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C@A 405B ?@54AB02;5=85 > 40E ?>AB0=>2:8 F5;59 2 AB@0B538G5A:>2>< <5=546<5=B5 ?@8 : A45;:0@?>@0B82=>3> :>=B@>;O, =0 >A=>25 ?@>2545=8O A@02=8B5;L=>3> 0=0;870 2>3> >?KB0 8 @>AA89A:>9 A?5F8D8:8 2 40==KE 2>?@>A0E; 2K1>@5 :@8B5@852 >F5=:8 ?@8=8<0576=>ABL ?@82KE ?@>F54C@ >F5=:8 @57C;LB0B>2 2 ?@8 4>;3>A@>G=KE @5H5=8OE 2 @K=:0E A> A;01>9 8=D>@==>9 MDD5:B82=>ABLN, ?>AB@>5=88 AB8<C;8@CNI8E <5E0=872 4;O 2, >A>15==>ABOE A45;>: ?> A;8O=8N 8 ?>3;>I5=8N 2 CA;>28OE @072820NI8EAO AB@0=. 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A=>2=0O ;8B5@0BC@0: 1.@83E52K9 <5=546=>;0". 2001, ".2 2. >E0= 0B@8:. !;8O=8O, ?>3;>I5=8O 8 @5AB@C:BC@870F8O 187=5A0. ., ;L?8=0 87=5A C:A, 2004. 3. 84 !B. $., 06C ;. . A:CAAB2> A;8O=89 8 ?>3;>I5=89. ., ;L?8=0 87=5A C:A, 2004. >@?>;=8B5;L=0O ;8B5@0BC@0 @0640=A:89 >45:A $ 0:>= $ >B 26 45:01@O 19953. !208-$3 1 0:F8>=5@=KE >1I5AB20E 0:>= $ >B 25 =:C@5=F88 8 >3@0=8G5=88 =>?>;8AB8G5A:>9 45OB5;L=>AB8 =0 B>20@=KE @K=:0E 0:>=0 $ >B 22 =:C@5=F88 Milton L. Rock, Robert H.Rock, Martin Sikora. The Mergers and Acquisitions Handbook. Second Edition. McGraw-Hill, Inc., 1994 "World Investment Report. Investment, Trade, and International Policy Arrangements", UNCTAD,  World Investment Report , UNCTAD, "5: ?> A;8O=8N 8 ?>3;>I5=8N -B0?K A45;>: ?> A;8O=8N 8 ?>3;>I5=8N. !B@C:BC@0 A45;>: ?> A;8O=8O3;>I5=8O: ?> A;8O=8O3;>I5=8O8A: 8 ?;0=8@>20=85 A45;:8. ?@545;5=85 AB@0B5388 :> ?>3;>I5=8N. &5=>>1@07>20=85. >8A: 8AB>G=8:>2 D8=0=A8@>20=8O. !B@C:BC@8@>20=85 A45;>:. 5=A8>==>5 >15A?5G5=85. #G5B A>F80;L=KE >1O70B5;LAB2. LN 48;8465=A. 025@H5=85 A45;>:. =B53@0F8O ?>A;5 A;8O=8O. AB>@8G5A:85 MB0?K A45;>: ?> A;8O=8N 8 ?>3;>I5=8N. A=>2=0O ;8B5@0BC@0: 1.@83E52K9 <5=546=>;0". 2001, ".2 2. >E0= 0B@8:. !;8O=8O, ?>3;>I5=8O 8 @5AB@C:BC@870F8O 187=5A0. ., ;L?8=0 87=5A C:A, 2004. 3. 84 !B. $., 06C ;. . A:CAAB2> A;8O=89 8 ?>3;>I5=89. ., ;L?8=0 87=5A C:A, 2004. "5B82K A;8O=89 8 ?>3;>I5=89. "5>@88 A;8O=89 8 ?>3;>I5=89. . &5;8 8 B82K A45;>:. >;=K A;8O=89 2 M:>=>@8O A;8O=89 (synergy theory). "5>@8O 035=BA:8E 8745@65: A2>1>4=KE ?>B>:>2 45=56=KE A@54AB2 (agency theory of free cash flow). "5>@8O 3>@4K=8 (hubris theory) -20=8O B5>@89 A;8O=89. @8<5=8ABL :;0AA8G5A:8E B5>@89 A;8O=89 8 ?>3;>I5=89 4;O 0=0;870 >?5@0F89 =0 @K=:5 :>@?>@0B82=>3> :>=B@>;O 2 :>=F5 20  =0G0;5 21 25:0, A@02=8B5;L=K9 0=0;87 @0728BKE @K=:>2 8 >AA88. A=>2=0O ;8B5@0BC@0 1. >E0= 0B@8:. !;8O=8O, ?>3;>I5=8O 8 @5AB@C:BC@870F8O 187=5A0. ., ;L?8=0 87=5A C:A, 2004. 2. 84 !B. $., 06C ;. . A:CAAB2> A;8O=89 8 ?>3;>I5=89. ., ;L?8=0 87=5A C:A, 2004. 3. !;8O=8O 8 ?>3;>I5=8O. CB52>48B5;L ?> @K=:C ?@>D5AA8>=0;L=KE CA;C3. ., ;L?8=0 87=5A C:A, 2004. 4. C4K: .., !520 . K=>: :>@?>@0B82=>3> :>=B@>;O: A;8O=8O, ?>3;>I5=8O 8 2K:C?K 4>;3>2K20=85?>;=8B5;L=0O ;8B5@0BC@0 1.20=>2 .. !;8O=8O, ?>3;>I5=8O 8 @0745;5=8O :>@G=8:8  HYPERLINK "http://www.iet.ru/usaid/sliyanie/index.htm" http://www.iet.ru/usaid/sliyanie/index.htm 04K38= .., -=B>2 .. @>1;53;>I5=89 2 :>@?>@0B82=>@5. // =AB8BCB M:>=>4=>3> ?5@8>40, 20023.  HYPERLINK "http://www.ma-journal.ru/archive/" http://www.ma-journal.ru/archive/ "515==>AB8 M&A :0: 4>;3>A@>G=KE @5H5=89 =0 D>=4>2KE @K=:0E =0G5=85 >?5@0F89 ?> A;8O=8N 8 ?>3;>I5=8N 2 A>2@5< <5=546;L 8  ?;0=8@>20=8O 8 8A?>;=5=8O >?5@0F89 ?> A;8O=8N, ?>3;>I5=8N 8 @0745;5=8N 187=5A>2 ?@8 @07@01>B:5 :>@?>@0B82=>9 AB@0B5388. A>15==>AB8 M&A =0 D8=0=A>2>2=0O ;8B5@0BC@0 C4K: .., !520 . K=>: :>@?>@0B82=>3> :>=B@>;O: A;8O=8O, ?>3;>I5=8O 8 2K:C?K 4>;3>2K20=85E0= .. !;8O=8O, ?>3;>I5=8O 8 @5AB@C:BC@870F88 :>?>;=8B5;L=0O ;8B5@0BC@0 20=>2 .. !;8O=8O, ?>3;>I5=8O 8 @0745;5=8O :>@G=8:8  HYPERLINK "http://www.ma-journal.ru/archive/" http://www.ma-journal.ru/archive/ "54K D8=0=A8@>20=8O 8 >?;0BK A45;>:. K1>@ 4>2 D8=0=A8@>20=8O >?5@0F89 =0 @K=:5 :>@?>@0B82=>3> :>=B@>;O. >;L 8=25AB8F8>==KE 10=:>2 2 @07@01>B:5 =>2KE :>20==KE A?>A>1>2 D8=0=A8@>20=8O A;8O=8O 8 ?>3;>I5=8O :><?0=89. 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X b d  ^ `  $If$ d]^ a$$d]^a$$a$ &dP$ dh]^ a$@&  L N  ,Nl2{{wwwwuh^Dnkd$$Ifl0LH$064 la$If 2npr,.0H~   $d[$a$$h^ha$$h`ha$$ & Fa$$`a$$a$$a$ ! !!!!$$$$@$%%&&&&''z(($ & F edx[$^e`a$$a$$`a$d[$$d[$a$()****++P...../z0,1.11N5v5d[$$d[$a$$`a$$a$$ & F edx[$^e`a$ & F ed[$^e` & F 8ed[$^e`v56667969::8;;V<|>>?AABCCD & F d[$ & Fd[$d[$$d[$a$ & Fd[$ 8d[$d[$$`a$|<~<<<<<<<<<<<<<<<<<<<<<<=@=F=H=N>P>>>>>>>?NAPARATAAACCDFﰪ ha\CJha\CJmH sH  ha\CJ ha\5jha\Ujha\U ha\0Jha\0JmH sH jha\UmH sH ha\mH sH ha\jha\UmH sH 9DEvFFFGGKLBLM:NNNN$O$PQQ & F 8d[$ & F d[$$`a$$a$ & Fd[$d[$$d[$a$ & Fd[$d[$ & F d[$ & F 8d[$FFFFFFF@GBGDGGGGGLBLNNN$O$PPQQQSSSSSSSTlHlJlLlllllllBoDolor rTrӶ˱˭˭˞˓Ӷˊ{{ha\5CJ\ ha\aJha\5mH sH jha\UU ha\5\ ha\CJha\ ha\5ha\0JmH sH jha\Uha\mH sH jha\Uha\5CJ\aJmH sH ha\5CJ\aJha\5\mH sH 0Q>RR|SSSSlllBoDoloplqr rTrrst & Fd[$ $ & Fd[$a$$a$d[$$d[$a$ & Fd[$d[$ & F d[$ & F 8d[$"http://www.ma-journal.ru/archive/" http://www.ma-journal.ru/archive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orld Investment Report. Investment, Trade, and International Policy Arrangements",  World Investment Report , UNCTAD =B5@=5B-8AB>G=8:8  HYPERLINK "http://www.ma-journal.ru/archive/" http://www.ma-journal.ru/archive/ "58AB8 4;O F5;59 ?>:C?:8 187=5A0 !@02=8B5;L=K9 0=0;87 :;0AA8G5A:8E 4>2 >F5=:8 187=5A0 A B>G:8 7@5=8O A>>B25BAB28O F5;O2545=8O >?5@0F88 =0 @K=:5 :>@?>@0B82=>3> :>=B@>;O: >A>15==>AB8 @0728BKE D8=0=A>2KE @K=:>2 8 @072820NI8EAO AB@0=. 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