Evaluation of the performance of implementation of strategic measures of ensuring economic security of enterprises
The object of research is the process of evaluating the strategic support of the economic security of the enterprise. It is revealed that one of the effective strategic measures to ensure the economic security of the enterprise is real and long-term financial investment, as well as mergers and acquisitions. It is taken into account that in the conditions of cheapening of assets, the latter become attractive for purchase by larger or economically stable companies. At the same time, such assets may have problems with solvency, profitability and others. In this regard, it is substantiated that an assessment of the feasibility of mergers and acquisitions should be accompanied by a determination of their impact on changes in the level of economic security. It is taken into account that the assessment of the level of economic security is based on determining the shortage of profit before tax. This shortage is characterized by the amount that the company loses due to the failure of certain threshold indicators of economic security. Given the hierarchical structure of such indicators, the shortage of profit is defined as the maximum possible value of the estimated disadvantages of profit for each indicator. It is proved that the effect of mergers and acquisitions, defined in the traditional way, can be achieved, but the effect that manifests itself in increasing the level of economic security is not. It is established that in modern conditions, the criterion for increasing the level of economic security should prevail over others. Methodological approaches to evaluating the feasibility of M&A (Mergers and Acquisitions) transactions have been improved, which, unlike existing ones, take into account the effects of reducing the shortfall in profit before tax and allow to compare the achieved level of economic security, respectively, before and after transactions. An indicator of the economic efficiency of M&A transactions from reducing the shortfall in EBT (Earnings before Tax) profits is proposed.
The practical result of this research is the developed methodological approaches to assessing the appropriateness of M&A transactions. Application of the developed concept will allow more correctly assessing the consequences of mergers and acquisitions.
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