Opłacalność transakcji fuzji i przejęć jako bariera konsolidacji kapitałowej

Abstract

Most of the experts say, that any decision concerning external development should be based on valuation both acquiring and acquired enterprises. If the value of both separated firms is lower than the one after the combination, we can prove the positive effect of acquisition and find it profitable. But what the value of firm really means? How it can be found? And after all, is there no doubt the appointed figure shows the real value of an enterprise and its business? What author tried to do in the article is to show how different the value can be comprehended. Since the valuation is so ambiguous, profitable of merger or acquisition is very difficult to establish. This is the limiting aspect of any external development decision.