До питання оцінки агробізнесу в угодах M&A
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Date
2021
Authors
Могилова, Марина
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Abstract
Статтю присвячено обгрунтуванню основних методів оцінки вартості агробізнесу і сільськогосподарського майна при злитті та поглинанні компаній в контексті пріоритетності їх застосування. Проаналізовано основні тенденції на світовому і вітчизняному ринку M&A. Здійснено оцінку місця аграрного сектору на ринку M&A в Україні за його вартісними та кількісними параметрами. Окреслено значимість оцінки вартості компаній як важливої складової організаційно-економічного механізму їх злиття і поглинання на етапах підготовки, укладання, реалізації угоди та контролю за її ефективністю. Запропоновано рекомендаційну пріоритетність застосування різних методів оцінки вартості агробізнесу і сільськогосподарського майна, зважаючи на їх галузеві особливості, специфіку й сучасний стан ринку активів галузі та ринку M&A, а також норми стандартів оцінки.
The article is devoted to the substantiation of the main methods of estimating the value of agribusiness and agricultural property in mergers and acquisitions in the context of the priority of their application. The main trends in the global and domestic M&A market are analyzed. It is outlined the characteristic features of the last three waves of development of the world market of mergers and acquisitions of the companies which are shown in deepening of its transnationalization with a growing number of large-scale mega-agreements. It is described the state of the M&A market at the present stage is revealed, in particular the impact on its suspension and gradual recovery of the COVID-19 crisis and its consequences, first of all the increase in the number of companies that lost profitability and value and those whose market capitalization. The place of the agricultural sector in the M&A market in Ukraine was assessed according to its cost and quantitative parameters. The importance of integration agreements in the agricultural sector of the domestic market M&A, which in some years was the leader in the number and value of mergers and acquisitions, is proved. The largest M&A agreements in the agricultural sector of Ukraine have been revealed. The M&A market in the agricultural sector is expected to intensify as a result of the lifting of the moratorium on the sale of agricultural land in 2021 and the opening of a free land market. The importance of assessing the value of companies as an important component of the organizational and economic mechanism of their mergers and acquisitions at the stages of preparation, conclusion, implementation of the agreement and control over its effectiveness is outlined. The recommended priority is the application of various methods of estimating the value of agribusiness and agricultural property: buildings, structures, machinery and equipment, vehicles, land for agricultural and other purposes, biological assets, certain types of intangible assets. The substantiation of the recommendation priority takes into account the sectoral features of agricultural activities and property, the specifics and current state of the market of various types of assets of the industry and the M&A market, as well as national and international valuation standards and other regulations.
The article is devoted to the substantiation of the main methods of estimating the value of agribusiness and agricultural property in mergers and acquisitions in the context of the priority of their application. The main trends in the global and domestic M&A market are analyzed. It is outlined the characteristic features of the last three waves of development of the world market of mergers and acquisitions of the companies which are shown in deepening of its transnationalization with a growing number of large-scale mega-agreements. It is described the state of the M&A market at the present stage is revealed, in particular the impact on its suspension and gradual recovery of the COVID-19 crisis and its consequences, first of all the increase in the number of companies that lost profitability and value and those whose market capitalization. The place of the agricultural sector in the M&A market in Ukraine was assessed according to its cost and quantitative parameters. The importance of integration agreements in the agricultural sector of the domestic market M&A, which in some years was the leader in the number and value of mergers and acquisitions, is proved. The largest M&A agreements in the agricultural sector of Ukraine have been revealed. The M&A market in the agricultural sector is expected to intensify as a result of the lifting of the moratorium on the sale of agricultural land in 2021 and the opening of a free land market. The importance of assessing the value of companies as an important component of the organizational and economic mechanism of their mergers and acquisitions at the stages of preparation, conclusion, implementation of the agreement and control over its effectiveness is outlined. The recommended priority is the application of various methods of estimating the value of agribusiness and agricultural property: buildings, structures, machinery and equipment, vehicles, land for agricultural and other purposes, biological assets, certain types of intangible assets. The substantiation of the recommendation priority takes into account the sectoral features of agricultural activities and property, the specifics and current state of the market of various types of assets of the industry and the M&A market, as well as national and international valuation standards and other regulations.
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Keywords
оцінка бізнесу, вартість, методи оцінки, злиття і поглинання, ринок M&A, стаття, business valuation, cost, valuation methods, mergers and acquisitions, M&A market
Citation
Могилова М. М. До питання оцінки агробізнесу в угодах M&A / М. М. Могилова // Агросвіт. - 2021. - № 23. - C. 3-9. - https://doi.org/10.32702/2306-6792.2021.23-24