2026/2027
Слияния, поглощения и реструктуризация корпораций
Статус:
Маго-лего
Кто читает:
Департамент финансов
Где читается:
Санкт-Петербургская школа экономики и менеджмента
Охват аудитории:
для всех кампусов НИУ ВШЭ
Преподаватели:
Афанасьев Владислав Викторович
Язык:
русский
Кредиты:
3
Контактные часы:
28
Программа дисциплины
Аннотация
The course examines the main motives of M&A, the effectiveness of transactions for the transfer of corporate control, mechanisms for implementing M&A transactions, issues of company growth and development strategy in the context of M&A, methods of structuring M&A transactions, legal, tax and accounting aspects of M&A transactions, features of international mergers and acquisitions, alternatives to M&A transactions.
Цель освоения дисциплины
- The aim of this course is to equip students with the knowledge and skills necessary to understand, evaluate, and execute M&A deals, with a focus on financial domain of M&A
Планируемые результаты обучения
- Knows basic terms and classification
- Knows current trends
- Able to analyze transaction information at a basic level
- Able to calculate key financial indicators and analyze them
- Can apply the main approaches to business valuation, understands their strengths and weaknesses
- Can justify the application of this or that approach to business valuation
- Able to model various forms of financing transactions
- Able to present a potential target to decision-makers on buy-side
- Able to value business and estimate the synergy effect
- Able to analyse firms' activity and find potential synergies
Содержание учебной дисциплины
- General characteristics of M&A
- Preparing for the deal and the art of due-dilligence
- Valuation in M&A deals. Valuing a merger
- Financing the deal
- Structuring the deal
- Hostile takovers and how to defend the business
- Pitching a deal
Элементы контроля
- Test5 problems to solve
- HomeworkStudents prepare presentation of a hostile takeover deal in groups of 2 people
- ProjectThe students take a company from the Russian market and do an analysis of a potential target for it (a smaller company from the Russian market) Calculate the potential synergy effect Make a short financial summary (simplified due-diligence) Make the valuation of the target using different methods for different scenarios (equity, LBO). Make a judgement whether it is a good target or not. Format: excel + presentation
Список литературы
Рекомендуемая основная литература
- The art of M&A structuring : techniques for mitigating financial, tax, and legal risk, Lajoux, A. R., 2004
Рекомендуемая дополнительная литература
- DePamphilis, D. (2015). Mergers, Acquisitions, and Other Restructuring Activities. Elsevier. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.eee.monogr.9780128013908