Uspešnost managerskih prevzemov družb (MBO) v Sloveniji in tujini

doktorska disertacija

Petra Grah (Author), Borut Bratina (Mentor), Vesna Čančer (Co-mentor)

Abstract

V ZDA so se prevzemi družb pričeli že konec 19. stoletja, t. i. management buy out oz. prevzemi s strani managementa (v nadaljevanju MBO) pa sredi prejšnjega stoletja in se kasneje razširili tudi v druge države. Število MBO se je z leti povečevalo, njihova vrednost pa je naraščala vse do gospodarsko finančne krize leta 2008. Managerji prevzema večinoma ne financirajo z lastnimi sredstvi, temveč se zadolžujejo, pri čemer po navadi breme vračila posojila nosi ciljna družba. Velikokrat se zato zgodi, da ciljne družbe postanejo insolventne, kar se je dogajalo tudi v Sloveniji. V doktorski disertaciji proučujemo prevzemno zakonodajo v Sloveniji in tujini ter uspešnost oz. neuspešnost MBO v Sloveniji. Odgovoriti smo poskušali na ključno raziskovalno vprašanje, in sicer »Kaj je treba spremeniti v slovenski zakonodaji, da bodo MBO v Sloveniji uspešnejši, manjšinski delničarji in upniki še bolj zaščiteni, ciljne družbe pa se po izvedenem prevzemu ne bodo znašle v insolventnih postopkih in postopkih preventivnega prestrukturiranja?«. Na začetku doktorske disertacijo smo opredelili ključne pojme na področju prevzemov, MBO in prevzemov z zadolžitvijo, nato smo predstavili in opredelili različne prevzemne zakonodaje, analizirali metode in indikatorje, ki napovedujejo stečaj ali finančno prestrukturiranje družbe, na koncu pa izvedli raziskavo na področju MBO v Sloveniji. V Sloveniji je bilo na področju prevzemov in MBO opravljenih malo raziskav. Pozornost so namenjali predvsem motivom za prevzem družbe ter uspešnosti prevzemov glede na vrsto prevzema. V empiričnem delu smo se osredotočili na proučitev posameznih indikatorjev uspešnosti oz. neuspešnosti MBO in določanju uteži posameznim področjem in kazalnikom. Pri tem smo uporabili metodo analitičnega hierarhičnega procesa (v nadaljevanju AHP). Za vzorec smo uporabili triindvajset izbranih MBO v Sloveniji, jih razvrstili med uspešne oz. neuspešne MBO ter med seboj primerjali njihove rezultate. Nato smo s pomočjo izbranih indikatorjev predstavili, kateri indikatorji so se pojavili v primerih uspešnih oz. neuspešnih MBO v Sloveniji. V teoretičnem delu smo se osredotočili na prevzemno zakonodajo, ki se je v Sloveniji že velikokrat spremenila, vendar so izboljšave še vedno možne. Možnost izboljšav smo dokazovali z analizo in primerjavo različnih zakonodaj in predpisov v ZDA, Združenem kraljestvu in na Nizozemskem. Osredotočili smo se predvsem na posebno obravnavanje v primeru MBO, delno ponudbo, zahtevo po razkritju informacij o financiranju ponudbe in o virih financiranja ponudbe, zahtevo o obveznem imenovanju neodvisnih strokovnjakov ter napovedi o dobičku, izkazih finančnih koristi in vrednotenju premoženja, ki jih pripravijo usposobljeni svetovalci. Na osnovi ugotovitev smo predlagali spremembo Zakona o prevzemih (v nadaljevanju ZPre-1), ki je usklajena z obstoječim pravnim redom, splošno veljavnimi načeli in predpisi Republike Slovenije in Evropske unije.

Keywords

Slovenija;management;manager;managerski odkup;likvidnost;solventnost;zakonodaja;mednarodne primerjave;

Data

Language:	Slovenian
Year of publishing:	2019
Typology:	2.08 - Doctoral Dissertation
Organization:	UM EPF - Faculty of Economics and Business
Publisher:	P. Grah]
UDC:	005.5
COBISS:	13316636
Views:	1842
Downloads:	414
Average score:	0 (0 votes)
Metadata:

Other data

Secondary language:	English
Secondary title:	Successfullness of management buyouts (MBO) in Slovenia and in other countries
Secondary abstract:	In the USA, corporate buyouts began at the end of the 19th century, while management buy out (from herein MBOs) began in the middle of the 20th century and later spread to other countries. The number of MBOs increased over the years, increasing in value until the economic and financial crisis of 2008. Managerial buyouts are mostly not self-funded. Instead, they are usually funded by loans, where the loan is usually repaid by the target company. It often happens that the target companies become insolvent, as has been the case in Slovenia many times. The doctor’s thesis takes a closer look at the legislation regulating acquisitions in Slovenia and the success of MBOs in Slovenia, or lack thereof. We sought to answer the key research question, namely what changes need to be made in Slovenian law in order to make MBOs in Slovenia more successful, to ensure better protection of minority shareholders and creditors, and prevent target companies from running into insolvency and bankruptcy proceedings after the MBO. At the start of the thesis, we highlight the key terms used in takeovers, MBOs and leveraged buyouts, followed by a presentation and discussion of various takeover laws, analysis of the methods and indicators indicative of bankruptcy or financial restructuring of the company, and finally a study of MBOs was carried out in Slovenia. In Slovenia, few MBO studies have been carried out, and the focus was mostly on the motives for acquisition of companies and the success rate of the acquisitions, depending on the type of takeover. The empirical part focuses on a review of specific MBO performance indicators and determining the ponders for individual areas and indicators. This was done using the analytic hierarchy process method (from herein AHP). The sample included thirteen randomly selected MBOs in Slovenia, categorized into successful and failed MBOs, with a comparison of their results. We then used the selected indicators to determine which indicators were seen in successful MBOs in Slovenia, and which appeared in unsuccessful ones. The theoretical section focused on takeover law, which has changed several times in Slovenia, but there is still room for improvements. The potential for improvements was demonstrated through comparative analysis of different regulations and legislations in the USA, the UK, and Holland. We focused mainly on special treatment in the case of MBOs, partial offers, required disclosure on financing the offer and the sources of funding, the required appointment of independent experts and presentation of projected profits, financial benefits and asset valuations prepared by qualified consultants. Based on these findings, we proposed an amendment of the Takeover Act (from herein ZPre-1), which is aligned with existing regulations and laws of the Republic of Slovenia and the European Union.
Secondary keywords:	Slovenia;management;manager;management buyout;liquidity;solvency;legislation;international comparisons;
URN:	URN:SI:UM:
Type (COBISS):	Doctoral dissertation
Thesis comment:	Univ. v Mariboru, Ekonomsko-poslovna fak.
Pages:	VI, 275 str., 13 str. pril.
ID:	10955187