mirМИР (Модернизация. Инновации. Развитие)MIR (Modernization. Innovation. Research)2079-46652411-796XSchool of Public Administration10.18184/2079-4665.2019.10.2.196-212mir-900Research ArticleИННОВАЦИИINNOVATIONУгрозы враждебного поглощения в аспекте обеспечения экономической безопасности бизнесаThreats of hostile takeover in context of the business economic securityМарголинА. М.MargolinA. M.

Марголин Андрей Маркович, проректор, 119571, Российская Федерация, г. Москва, пр-кт Вернадского, д. 82, доктор экономических наук, профессор, Scopus Author ID: 57205301323

Andrey M. Margolin, Vice Rector, 119571, Russian Federation, Moscow, Vernadskogo av., 82, Doctor of Economic Sciences, Professor, Scopus Author ID: 57205301323

margolin-am@ranepa.ruhttps://orcid.org/0000-0003-1925-2286ВякинаИ. В.VyakinaI. V.

Вякина Ирина Владимировна, кафедра экономики и управления производством, 170026, Российская Федерация, г. Тверь, набережная Афанасия Никитина, д. 22, кандидат экономических наук, доцент, Researcher ID: G-6146-2016, Scopus Author ID: 56711983200

Irina V. Vyakina, Economics and production management department, 170026, Russian Federation, Tver, Afanasy Nikitin Embankment, 22, Candidate of Economic Sciences, Associate Professor, Researcher ID: G-6146-2016, Scopus Author ID:56711983200

ivyakina@yahoo.comРоссийская академия народного хозяйства и государственной службы при Президенте Российской ФедерацииРоссияRussian Presidential Academy of National Economy and Public Administration (RANEPA)Russian FederationТверской государственный технический университетРоссияTver State Technical UniversityRussian Federation201904072019102196212Copyright © Марголин А.М., Вякина И.В., 20192019Марголин А.М., Вякина И.В.Margolin A.M., Vyakina I.V.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://www.mir-nayka.com/jour/article/view/900Цель

Цель: Критический анализ и научный обзор исследований в области слияний и поглощений в мировой академической литературе и выявление ключевых факторов, обусловливающих вероятность потери собственности и контроля над бизнесом, с позиции обеспечения безопасности бизнеса в современных условиях трансформации экономических отношений. Для достижения поставленной цели в статье решены следующие задачи: выполнен научный обзор, систематизация и классификация академических исследований по проблеме враждебных поглощений в междисциплинарном аспекте обеспечения экономической безопасности; систематизированы ключевые эндогенные и экзогенные факторы, определяющие угрозы захвата бизнеса и механизмы его защиты от враждебных поглощений; оценены возможности применения мирового опыта защиты от враждебных поглощений в российских условиях.

Методология проведения работы: Исследование опирается на совокупность научных методов анализа литературных источников и статистических данных, к числу которых можно отнести: методы индукции и дедукции, логической абстракции, каузальный, функциональный, системный, методы исторического и сравнительного анализа, и т.д.

Результаты работы

Результаты работы: Авторами были идентифицированы эндогенные и экзогенные факторы, которые увеличивают вероятность враждебного поглощения, и проведен анализ влияния законодательства и нормативных актов на активность слияний и поглощений в России и мире. Проблема обеспечения безопасности бизнеса, в том числе и с позиций защиты от враждебных поглощений, носит междисциплинарный характер, при этом угрозы враждебного поглощения могут иметь как внешний, так и внутренний характер. Выполненный авторами научный обзор позиционируется в существующей совокупности исследований и задает направления для будущих исследований в области экономической безопасности бизнеса, необходимые для понимания данного феномена.

Выводы

Выводы: Отечественные и иностранные исследования в области слияний и поглощений отличаются методами и формой обоснования выводов и результатов исследований. Совершенствование правового поля, наряду с экономическими механизмами, позволит создать условия для защиты интересов инвесторов, повышения деловой активности и эффективности ведения бизнеса. Применяемые в мировой практике меры защиты от враждебных поглощений имеют ограниченное применение в России в силу относительной молодости как самого явления, так и отечественного рынка капитала, а также в силу специфики российского законодательства. В этой связи необходимым представляется продолжение исследований в данной области.

Purpose

Purpose: the article contains critical analysis and scientific review of research in the field of mergers and takeovers in the world academic literature and identifies the key factors causing the probability of losing a business in terms of business security in modern conditions of economic relations transformation. The following tasks have solved in the article to achieve this goal: scientific review and classification of academic studies on the problem of hostile takeovers in the interdisciplinary aspect of economic security have performed; key endogenous and exogenous factors that determine the threat of seizing business and the mechanisms for its protection against hostile takeovers have identified; possibilities of applying international experience in protecting against hostile takeovers under Russian conditions have analyzed.

Methods

Methods: the article uses a set of scientific methods for analyzing literary sources and statistical data, among which are: methods of induction and deduction, logical abstraction, causal, functional, system, historical and comparative analysis, etc.

Results

Results: authors have identified endogenous and exogenous factors that increase the likelihood of hostile takeover, and have analyzed the impact of legislation and regulations on the activity of mergers and acquisitions in Russia and the world. The scientific review carried out by the authors is positioned in the existing set of studies and sets the directions for future research in the field of the economic security of business that are necessary for understanding this phenomenon.

Conclusions and Relevance: Russian and foreign studies in the field of mergers and acquisitions differ in the methods and form used to substantiate the findings and results of research. The problems of business security and protection against hostile takeovers have interdisciplinary nature, while the threats of hostile takeovers can be both external and internal. Improving the legal framework along with economic mechanisms will allow creating conditions for protecting the interests of investors, enhancing business activity and business efficiency. The measures used in world practice for protection against hostile takeovers are of limited use in Russia due to the relative youth of the phenomenon itself and the domestic capital market, as well as due to the specifics of Russian legislation. In this regard, it is necessary to continue further research in this sphere.

слияния и поглощенияэкономическая безопасностьрейдерствоугроза поглощениязащита бизнесаmergers and takeoverseconomic securityraidingthreat of takeoverbusiness protectionИсследование выполнено при финансовой поддержке РФФИ в рамках научного проекта № 19-010-00032.ReferencesMartynova M., Renneboog L. A century of corpora te takeovers: What have we learned and where do we stand? // Journal of Banking & Finance. 2008. Volume 32, Issue 10. P. 2148–2177. DOI: https://doi.org/10.1016/j.jbankfin.2007.12.038Martynova M., Renneboog L. A century of corporate takeovers: What have we learned and where do we stand? Journal of Banking & Finance. 2008; 32(10):2148–2177. DOI: https://doi.org/10.1016/j.jbankfin.2007.12.038 (in Eng.)Mulherin J. H., Netter J.M., Poulsen A.B. The Evidence on Mergers and Acquisitions: A Historical and Modern Report // Handbook of the Economics of Corporate Governance. 2017. Volume 1. P. 235–290. 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The authors declare that there are no conflicts of interest present.