Economic, Financial and Legal Assessment of Corporate Integration Association Activity
The content of the integration process of joint stock companies (JSC) is considered. The prerequisites for rational and reasonable selection of potential participants in the corporate integration association (CIA) based on forecasting and evaluation of the results of such association’s activities ar...
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Інститут економіки промисловості НАН України
2023
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| Цитувати: | Economic, Financial and Legal Assessment of Corporate Integration Association Activity / O. Kotsiurba, N. Abliazova, O. Zakharchenko, O. Motuzka // Економічний вісник Донбасу. — 2023. — № 4 (74). — С. 37-42. — Бібліогр.: 14 назв. — англ. |
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irk-123456789-1977372024-07-06T14:00:31Z Economic, Financial and Legal Assessment of Corporate Integration Association Activity Kotsiurba, O. Abliazova, N. Zakharchenko, O. Motuzka, O. Management The content of the integration process of joint stock companies (JSC) is considered. The prerequisites for rational and reasonable selection of potential participants in the corporate integration association (CIA) based on forecasting and evaluation of the results of such association’s activities are summarized. Established peculiarities of organization and management of corporate integration associations (difficulties in obtaining, analyzing and using the information necessary for management; individual management functions duplication; ambiguity of the certain activities effectiveness assessment; centrifugal trends within the CIA, risks associated with association management decentralization). The need for a two-level assessment of the corporate integration association activities (at the local level within individual JSCs, and on a corporate scale) to solve the tasks of the CIA strategic management has been proved. Complex analysis directions of corporate integration association activities efficiency are defined, which should consist of two blocks: general analysis of CIA activities efficiency; analysis of the synergistic effect that is formed within the CIA. The indicators system composition of corporate integration association assessment based on construction of the basic studies matrix is substantiated. It is proved expediency of sources differentiation of CIA synergy occurrence into four main categories: increase of income, reduction of expenses, tax deductions reduction and additional investments reduction, and on the basis of which, if necessary, factor analysis is carried out to identify the achievement degree of a certain strategy, integration goals and, if possible, reserves detection of synergetic effect increase. The analysis directions of the CIA activities are determined based on determining the integration degree of various activities within the CIA, such as: the production potentials integration of CIA participants; financial and production potentials integration of various joint stock companies – participants of the corporate integration association; scientific potentials integration of CIA participants. The indicators composition for assessing the depth of integration of the corporate integration association participants is substantiated. An approach to determining the synergy effect in the corporate integration association formation to constant changes in the economic environment is proposed. Розглянуто зміст процесу інтеграції акціонерних товариств (АТ). Узагальнено передумови здійснення раціонального і обґрунтованого відбору потенційних учасників корпоративного інтеграційного об’єднання (КІО) на основі прогнозування і оцінки результатів діяльності такого об’єднання. Встановлені особливості організації та управління корпоративними інтеграційними об’єднаннями (труднощі в одержанні, аналізі і використанні необхідної для управління інформації; дублювання окремих управлінських функцій; неоднозначність оцінки ефективності роботи окремих напрямків діяльності; відцентрові тенденції всередині КІО, ризики, пов’язані з децентралізацією управління об’єднаннями). Доведено необхідність проведення дворівневої оцінки діяльності корпоративного інтеграційного об’єднання (на локальному рівні в межах окремих АТ, і в загальнокорпоративному масштабі) для вирішення завдань стратегічного управління КІО. Визначено напрями проведення комплексного аналізу ефективності діяльності корпоративного інтеграційного об’єднання), який повинен складатися з двох блоків: загальний аналіз ефективності діяльності КІО; аналіз синергетичного ефекту, який утворюється в межах КІО. Обґрунтований склад системи показників оцінки діяльності корпоративного інтеграційного об’єднання на основі побудови матриці базисних досліджень. Доведено доцільність проведення диференціації джерел появи синергії КІО на чотири основні категорії: збільшення доходів, зменшення витрат, скорочення податкових відрахувань та зниження додаткових інвестицій, і на основі чого, при необхідності, проведення факторного аналізу для виявлення ступеня досягнення визначеної стратегії, цілей інтеграції та, у разі можливості, виявлення резервів збільшення синергетичного ефекту. Визначено напрями проведення аналізу діяльності КІО на основі визначення ступеня інтеграції різних напрямів діяльності всередині КІО, таких як: інтеграція виробничих потенціалів учасників КІО; інтеграція фінансового і виробничих потенціалів різних акціонерних товариств – учасників корпоративного інтеграційного об’єднання; інтеграція наукових потенціалів учасників КІО. Обґрунтовано склад показників оцінки глибини інтеграції учасників корпоративного інтеграційного об’єднання. Запропоновано підхід до визначення ефекту синергії при утворенні корпоративного інтеграційного об’єднання до постійних змін в економічному середовищі. 2023 Article Economic, Financial and Legal Assessment of Corporate Integration Association Activity / O. Kotsiurba, N. Abliazova, O. Zakharchenko, O. Motuzka // Економічний вісник Донбасу. — 2023. — № 4 (74). — С. 37-42. — Бібліогр.: 14 назв. — англ. 1817-3772 DOI: https://doi.org/10.12958/1817-3772-2023-4(74)-37-42 http://dspace.nbuv.gov.ua/handle/123456789/197737 658.012.32+334.722.8 en Економічний вісник Донбасу Інститут економіки промисловості НАН України |
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Digital Library of Periodicals of National Academy of Sciences of Ukraine |
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DSpace DC |
| language |
English |
| topic |
Management Management |
| spellingShingle |
Management Management Kotsiurba, O. Abliazova, N. Zakharchenko, O. Motuzka, O. Economic, Financial and Legal Assessment of Corporate Integration Association Activity Економічний вісник Донбасу |
| description |
The content of the integration process of joint stock companies (JSC) is considered. The prerequisites for rational and reasonable selection of potential participants in the corporate integration association (CIA) based on forecasting and evaluation of the results of such association’s activities are summarized. Established peculiarities of organization and management of corporate integration associations (difficulties in obtaining, analyzing and using the information necessary for management; individual management functions duplication; ambiguity of the certain activities effectiveness assessment; centrifugal trends within the CIA, risks associated with association management decentralization).
The need for a two-level assessment of the corporate integration association activities (at the local level within individual JSCs, and on a corporate scale) to solve the tasks of the CIA strategic management has been proved. Complex analysis directions of corporate integration association activities efficiency are defined, which should consist of two blocks: general analysis of CIA activities efficiency; analysis of the synergistic effect that is formed within the CIA.
The indicators system composition of corporate integration association assessment based on construction of the basic studies matrix is substantiated. It is proved expediency of sources differentiation of CIA synergy occurrence into four main categories: increase of income, reduction of expenses, tax deductions reduction and additional investments reduction, and on the basis of which, if necessary, factor analysis is carried out to identify the achievement degree of a certain strategy, integration goals and, if possible, reserves detection of synergetic effect increase.
The analysis directions of the CIA activities are determined based on determining the integration degree of various activities within the CIA, such as: the production potentials integration of CIA participants; financial and production potentials integration of various joint stock companies – participants of the corporate integration association; scientific potentials integration of CIA participants. The indicators composition for assessing the depth of integration of the corporate integration association participants is substantiated. An approach to determining the synergy effect in the corporate integration association formation to constant changes in the economic environment is proposed. |
| format |
Article |
| author |
Kotsiurba, O. Abliazova, N. Zakharchenko, O. Motuzka, O. |
| author_facet |
Kotsiurba, O. Abliazova, N. Zakharchenko, O. Motuzka, O. |
| author_sort |
Kotsiurba, O. |
| title |
Economic, Financial and Legal Assessment of Corporate Integration Association Activity |
| title_short |
Economic, Financial and Legal Assessment of Corporate Integration Association Activity |
| title_full |
Economic, Financial and Legal Assessment of Corporate Integration Association Activity |
| title_fullStr |
Economic, Financial and Legal Assessment of Corporate Integration Association Activity |
| title_full_unstemmed |
Economic, Financial and Legal Assessment of Corporate Integration Association Activity |
| title_sort |
economic, financial and legal assessment of corporate integration association activity |
| publisher |
Інститут економіки промисловості НАН України |
| publishDate |
2023 |
| topic_facet |
Management |
| url |
http://dspace.nbuv.gov.ua/handle/123456789/197737 |
| citation_txt |
Economic, Financial and Legal Assessment of Corporate Integration Association Activity / O. Kotsiurba, N. Abliazova, O. Zakharchenko, O. Motuzka // Економічний вісник Донбасу. — 2023. — № 4 (74). — С. 37-42. — Бібліогр.: 14 назв. — англ. |
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Економічний вісник Донбасу |
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| first_indexed |
2024-07-07T04:01:08Z |
| last_indexed |
2024-07-07T04:01:08Z |
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| fulltext |
O. Kotsiurba, N. Abliazova, O. Zakharchenko, O. Motuzka
37
Економічний вісник Донбасу № 4(74), 2023
DOI: https://doi.org/10.12958/1817-3772-2023-4(74)-37-42
UDC 658.012.32+334.722.8
O. Kotsiurba,
PhD (Economics), Associate Professor,
ORCID 0000-0001-6356-7301,
е-mail: kotsyurbaolga@ukr.net,
Central Ukrainian National Technical University, Kropyvnytskyi,
N. Abliazova,
PhD (Economics), Associate Professor,
ORCID 0000-0002-2367-9349,
e-mail: tatamurova2002@gmail.com,
O. Zakharchenko,
DrHab (Economics), Associate Professor,
ORCID 0000-0001-8198-6569,
e-mail: robin_a@ukr.net,
Private Higher Education Institution
«Rauf Ablyazov East European University», Cherkasy
O. Motuzka,
PhD (Economics), Associate Professor,
ORCID 0000-0001-9028-6994,
e-mail:ommotuzka@nasoa.edu.ua,
National Academy of Statistics, Accounting and Audit, Kyiv
ECONOMIC, FINANCIAL AND LEGAL ASSESSMENT OF CORPORATE
INTEGRATION ASSOCIATION ACTIVITY
Problem statement and its connection with
import antiscientific and practical tasks. In recent
years, the problems of integration processes
intensification in the corporate sector of the economy
have caused increased attention from both scientists and
practitioners, which is largely determined by the scale
of globalization processes of the international economic
relations system.
Integration of joint stock companies (JSC) is a
complex and long process, the deployment of which
takes place under the influence of numerous internal and
external environmental factors. As a result of this
process, a corporate association can be created, which
should function more efficiently, stably and profitably
than each of the JSCs forming the association
separately. The key to achieving this kind of goal is the
rational and reasonable selection of potential
participants in the corporate integration association
(CIA), the basis of which should be forecasting and
evaluation of activities results.
Analysis of recent publications on the problem.
Theoretical, methodological and methodological
principles of planning and evaluation of corporate
integration processes were considered in the works of
many domestic and foreign scientists, in particular:
I. Buleev [1], K. Finkelstein [10], M. Gruninger [12],
O. Hutsaliuk [3-4; 13], N. Kyzym [5], A. Kozachenko
[6], O. Lyashenko [7], V. Pastukhova [8], A. Pilipenko
[9], N. Prokopenko [1], M. Sirover [12], A. Voronkova
[2] and several others. Most often, currently proposed
methods for assessing the activities of CIAs are based
on the use of those indicators used during the analysis
of the activities of autonomously operating JSCs.
However, the activity of the CIA has its own
peculiarities, which must be taken into account during
such an analysis.
The main differences characterizing the CIA,
according to the author, are the complexity of
organizational and economic relations of the
participants in the association, as well as the presence of
a synergistic effect within the corporate integration
association, the assessment of which constitutes a
scientific and practical task that requires additional
study.
Formulation of research objectives (problem
statement). The purpose of the research is to
substantiate and develop theoretical and methodological
approaches to the economic, financial and legal
assessment of the corporate integration association
activities.
Materials and methods. The theoretical and
methodological basis of scientific research is the
fundamental provisions of the general economic theory,
management theory, the work of domestic and foreign
scientists on the planning and evaluation of corporate
integration processes.
An outline of the main results and their
justification. During the operational management of
corporate integration associations (CIAs), a number of
management tasks arise, which are specific to corporate
O. Kotsiurba, N. Abliazova, O. Zakharchenko, O. Motuzka
38
Економічний вісник Донбасу № 4(74), 2023
integration processes. The emergence of such specific
tasks is more characteristic of corporate integration
associations that were formed without properly
assessment of the necessity for such integration and the
development of an effective organizational structure of
the CIA. These features include the following:
1. Obtaining, analyzing and using the necessary
information for management. Due to the large number
of projects, as well as due to the presence of a rather
complex organizational and economic structure of the
corporate integration association (especially
diversified), there is an excess of information that comes
from all directions and levels in various measuring
systems. It is often almost impossible to compare and
reliably interpret the received information. As a result,
it becomes necessary to maintain double, triple, or even
more complicated, accounting, which creates
difficulties in drawing up operational balances in the
directions and, as a result, makes it very difficult to
make tactical and strategic decisions.
2. Duplication of some management functions.
Due to the multidisciplinary nature of CIA components,
it becomes necessary to duplicate the accounting and
control function in each CIA business unit. Such
duplication increases the cost of maintaining
administrative and managerial personnel, but as a rule,
does not allow implementing most management
functions with a satisfactory level of effectiveness.
3. Difficulties in assessment of the individual areas
effectiveness. The occurrence of these difficulties is due
to the fact that the corporate integration association
activities can be quite profitable, even in the case of
inefficient activities of CIA individual units
(participants), due to the presence of financial flows
complex system within the association. Consolidation of
the results of various participants work (both profitable
and unprofitable) makes it difficult to determine the
sources of positive financial results formation of CIA
work, creates difficulties in the decision-making process
to improve the efficiency of the association.
4. Centrifugal trends within the CIA. Quite
common may be the situation when CIA individual units
try to adhere only to their own (local) interests during
operations - to the detriment of solving corporate tasks.
The spread of such trends can lead to a decrease in the
overall CIA efficiency as a whole.
5. Risks associated with the possible opportunistic
behavior of employees of CIA individual units, due to
management decentralization within the association or
the possibility of obtaining (on a formal or informal
basis) autonomous powers by these units heads. The
complexity of end-to-end financial control and a large
number of departments can create a favorable
environment for the selfish treatment of personnel at all
levels of the management hierarchy. This situation can
lead to the emergence of internal risks of abuse, which,
in turn, complicates both the improvement of economic
results and, for example, the involvement of external
investments in the CIA development.
Solving these problems is possible only on the
basis of a comprehensive research of the corporate
integration association activities and determining the
mechanism for forming the work results. Therefore, a
comprehensive analysis of the corporate integration
association performance should consist of two blocks: a
general analysis of the CIA performance; analysis of the
synergistic effect generated within the CIA.
The overall analysis of CIA activities effectiveness
is carried out using a scorecard, the composition of
which is proposed to be determined based on the
construction of basis research matrix. The matrix
columns form the analysis components (structure,
dynamics, volume, etc.), and the rows form the analysis
directions (shareholder property, corporate property,
products, market, sources of investment, areas of
activity, efficiency, synergy, etc.). The CIA analysis
matrix is presented in Table 1.
Table 1
CIA Analysis Matrix
Analysis components
Structure analysis Dynamics analysis Volume analysis
A
n
al
ys
is
d
ir
ec
ti
on
s
Shareholder
property
Shareholders structure and
composition;
ownership structure and
composition;
ownership packages structure
Capital dynamics;
property values dynamics;
exchange rate forecast
Share capital amount;
property market value
Products
Products types and their share in the
CIA product portfolio;
cost structure by product types
Production volumes dynamics;
shares dynamics in the product
portfolio
Products production and
sales;
production costs
Market
Market structure, market share;
consumer structure
Realization dynamics;
market shares dynamics;
sales dynamics
Sales quantity;
volume of transactions
Finance
Receivables and payables structure;
capital structure
Dynamics debt;
financial indicators dynamics
Borrowing amount;
assets volume;
capital;
investments volume
Source: authors’ own developments.
O. Kotsiurba, N. Abliazova, O. Zakharchenko, O. Motuzka
39
Економічний вісник Донбасу № 4(74), 2023
Based on the data of such a matrix, further research
can be carried out using factor analysis methods and
others. Thus, the indicators system, the formation of
which is carried out on the proposed basis, is able to
allow not only monitoring, but also tracking the
dynamics and structure of indicators. In addition, the
scorecard thus formed allows also arbitrarily expanding
the scorecard itself and adjusting it for use in various
CIAs.
It should also be borne in mind that in modern
economic conditions determined by the deepening of
crisis phenomena in the national economy development,
long-term forecasting of the corporate integration
association activities can be carried out only on the basis
of the use of indicators expanded system describing
various aspects of its activities, goals and interests’
variety of the participants in the association.
In the analysis of joint stock companies and CIAs
efficiency, financial indicators are almost most often
used, which significantly limits the managerial potential
for regulating the association development. To solve the
CIA strategic management tasks, it is necessary to
evaluate a wider range of aspects of the association
activities - both at local levels (within individual JSCs)
and on a corporate scale. Therefore, it is necessary to
analyze not only the result of the CIA activities, but also
to determine the implementation effectiveness of the
achieving this result method, that is, assessing and
summarizing the results of JSCs strategy
implementation. This assessment is possible only in the
case of a clear definition of JSCs or CIAs strategy,
mission and goals, formalization of them in clearly
defined terms.
When conducting a comprehensive analysis of
corporate integration associations’ effectiveness, it is
necessary to take into account all the above aspects of
the problem. But, it should be noted that the analysis
issues of various aspects of joint-stock companies and
corporate integration associations’ activities are devoted
to many works of domestic and foreign scientists [1; 2;
6; 9-11 and others]. However, it is extremely relevant to
specify and optimize the analysis directions, since
unreasonable growth of its volumes can lead to a
significant increase in the time necessary for such an
analysis. Limitations in its implementation, in turn, can
cause complications or even complete inability to make
adequate and effective decisions by the JSC (CIA)
management based on such analysis. The most optimal,
according to the author, is the list of analysis directions,
which is given in Table 1.
Especially important is the issue of analyzing the
synergistic effect formed inside the corporate
integration association. The most complex structure and
possibility of analysis is the diversified industrial and
financial group synergistic effect. In this case, the CIA
includes banking institutions and industrial enterprises
of various profiles.
The synergy effect increases revenues and
enhances the cash flows of the corporate integration
association. In general, the synergistic effect amount
formed within the CIA is as follows (1):
( ) ( ) ( )( ) ( )0IDTDIEEPADPNDC nnnnnn ++−++= , (1)
where n – the calculation period;
nC – overall synergy effect;
( )nPND – estimated additional profit from activities expansion;
( )nPAD – estimated additional profit from risk reduction due to CIA activities diversification;
( )nEE – saving current production costs;
nDI – additional investment for reconstruction and expansion;
nDT – tax payments increase (savings);
0I – investment at the takeover moment.
The calculating the synergistic effect method can
be adjusted depending on the CIA type formed and the
motives for its formation.
However, this calculation method has one
significant drawback, which in some cases can interfere
with its use or lead to incorrect conclusions by experts
conducting calculations - this is a failure to account for
a change in the money cost over time. This calculating
the synergistic effect method can be used immediately
after the integration and start of CIA operations. If it is
necessary to analyze the synergistic effect after a certain
period, it is indispensable to calculate the discount rate.
In this case, the total synergistic effect will be calculated
using the following formula (2):
= +
=
T
t
t
t
r
CFСt
1 )1(
Δ , (2)
where ∆CFt – the difference up to time t between the
cash flows of the consolidated CIA and the cash flows
amount of each JSC separately;
r – the expectation of the discount factor
calculated taking into account the planned rate of return
on the equity of the company that was not the initiator
of the integration process.
The increase in can be calculated as follows (3):
∆CFt = ∆Rt – ∆Ct – ∆Tt – ∆It, (3)
where ∆Rt – revenue increase from integration;
O. Kotsiurba, N. Abliazova, O. Zakharchenko, O. Motuzka
40
Економічний вісник Донбасу № 4(74), 2023
∆Ct – costs increase,
∆Tt – increase in tax deductions,
∆It – increase of additional investments in
working capital and fixed assets.
Based on this approach, it becomes possible to
differentiate the synergy sources into four main
categories: income increase, cost reduction, tax
deduction reduction and additional investment
reduction, and based on which, if necessary, a factor
analysis is carried out to identify the degree of
achievement of a certain strategy, integration goals and,
if possible, to identify reserves for increasing the
synergy effect.
To analyze the CIA activities, it is necessary to
analyze the various activities integration degree within
the CIA. Such analysis is advisable to carry out in
different directions of CIA participants’ interaction:
integration of participants’ production potentials n the
CIA; integration of financial and production potentials
for various joint stock companies – CIA participants;
integration of CIA participants’ scientific potentials.
The coefficients’ general characteristics proposed for
such analysis are given in Table 2.
Table 2
Characterization of the indicators for assessing the depth of CIA participants’ integration
Scorecard
Groups
Scorecard Name Legend Characteristics
Industrial
potentials
integration
scorecard
Internal supply К sup Shows the proportion of products produced for domestic
consumption within the CIA
Internal exchange
К exch.int
Shows the share of CIA participants involved in the products
production consumed within CIA
Attracting production
capacity К capprod .
Indicates which part of the production capacity is used for
domestic production
Equity Participation
К eq
Characterizes the participation degree in the capital of various
participants in CIA, except for cross-ownership of shares
Mutual equity participation К eqmut . Characterizes the mutual penetration degree into each other’s
capitals of various CIA participants
Scientific
potentials
integration
scorecard
Internal use of R&D К dr& Characterizes the degree of R&D implementation within CIA
Amounts of R&D that have
been mastered К drmast &.
Shows the production provision degree by internal R&D
Participation in the
Research Institute capital К cap
Characterizes the participation level of other CIA participants
in the capital of participants conducting R&D
Industrial,
financial
potentials
integration
scorecard
Participation in financial
capital К cappart . Shows how many non-financial participants take part in the
capital of financial participants
Internal financing К fin.int Characterizes the security degree of non-financial participants
in CIA with the financial participants funds in CIA
Participation of non-
financial participants in
financial capital
К nf
fin
− Characterize the participation degree of financial and non-
financial participants of CIA in each other’s capital
Participation of financial
participants in non-
financial capital
К fn
fin
−
Internal control К cont Shows the control degree of non-financial CIA financial
participants
Source: authors’ own developments.
Calculation results analysis of the above-
mentioned coefficients allows to assess the interaction
of CIA individual activities. This analysis makes it
possible to draw conclusions, both from the integration
of capital of CIA activity various areas, and from the
integration of processes of activity.
Thus, after conducting a general analysis of the
CIA activities and calculating all the above-mentioned
factors, it is possible to draw conclusions on the further
existence of CIA, the need to adjust the CIA
development strategy, change the general profile of the
activities, etc.
Conclusions and perspectives of further
research. A comprehensive analysis of the corporate
integration association’ activities should consist of two
blocks: a general analysis of the effectiveness of the CIA
activities; analysis of the synergistic effect generated
within the CIA. It is recommended to carry out a general
analysis of the effectiveness of CIA activities using a
scorecard, the composition of which is proposed to be
determined based on the construction of basis studies’
matrix.
In order to analyze the activities of the already
established CIA, it is necessary to analyze the
O. Kotsiurba, N. Abliazova, O. Zakharchenko, O. Motuzka
41
Економічний вісник Донбасу № 4(74), 2023
integration degree of various activities within CIA. Such
analysis should be carried out in different directions of
interaction between CIA participants (industrial
potentials’ integration, scientific potentials and
integration of industrial and financial potentials of JSC)
using the indicators’ system proposed by the author. To
illustrate and simplify the results’ analysis of such an
analysis, it is recommended to use the integration profile
of the JSC, which allows you to clearly assess the
integration degree in different directions.
The direction of further research in this area are
related to the methodological recommendations’
development for modeling the optimal capital structure
of a corporate integration association, which would
ensure the financial results maximization of CIA
activities.
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O. Kotsiurba, N. Abliazova, O. Zakharchenko, O. Motuzka
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Економічний вісник Донбасу № 4(74), 2023
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Коцюрба О. Ю., Аблязова Н. Р., Захарченко О. В., Мотузка О. М. Економічна та фінансово-правова оцінка
діяльності корпоративного інтеграційного об’єднання
Розглянуто зміст процесу інтеграції акціонерних товариств (АТ). Узагальнено передумови здійснення раціонального і
обґрунтованого відбору потенційних учасників корпоративного інтеграційного об’єднання (КІО) на основі прогнозування і
оцінки результатів діяльності такого об’єднання. Встановлені особливості організації та управління корпоративними
інтеграційними об’єднаннями (труднощі в одержанні, аналізі і використанні необхідної для управління інформації;
дублювання окремих управлінських функцій; неоднозначність оцінки ефективності роботи окремих напрямків діяльності;
відцентрові тенденції всередині КІО, ризики, пов’язані з децентралізацією управління об’єднаннями).
Доведено необхідність проведення дворівневої оцінки діяльності корпоративного інтеграційного об’єднання (на
локальному рівні в межах окремих АТ, і в загальнокорпоративному масштабі) для вирішення завдань стратегічного
управління КІО. Визначено напрями проведення комплексного аналізу ефективності діяльності корпоративного
інтеграційного об’єднання), який повинен складатися з двох блоків: загальний аналіз ефективності діяльності КІО; аналіз
синергетичного ефекту, який утворюється в межах КІО.
Обґрунтований склад системи показників оцінки діяльності корпоративного інтеграційного об’єднання на основі
побудови матриці базисних досліджень. Доведено доцільність проведення диференціації джерел появи синергії КІО на чотири
основні категорії: збільшення доходів, зменшення витрат, скорочення податкових відрахувань та зниження додаткових
інвестицій, і на основі чого, при необхідності, проведення факторного аналізу для виявлення ступеня досягнення визначеної
стратегії, цілей інтеграції та, у разі можливості, виявлення резервів збільшення синергетичного ефекту.
Визначено напрями проведення аналізу діяльності КІО на основі визначення ступеня інтеграції різних напрямів
діяльності всередині КІО, таких як: інтеграція виробничих потенціалів учасників КІО; інтеграція фінансового і виробничих
потенціалів різних акціонерних товариств – учасників корпоративного інтеграційного об’єднання; інтеграція наукових
потенціалів учасників КІО. Обґрунтовано склад показників оцінки глибини інтеграції учасників корпоративного
інтеграційного об’єднання. Запропоновано підхід до визначення ефекту синергії при утворенні корпоративного
інтеграційного об’єднання до постійних змін в економічному середовищі.
Ключові слова: корпоративне управління, акціонерне товариство, корпоративна інтеграція, оцінка діяльності,
корпоративне інтеграційне об’єднання, ефект синергії.
Kotsiurba O., Abliazova N., Zakharchenko O., Motuzka O. Economic, Financial and Legal Assessment of Corporate
Integration Association Activity
The content of the integration process of joint stock companies (JSC) is considered. The prerequisites for rational and reasonable
selection of potential participants in the corporate integration association (CIA) based on forecasting and evaluation of the results of
such association’s activities are summarized. Established peculiarities of organization and management of corporate integration
associations (difficulties in obtaining, analyzing and using the information necessary for management; individual management
functions duplication; ambiguity of the certain activities effectiveness assessment; centrifugal trends within the CIA, risks associated
with association management decentralization).
The need for a two-level assessment of the corporate integration association activities (at the local level within individual JSCs,
and on a corporate scale) to solve the tasks of the CIA strategic management has been proved. Complex analysis directions of corporate
integration association activities efficiency are defined, which should consist of two blocks: general analysis of CIA activities
efficiency; analysis of the synergistic effect that is formed within the CIA.
The indicators system composition of corporate integration association assessment based on construction of the basic studies
matrix is substantiated. It is proved expediency of sources differentiation of CIA synergy occurrence into four main categories: increase
of income, reduction of expenses, tax deductions reduction and additional investments reduction, and on the basis of which, if
necessary, factor analysis is carried out to identify the achievement degree of a certain strategy, integration goals and, if possible,
reserves detection of synergetic effect increase.
The analysis directions of the CIA activities are determined based on determining the integration degree of various activities
within the CIA, such as: the production potentials integration of CIA participants; financial and production potentials integration of
various joint stock companies – participants of the corporate integration association; scientific potentials integration of CIA
participants. The indicators composition for assessing the depth of integration of the corporate integration association participants is
substantiated. An approach to determining the synergy effect in the corporate integration association formation to constant changes in
the economic environment is proposed.
Keywords: corporative management, joint stock company, corporate integration, activity evaluation, corporate integration
association, synergy effect.
Received by the editors 16.11.2023
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