Journal of Applied Economic Research
ISSN 2712-7435
Theoretical foundations and methodologies for assessing the integration cooperation at the industry market
Romanova О.А., Makarov E.V.
Abstract
The article deals with the theoretical basis of evaluation of integration cooperation
in industrial markets. The features and development trends of the modern Russian market
of mergers and acquisitions are considered; the main forms of integration in industrial
markets are analysed. The conceptual apparatus of investigation has been extended;
concepts such as a step of the integration process, the trajectory of the integration
process, reflective constructor are introduced into scientific circulation. A more detailed
definition is proposed for the notion of the integration process from the perspective
of its formalization in the face of uncertainty in the form of "trajectory" as a set
of successive steps of the integration process. The analysis has been conducted of existing
approaches and indicators used to assess the economic integration process. The article
outlines a system of reflexive interaction within the enterprise in an industrial market.
Substantiation is provided for the validity of applying the entropy approach
to the assessment of integration processes with the Kolmogorov-Sina iindex of entropy.
The authors have developed a methodical approach to assessing the feasibility of economic
integration in industrial markets, supplementing traditional methods of evaluation based
on the entropy-reflexive approach. It is based on a refined system of criteria
and indicators for the economic evaluation of integration processes, ranked in accordance
with P. Fishburne’s rule by the degree of importance of economic indicators. A feature
of the authors’ approach is three consecutive stages of its implementation, i.e.,
the principles of reflexive control, entropy approach, traditional assessment of mergers
and acquisitions. A methodological basis of management of an industrial enterprise within
the framework of the integration process is proposed that takes into account reflexive
impact. An algorithm is formed for making management decisions based on the results
of the three-step economic valuation of the expediency of development of integration
processes. The authors’ approach was trialed using the case of the Ural Federal District
metals market, making it possible to determine the optimal trajectory of the integration
process as a series of horizontal and vertical integration steps.
Keywords
Key words: economic assessment, step and trajectory of the integration process, reflexive analysis, entropy, reflexive constructor, metal market
About Authors
DOI: http://dx.doi.org/10.15826/vestnik.2015.14.5.041
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