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ПРИЛОЖЕНИЕ
Сравнительная статистика распределения сделок слияния и поглощений по странам
|
Year |
France |
Germany |
Italy |
Spain |
Total |
|||||
|
Absolute |
Relative |
Absolute |
Relative |
Absolute |
Relative |
Absolute |
Relative |
|||
|
2010 |
5 |
31,3% |
2 |
12,5% |
4 |
25,0% |
5 |
31,3% |
16 |
|
|
2011 |
3 |
16,7% |
3 |
16,7% |
7 |
38,9% |
5 |
27,8% |
18 |
|
|
2012 |
5 |
35,7% |
4 |
28,6% |
2 |
14,3% |
3 |
21,4% |
14 |
|
|
2013 |
3 |
33,3% |
3 |
33,3% |
1 |
11,1% |
2 |
22,2% |
9 |
|
|
2014 |
4 |
14,8% |
10 |
37,0% |
7 |
25,9% |
6 |
22,2% |
27 |
|
|
2015 |
8 |
40,0% |
6 |
30,0% |
3 |
15,0% |
3 |
15,0% |
20 |
|
|
2016 |
6 |
20,0% |
8 |
26,7% |
8 |
26,7% |
8 |
26,7% |
30 |
|
|
2017 |
7 |
28,0% |
5 |
20,0% |
7 |
28,0% |
7 |
28,0% |
25 |
|
|
2018 |
5 |
21,7% |
4 |
17,4% |
8 |
34,8% |
6 |
26,1% |
23 |
|
|
2019 |
4 |
23,5% |
5 |
29,4% |
3 |
17,6% |
5 |
29,4% |
17 |
|
|
Total |
50 |
50 |
50 |
50 |
200 |
Сравнительная статистика распределения сделок слияния и поглощений по отраслям экономики
|
Industry |
France |
Germany |
Italy |
Spain |
Total |
|
|
Aerospace & Defense |
2 |
0 |
0 |
0 |
2 |
|
|
Alternative Energy Sources |
0 |
0 |
3 |
4 |
7 |
|
|
Apparel Retailing |
1 |
2 |
0 |
2 |
5 |
|
|
Automobiles & Components |
2 |
3 |
0 |
2 |
7 |
|
|
Automotive Retailing |
0 |
2 |
0 |
0 |
2 |
|
|
Biotechnology |
1 |
0 |
0 |
0 |
1 |
|
|
Broadcasting |
4 |
1 |
1 |
0 |
6 |
|
|
Building/Construction |
1 |
0 |
1 |
2 |
4 |
|
|
Business Equipment & Supplies |
0 |
2 |
0 |
0 |
2 |
|
|
Chemicals |
3 |
9 |
0 |
0 |
12 |
|
|
Computers & Peripherals |
0 |
0 |
4 |
1 |
5 |
|
|
Construction Materials |
1 |
0 |
1 |
0 |
2 |
|
|
Containers & Packaging |
0 |
1 |
0 |
1 |
2 |
|
|
Electronics |
0 |
1 |
1 |
0 |
2 |
|
|
Employment Services |
0 |
1 |
0 |
0 |
1 |
|
|
Food & Beverage Retailing |
2 |
0 |
0 |
1 |
3 |
|
|
Food and Beverage |
4 |
1 |
5 |
2 |
12 |
|
|
Healthcare Equipment |
4 |
2 |
6 |
1 |
13 |
|
|
Hotels and Lodging |
1 |
0 |
0 |
2 |
3 |
|
|
Household & Personal Products |
1 |
1 |
2 |
0 |
4 |
|
|
Industrials |
4 |
3 |
3 |
0 |
10 |
|
|
Internet Software |
0 |
1 |
1 |
1 |
3 |
|
|
IT Consulting & Services |
3 |
0 |
1 |
3 |
7 |
|
|
Machinery |
1 |
3 |
3 |
6 |
13 |
|
|
Metals & Mining |
2 |
0 |
0 |
1 |
3 |
|
|
Oil & Gas |
4 |
0 |
5 |
4 |
13 |
|
|
Paper & Forest Products |
0 |
0 |
1 |
0 |
1 |
|
|
Pharmaceuticals |
2 |
5 |
2 |
5 |
14 |
|
|
Power |
1 |
1 |
5 |
3 |
10 |
|
|
Recreation & Leisure |
1 |
0 |
1 |
3 |
5 |
|
|
Semiconductors |
0 |
5 |
0 |
0 |
5 |
|
|
Software |
1 |
1 |
1 |
0 |
3 |
|
|
Telecommunications Services |
1 |
0 |
1 |
5 |
7 |
|
|
Travel Services |
0 |
2 |
0 |
0 |
2 |
|
|
Water and Waste Management |
2 |
0 |
0 |
0 |
2 |
|
|
Total |
49 |
47 |
48 |
49 |
200 |
Сравнительная статистика распределения сделок слияний и поглощений по категориям в зависимости от размера по странам
|
Deal Size Category 1 |
|||
|
Country |
Absolute |
Relative |
|
|
France |
9 |
12,50% |
|
|
Germany |
13 |
18,06% |
|
|
Italy |
28 |
38,89% |
|
|
Spain |
22 |
30,56% |
|
|
Total |
72 |
100,00% |
|
|
Deal Size Category 2 |
|||
|
Country |
Absolute |
Relative |
|
|
France |
25 |
27,2% |
|
|
Germany |
25 |
27,2% |
|
|
Italy |
21 |
22,8% |
|
|
Spain |
21 |
22,8% |
|
|
Total |
92 |
100,0% |
|
|
Deal Size Category 3 |
|||
|
Country |
Absolute |
Relative |
|
|
France |
16 |
44,4% |
|
|
Germany |
12 |
33,3% |
|
|
Italy |
1 |
2,8% |
|
|
Spain |
7 |
19,4% |
|
|
Total |
36 |
100,0% |
Оценка параметров многофакторной регрессии для событийного окна (-1;+3)
|
N |
200 |
|
|
F-st |
4% |
|
|
Prob > F |
0,0644* |
|
|
R2 |
6,73% |
|
|
R2adj |
3,83% |
|
|
Переменная |
Коэффициент |
|
|
Board size |
-0,0038346* |
|
|
s.e |
(0,0005412) |
|
|
Independent |
0,0841937 |
|
|
s.e |
(0,0740603) |
|
|
Female |
-0,0012978* |
|
|
s.e |
(0,0985731) |
|
|
Total assets |
0,0002269 |
|
|
s.e |
(-0,0003694) |
|
|
Industry |
0,0375916*** |
|
|
s.e |
(0,0063974) |
|
|
_cons |
0,001045 |
|
|
s.e |
(0,0449002) |
Оценка параметров многофакторной регрессии для событийного окна (-3;+3)
|
N |
200 |
|
|
F-st |
4% |
|
|
Prob > F |
0,4381** |
|
|
R2 |
6,46% |
|
|
R2adj |
3,55% |
|
|
Переменная |
Коэффициент |
|
|
Board size |
-0,0029352* |
|
|
s.e |
(-0,00031195) |
|
|
Independent |
0,0964337 |
|
|
s.e |
(-0,0982012) |
|
|
Female |
0,0740823 |
|
|
s.e |
(0,0540806) |
|
|
Total assets |
0,0001465 |
|
|
s.e |
(0,00032584) |
|
|
Industry |
0,0237057*** |
|
|
s.e |
(0,0043391) |
|
|
_cons |
0,0058804* |
|
|
s.e |
(0,0136075) |
Оценка параметров многофакторной регрессии для событийного окна (-20;+20)
|
N |
200 |
|
|
F-st |
1% |
|
|
Prob > F |
0,4381 |
|
|
R2 |
1,98% |
|
|
R2adj |
-1,07% |
|
|
Переменная |
Коэффициент |
|
|
Board size |
-0,0029442 |
|
|
s.e |
-0,0017140 |
|
|
Independent |
-0,0018309 |
|
|
s.e |
0,00277309 |
|
|
Female |
0,0032577* |
|
|
s.e |
0,0766094 |
|
|
Total assets |
-0,0000739 |
|
|
s.e |
0,0019438 |
|
|
Industry |
0,0754198*** |
|
|
s.e |
-0,0120541 |
|
|
_cons |
0,0405206 |
|
|
s.e |
0,087136 |
Оценка параметров многофакторной регрессии для событийного окна (-15;+5)
|
N |
200 |
|
|
F-st |
2% |
|
|
Prob > F |
0,07528* |
|
|
R2 |
2,53% |
|
|
R2adj |
-0,50% |
|
|
Переменная |
Коэффициент |
|
|
Board size |
0,0033402* |
|
|
s.e |
0,0077629 |
|
|
Independent |
-0,0086934 |
|
|
s.e |
0,0007295 |
|
|
Female |
0,097408 |
|
|
s.e |
0,000512 |
|
|
Total assets |
-0,0067701 |
|
|
s.e |
0,0745388 |
|
|
Industry |
0,0001678*** |
|
|
s.e |
-0,020237 |
|
|
_cons |
0,011435 |
|
|
s.e |
0,66315 |
Результаты Теста Бройша-Пагана на выявление гетероскедастичности
|
Chi2(3) |
43,66 |
|
|
P-value |
0,00043 |
Описательная статистика по независимым и контрольным переменным по объединенной выборке
|
Variable |
Mean |
S.d |
Min |
Max |
|
|
Board_Size |
10,765 |
4,210513 |
3 |
25 |
|
|
Independent |
6,315 |
3,848353 |
0 |
19 |
|
|
Female |
0,2535954 |
0,1510014 |
0 |
0,6666667 |
|
|
Total_assets |
1.28e+07 |
3.16e+07 |
16,02 |
2.40e+08 |
Описательная статистика независимых и контрольных переменных по подвыборке Испании
|
Variable |
Mean |
S.d |
Min |
Max |
|
|
Board_Size |
11,08 |
0,0640109 |
-0,0831523 |
0,2645983 |
|
|
Independent |
11.08 |
4.561776 |
3 |
22 |
|
|
Female |
6,66 |
3,987787 |
0 |
16 |
|
|
Total_assets |
0,22 |
0,13 |
0 |
0,56 |
Описательная статистика независимых и контрольных переменных по подвыборке Франции
|
Variable |
Mean |
S.d |
Min |
Max |
|
|
Board_Size |
11,4 |
4,04061 |
3 |
21 |
|
|
Independent |
6.18 |
3.847554 |
1 |
14 |
|
|
Female |
0,3230471 |
0,1402475 |
0 |
0,583333 |
|
|
Total_assets |
2.61e+07 |
4.42e+07 |
16.02 |
2.40e+08 |
Описательная статистика независимых и контрольных переменных по подвыборке Германии
|
Variable |
Mean |
S.d |
Min |
Max |
|
|
Board_Size |
10,86 |
4,323689 |
3 |
25 |
|
|
Independent |
0,6734824 |
0,3281911 |
0,0769231 |
1 |
|
|
Female |
0,2205384 |
0,1515814 |
0 |
0,5 |
|
|
Total_assets |
1.26e+07 |
2.67e+07 |
55.77 |
1.20e+8 |