Şirket birleşmeleri
Mergers and acquisitions
- Tez No: 14384
- Danışmanlar: Y.DOÇ.DR. MEHMET BOLAK
- Tez Türü: Yüksek Lisans
- Konular: İşletme, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1991
- Dil: Türkçe
- Üniversite: İstanbul Teknik Üniversitesi
- Enstitü: Fen Bilimleri Enstitüsü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 61
Özet
DZET Şirket birleşmeleri ülkemizde yeni yeni görülmeye başlanmakla beraber, yurtdışında yaygın olarak kullanılan bir büyüme şekli olarak karşımıza çıkmaktadır. Şirket birleşmelerinin yurtdışında ve Türkiye'de ger çekleştirilen şekillerini, amaçlarını ve nedenlerini açık lamayı amaçlayan bu tez çalışması altı bölümden oluşmakta dır. Birinci bölümde önce büyümenin tanımı yapılmıştır. Daha sonra firmaları büyümeye iten etkenler ile büyümenin yolları alan iç ve dış büyüme konuları incelenmiştir, ikinci bölümde öncelikle füzyonun tanımı yapılmış ve özel likleri anlatılmıştır. Daha sonra füzyonun iç büyümeye kar şı üstün yanları ile şirket birleşmelerinin nedenleri in celenmiştir. Bu bölümde son olarak hukuki ve ekonomik füzyonlar ile şirketler tarafından kullanılan füzyon me todları üzerinde durulmuştur. Üçüncü bölümde ise Avrupa Topluluğu ile Amerika Birleşik Devletleri ' ndeki şirket birleşme faaliyetleri çeşitli veriler yardımıyla incelen miştir. Görünen odur ki, şirketlerarası birleşmeler AT' nda ve A.B.D'nde büyük önem taşımakta ve artan bir grafik izlemektedirler. Bu bölümde, ayrıca A.B.D. 'nde yeni kul lanılmaya başlanan kaldıraçlı satınalma metodu da incelen miştir. Şirketlerarası füzyonun en önemli aşaması birleşme şartlarının belirlenmesidir. Bu şartları belirlemek için şirket yöneticileri masaya oturur ve pazarlığa başlarlar. Şartların belirlenmesi için değişik kriterler vardır. Ancak, doğal olarak koşullar daha kuvvetli olan şirketin lehinde gerçekleşecektir. Bu konular da dördüncü bölümde açıklanmıştır. Batı ülkelerinde muhasebe sistemi füzyon sonrası bilanço kayıtları için iki önemli metod geliştir miştir. Bu metodlar bilanço kalemlerinin toplanması ve satınalma metodlarıdır. Bu iki metod ve gelir tablosu üzerindeki etkileri de beşinci bölümde incelenmiştir. Son bölümde ise şirket birleşmeleri hakkında ülkemizdeki mev zuat kısaca incelenmiş ve yakın zamanda gerçekleşen bir füzyonda kullanılan hesaplama şekilleri açıklanmıştır. Halka açık olmayan bu firmaların hisse senedi değişim ora nının bulunması için, özkaynaklarına göre yapılan hesapla malar üzerinde durulmuş ve özellikleri açıklanmıştır.
Özet (Çeviri)
MERGERS AND ACQUISITIONS SUMMARY Many organizational changes occur in a firm over its lifecycle. As the firm matures, it must grow both to meet the changing needs of the marketplace and to compete for the best managerial talent. Most corporate growth takes place through internal growth. However, the most dramatic examples of growth are the results of mergers. Many of the objectives of development may be achieved either through internal growth or by external growth through acquisitions of mergers. The reasons for utilizing mergers instead of internal growth can be indicated as follows: 1 )- Speed 2)- Cost 3)- Financing k)- Risk reduction 5)- Stabilizing effects 6)- Taxes 7)- Competitive advantages One of the objectives of the growth of firms, either by mergers or by internal development, is large size for the purpose of achieving economies of large- scale operations. The benefits of large-scale operation can be expressed as follows: 1)- To manage research activities more efficient 2)- To increase possibility of employing highly able executives 3)- To utilize from mass production k)- Risk reduction VIThe acquired company will also utilize from synergistic effects. Synergy implies that the combined two (or more) firms are worth more than their separate values due to; 1)- Mass production 2)- Financial economies (or lower cost of capital) 3)- Differential efficiency k)- Increased market power In general, a merger is any combination that forms one company from two or more previously existing companies. From legal viewpoint, a merger may be classified as either a statutory merger or a consoli dation“Other legal forms include the sale of assets and the holding company. A statutory merger is the complete absorption by one firm of another firm's assets and liabilities. The absorbed firm ceases to exist as a legal entity, the acquiring firm assuming all legal responsibility for it. A consolidation is the merger of two separate firms into a newly created corporation with its own legal identity and status. The merging firms legally cease to exist. Business combinations often arise through the sale of assets, rather than through formal merger. One firm may acquire some portion of another firm's assets through a simple purchase, usually involving cash or stock. A holding company is a form of business organization in which one firm holds the controlling block of stock in another firm. No formal merger occurs and both firms continue to be legally separate entities. Perhaps the most meaningful w ay to view mergers is through their economic impact on the buying firm's expected profitability and operating risk. The three economic classifications of merger are horizontal, vertical, and conglomerate. A horizontal merger is the consolidation of two firms that produce the same products and sell them in the same geographic market. In effect, it expands the buying firm's operations in its primary products. A vertical merger expands the buying firms activities Vllalong its chain of distributors ' s markets. A conglomerate merger is the expansion via ecquisition into products of geographic markets unrelated to the acquiring firm's present products or markets. The conglomerate mergers are also classified into three categories. These are the product extension merger, the market extension merger and the pure conglomerate merger. Two different approaches are used in final step of the merger analysis. The approach may be friendly one or it may take the form of a hostile approach where the acquirer attempts to take aver the candidate regardless of whether the candidate's management is in favor of merger. A friendly merger occurs where the management of the acquiring firm approaches the management of the target and discusses the relative merits of a combination between the two firms. In many cases, the candidate may not be for sale. It becomes necessary, therefore, to use an unfriendly approach, whereby management eventually is forced to accept the terms of the takeover offer. In this approach, tender offers are often used. The tender offer is the firm's formal, public solicitation of the shares at a specified price before a specified expiration date. The objective is to make the tender sufficiently attractive so that investors tender their shares to the firm. Especially after 1980, merger activities have been growing sharply in the European community. The firms, in the EC countries, had to make deals with firms of other EC countries because of market expansion. This causes increasing merger activities in the EC, far example, in the food sector, while annual average of mergers were 17 between the years 19BD-1984, this average became 42 between the years 1985-1986. An analysis of mergers according to whether they are purely national affairs, between partners from different EC countries, or involve a non-EC partner, shows that purely national operations still predominate. In 19 85- 1986 63.7% of mergers and majority of acquisitions involved companies from the same country, in 19B6-19B7 the figure was even higher at 69.6 %. An analysis of the main motives for mergers and acquisitions showed that most important motive is rationalization and restructuring. Looking at the size of the firms engaging in mergers and acquisitions, one finds that the very large among the top 1DDG firms are the most active. VlllThere have been four major periods of merger activity in the United States. The first was in the late 1BOGs, when consolidations occurred in oil, steel, tobacco and other basic industries. The second was in the 192Gs, when the stock market boom helped financial promoters consolidate firms in a number of industries, including utilities and communication companies. The third was in the 196Ds, when conglomerate mergers were the rage. And the fourth is now in progress. The ”merger mania " was sparked in the beginning of 198Gs. The terms of a merger include two important elements; 1)- Uho will control combined entreprise? 2)- How much will the acquiring firm pay for the acquired company? The first problem in the merger negotiations is postmerger control. The employment and control situation is vital interest. The second key element in a merger is the price to be paid for acquired company. The cash or shares of stock to be given in exchange for the firm. If the merger calls for an exchange of stock, then the key element is the exchange ratio, which is the number of shares the acquiring firm gives for each of the acquired firm's shares. The three factors that have the greatest influence on the exchange ratio are current earnings, projected future earnings and market prices. Two different approaches to the accounting treatment of mergers have developed: 1)- The pooling of interests method 2)- The purchase method Their use depends on the specific circumtances surrounding the merger. In a pooling of interests, shares, not cash, must be exchanged, and the consolidated balance sheet is constructed simply adding together the balance sheets of the merged companies. But this method is used when the merger meets certain specified criteria as set forth by the accounting profession. IXIf the firm does not pool the interests of the combined firms, either by choice or because the merger does not meet the necessary criteria, the merged firm must use the purchase method. While the pooling method treats the merger as a joining of two firms, the purchase method treats the merger more like an acquisition of the acquired firm by the surviving firm. The acquiring firm exchanges its securities or cash for the fair value of the acquired firm's assets. The distinquishing feature of the purchase method is the payment the acquiring firm makes in excess of the recorded cost of the assets and the assumed liabilities of acquired firm. The acquired assets are usually valued at their historical book value. This excess payment over book value appears as goodwill on the balance sheet. In Turkish Commercial Law mergers are described as an acquisition and consolidation. In Corporation Tax Law, same descriptions are made. At the end of the study, the real case is explained, In this case most important thing is the process of balancing stockholder's equity and to find postmerger combined stockholder's equity. The objective of this calculation is to find exchange ratio and the amount of capital to which must be raised by the surviving firm.
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- Şirket birleşmeleri
Başlık çevirisi yok
EBRU ARPACIK
Yüksek Lisans
Türkçe
1998
İşletmeYıldız Teknik Üniversitesiİşletme Yönetimi Ana Bilim Dalı
PROF. DR. SALİH DURER