from privatization. The Review of Financial Studies. 2011;24(8):2693–2737. DOI: 10.1093/rfs/hhq154Chen D. Classified boards, the cost of debt, and firm performance. Journal of Banking & Finance. 2012;36(12):3346–3365. DOI: 10.1016/j.jbankfin.2012.07.015 Hann R., Ogneva M., Ozbas O. Corporate diversification and the cost of capital. The Journal of Finance. 2013;68(5):1961–1999. DOI: 10.1111/jofi.12067Chen D. Classified boards, the cost of debt, and firm performance. Journal of Banking & Finance. 2012;36(12):3346–3365. DOI: 10.1016/j.jbankfin.2012.07.015 Hann R., Ogneva M., Ozbas O. Corporate diversification and the cost of capital. The Journal of Finance. 2013;68(5):1961–1999. DOI: 10.1111/jofi.12067Hoepner A., Oikonomou I., Scholtens B., Schröder M. The effects of corporate and country sustainability characteristics on the cost of debt: An international investigation. Journal of Business Finance & Accounting. 2016;43(1–2):158–190. DOI: 10.1111/jbfa.12183Hoepner A., Oikonomou I., Scholtens B., Schröder M. The effects of corporate and country sustainability characteristics on the cost of debt: An international investigation. Journal of Business Finance & Accounting. 2016;43(1–2):158–190. DOI: 10.1111/jbfa.12183Reddy K., Nangia V., Agrawal R. The 2007–2008 global financial crisis, and cross-border mergers and acquisitions: A 26-nation exploratory study. Global Journal of Emerging Market Economies. 2014;6(3):16–29. DOI: 10.1177/0974910114540720Reddy K., Nangia V., Agrawal R. The 2007–2008 global financial crisis, and cross-border mergers and acquisitions: A 26-nation exploratory study. Global Journal of Emerging Market Economies. 2014;6(3):16–29. DOI: 10.1177/0974910114540720Goddard J., Molyneux P., Zhou T. Bank mergers and acquisitions in emerging markets: Evidence from Asia and Latin America. The European Journal of Finance. 2012;18(5):419–438. DOI: 10.1080/1351847X.2011.601668Goddard J., Molyneux P., Zhou T. Bank mergers and acquisitions in emerging markets: Evidence from Asia and Latin America. The European Journal of Finance. 2012;18(5):419–438. DOI: 10.1080/1351847X.2011.601668Eckbo B. Horizontal mergers, collusion, and stockholder wealth. Journal of Financial Economics. 1983;11(1– 4):241–273. DOI: 10.1016/0304–405X(83)90013–2Eckbo B. Horizontal mergers, collusion, and stockholder wealth. Journal of Financial Economics. 1983;11(1– 4):241–273. DOI: 10.1016/0304–405X(83)90013–2Lebedev S., Peng M., Xie E., Stevens C. Mergers and acquisitions in and out of emerging economies. Journal of World Business. 2015;50(4):651–662. DOI: 10.1016/j.jwb.2014.09.003Lebedev S., Peng M., Xie E., Stevens C. Mergers and acquisitions in and out of emerging economies. Journal of World Business. 2015;50(4):651–662. DOI: 10.1016/j.jwb.2014.09.003Григорьева С., Троицкий П. Влияние слияний и поглощений на операционную эффективность компаний на развивающихся рынках капитала. Корпоративные финансы. 2012;6(3):31–43. DOI: 10.17323/j.jcfr.2073– 0438.6.3.2012.31–43Grigoryeva S., Troitsky P. Impact of mergers and acquisitions on the operational efficiency of companies in emerging capital markets. Korporativnye finansy = Journal of Corporate Finance Research. 2012;6(3):31–43. (In Russ.). DOI: 10.17323/j.jcfr.2073–0438.6.3.2012.31–43Kaplan S., Weisbach M. The success of acquisitions: Evidence from divestitures. The Journal of Finance. 1992;47(1):107–138. DOI: 10.1111/j.1540–6261.1992.tb03980.xKaplan S., Weisbach M. The success of acquisitions: Evidence from divestitures. The Journal of Finance. 1992;47(1):107–138. DOI: 10.1111/j.1540–6261.1992.tb03980.xBhaumik S., Selarka E. Does ownership concentration improve M&A outcomes in emerging markets? Evidence from India. Journal of Corporate Finance. 2012;18(4):717–726. DOI: 10.1016/j.jcorpfin.2012.04.001Bhaumik S., Selarka E. Does ownership concentration improve M&A outcomes in emerging markets? Evidence from India. Journal of Corporate Finance. 2012;18(4):717–726. DOI: 10.1016/j.jcorpfin.2012.04.001Chi J., Sun Q., Young M. Performance and characteristics of acquiring firms in the Chinese stock markets. Emerging Markets Review. 2011;12(2):152–170. DOI: 10.1016/j.ememar.2010.12.003Chi J., Sun Q., Young M. Performance and characteristics of acquiring firms in the Chinese stock markets. Emerging Markets Review. 2011;12(2):152–170. DOI: 10.1016/j.ememar.2010.12.003Houston J., James C., Ryngaert M. Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders. Journal of Financial Economics. 2001;60(2–3):285–331. DOI: 10.1016/S 0304– 405X(01)00046–0Houston J., James C., Ryngaert M. Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders. Journal of Financial Economics. 2001;60(2–3):285–331. DOI: 10.1016/S 0304– 405X(01)00046–0Penas M., Unal H. Gains in bank mergers: Evidence from the bond markets. Journal of Financial Economics. 2004;74(1):149–179. DOI: 10.1016/j.jfineco.2003.05.004Penas M., Unal H. Gains in bank mergers: Evidence from the bond markets. Journal of Financial Economics. 2004;74(1):149–179. DOI: 10.1016/j.jfineco.2003.05.004

The authors declare that there are no conflicts of interest present.