Modern forms of enterprise integration. Integration of enterprises: varieties and organizational features Forms of enterprise integration and factors of their development

Why is enterprise growth necessary?

1. A growing company overcomes management errors more easily than a stable one (with growth, a strategic maneuver is possible; in addition, it is easier for a growing company to receive financial support in case of an unfavorable outcome)

2. A growing company is more attractive to investors.

There are two basic growth strategies:

Concentration in one industry

Diversification into other industries (diversity effect)

Motives for diversification: economies of scale; gaps in the production chain; risk reduction; management expectations; access to technologies, markets, resources; joint activities (sales, marketing, etc.)

Types of diversification:

Related:

1. Horizontal

1) Expanding the range of products

2) Expansion of the geography of activity

2. Vertical

1) Direct and reverse (With backward integration, the enterprise adds functions that were previously performed by suppliers, i.e., acquires or establishes control over sources of raw materials. With direct integration, the enterprise adds functions previously performed by distributors, i.e., transport and service services are acquired , sales channels and other functional services related to the main activities of the company).

2) Full and narrow

· Unrelated (conglomerative)

Diversification- this is the coverage of such areas of activity that do not have a direct connection with the main activities of the enterprise. Moreover, the company may lack common resources and technologies. Benefits are achieved by optimizing cash flow and investment management. Diversification is often explained by the personal ambitions of management. Diversification may be associated with stagnation in the industry. The effect of diversification is achieved over many years.

Diversification of an enterprise's activities is a form of implementation of corporate strategy.

Main commercial purpose diversification is to increase profits by taking advantage of market chances and establishing competitive advantages, but the real ways to gain competitive advantages, and therefore the incentives for diversification, are different.

There are related and unrelated (conglomerate) diversification, which is sometimes called lateral (lat. lateralis - side) diversification. In turn, related diversification can be vertical or horizontal (Figure 7.2). The main criterion for determining the type of diversification is the principle of merger. With a functional merger, enterprises related in the production process are combined. In an investment merger, the merger occurs without the production community of enterprises.

Vertical integration, or related vertical diversification, - This is the process of acquiring or incorporating into an enterprise new production facilities that are part of the technological chain of production of an old product at stages before or after the production process. Vertical integration is typical for metallurgy, the oil sector, chemical production, and the forestry industry.

Vertical integration is divided into full and partial and quasi-integration. Full integration- between two production stages there is full integration in the case where all products produced in the first stage enter the second stage without sales or purchases with the participation of third parties. So, for example, before the creation personal computer For IBM, all microprocessors were manufactured in the company's own semiconductor foundries and none of the semiconductors were sold to third parties. Partial integration exists in cases where a part of the production necessary to create a product is acquired. Thus, the Philips company for the production of television receivers receives cathode ray tubes from both internal and external suppliers. Quasi-integration- creating alliances between companies interested in integration without transfer of ownership rights.

Horizontal integration, or related horizontal diversification, is an association of enterprises operating and competing in the same field of activity. The main goal of horizontal integration is to strengthen a firm's position in an industry by absorbing or gaining control over certain competitors. Horizontal integration can help achieve economies of scale and/or reduce the risk of competition, expand the range of goods or services.

A classic example of horizontal diversification is the penetration of American brewing companies into the production and marketing of soft drinks (expanding their range).

Unrelated diversification or simply diversification- this is the coverage of such areas of activity that do not have a direct connection with the main activities of the enterprise. It is considered that diversification is justified if opportunities for integration are limited or non-existent, or competitors' positions are very strong, or because the market for the underlying product is in decline.

An example of diversification would be a gasoline retailer that acquires a furniture factory.

With such diversification, there may be no common markets, resources, technologies, and the effect is achieved through the exchange or division of assets/areas of activity. It's more like di versification of capital, not production(conglomerate diversification).

In the course of such integration, manufacturing and trading enterprises are combined and a “full cycle” company is created.

Success factors for vertical integration of enterprises

Cross-industry integration is chosen as a development strategy by technology companies operating in markets with rapid technology change, high competition and long supply chains. Creation of “full cycle” enterprises speeds up production and deliveries finished products, reduces transport costs, simplifies entry into new markets. Intersectoral integration is most beneficial in two cases:

• Distance of production facilities from the place of consumption of goods. The fuel and energy complex is characterized by vertical integration, in which one enterprise is engaged in the extraction of raw materials, their processing, delivery and sales. This approach speeds up business processes and reduces costs for intermediaries.
• High competition combined with knowledge-intensive production. High research costs in the production of electronics, household appliances, and pharmaceuticals are combined with an abundance of manufacturers. In this case, combining research laboratories with a production complex will reduce costs and eliminate “leakage” of intellectual property through intermediaries.

Vertical integration is advisable in large enterprises that benefit from economies of scale. This expansion method is most rarely found in small businesses producing unique goods for a narrow market niche.

Types of vertical integration

Depending on the specifics of production, integration is carried out in one of three ways.

• Direct integration is the process of enterprise growth through the purchase of consumer companies. For example, a bakery acquires a chain of confectionery shops. This option reduces the number of intermediaries, speeds up the distribution of finished products, and increases brand awareness in the market.
• Backward integration is the growth of a company by purchasing enterprises that supply raw materials. For example, a design bureau buys a woodworking plant. This option guarantees high quality raw materials, provides exclusive delivery conditions, and allows us to produce unique products.
• Parallel (balanced) integration is the process of company growth through the sequential purchase of consumers of finished products and suppliers of raw materials. The initiator of the process is a large production that is developing a new market segment or entering the international level.

From a control point of view, vertical integration is divided into progressive (the product manufacturer buys the consumer network) and regressive ( retail chains buy production capacity). The second option is more common in the market: organizing effective sales of products in the face of fierce competition is more difficult than organizing efficient production.

Pros and cons of cross-industry integration

The effectiveness of a company's expansion depends on its current position in the market, the level of demand for products, the volume of costs for raw materials and new technologies. Cross-industry integration has two advantages.

• Cost reduction. Vertical integration shortens the supply chain, eliminates intermediaries, creates exclusive conditions for cooperation - the company’s costs are reduced, and the quality of the product increases.
• Gaining leadership in the market. Large full-cycle enterprises form an oligopoly in the market segment, receive consistently high profits and earn a good reputation among consumers.

The negative consequences of vertical integration are the bureaucratization of the company and increased costs for legal support of the business. In the long term, “full cycle” enterprises form a closed market with a minimal level of competition, which reduces the quality of products.

Organizational forms of company integration

The search for effective organizational forms of combining companies has continued at least over the last century. In world practice, various types of integration of firms have developed, differing depending on the goals of cooperation, the nature of economic relations between their participants, and the degree of independence of the enterprises included in the association. These are strategic alliances, consortia, cartels, syndicates, pools, associations, conglomerates, trusts, concerns, industrial holdings, financial and industrial groups, etc.

The desire to find a balance between the advantages of centralization and decentralization of management and responsibility when merging companies leads to the choice of such organizational forms of integration that occupy an intermediate position between a completely centralized corporate structure and cooperation in a purely market environment.

Organizational forms of company associations, which vary significantly in the degree of integration of their participants, develop historically from concerns and family groups at the beginning of the century to strategic alliances at the end of the twentieth century. It is noteworthy that the newly emerging organizational forms do not displace previous types of company integration, but complement them. The variety of forms is expanding. The nature of the relationships between companies is becoming more and more complex and very subtle, taking into account, in addition to everything, the possibility of cooperation between integrated structures.

In this article, it seems important to us to try to evaluate world practice organization and functioning of various forms of company integration, consider their features, compare and analyze their advantages and disadvantages, consider what factors influence the choice of one or another form of company integration.

Of course, the boundaries between all these forms are quite vague. They are sometimes interpreted ambiguously by different specialists (both theorists and practitioners). For example, there are two completely opposite opinions about the relationship between strategic alliances and consortia. One opinion is that a consortium is not a strategic alliance, but more often the prevailing view is that among the types of strategic alliances it is consortia that stand out.

In our research, without trying to draw a rigid, once and for all established line, we will try to identify the most characteristic features of forms of company integration from the point of view of theory and practice. We hope that our analysis will be useful to the reader and will allow him to form his own opinion about the diversity of integration forms existing in the world.

In addition, it should be noted that despite the lack of civil law most countries, both foreign and Russian Federation, the above names of organizational forms of integration of companies to designate a specific legal entity, all these forms of association actually take place. In each individual case, the integration of companies, which falls under the definitions and characteristics formulated below, is registered as a legal entity in the organizational and legal form provided for by the civil legislation of a given country (in Russia, as a rule, in the form of business partnerships and societies, associations and unions).

All organizational forms of company integration can be divided into “hard” and “soft”. Hard ones include a concern, a trust, and soft ones include, first of all, an association, consortium, and strategic alliance. “Soft” forms are especially popular for international associations; they allow joint activities while the founders retain legal and economic independence. Within the framework of strategic alliances and consortia, the opportunity arises to mobilize the advantages of a powerful corporate structure while maintaining the national isolation of its members. Indeed, sometimes the state authorities and public opinion of countries, for a number of reasons, primarily political, have an unfavorable attitude towards such forms of integration of companies that lead to the loss of their autonomy and independence.

One of the most common and developed organizational forms of company integration is the concern.

Concern- this is a form of association (usually diversified) of independent enterprises connected through a system of participation in capital, financial ties, agreements on community of interests, personal unions, patent licensing agreements, close industrial cooperation.

Let us formulate the main features of concerns :

this is a fairly strict form of integration of companies, the strictest of all those discussed in this article, with the exception of the trust;

a concern is usually an association of a production nature;

the companies included in the concern nominally remain independent legal entities in the form of joint-stock or other business companies or partnerships, but are actually subordinate to a single economic manager;

within the framework of the concern, financial and economic management, implementation of scientific and technical policy, pricing, use of production facilities, and personnel policy are centralized;

The parent company of the concern, as a rule, is organized in the form of a holding company (mainly as a mixed holding) or on the basis of interaction between the dominant and dependent (associated) companies;

The concern's activities are focused mainly on production, therefore, production most often acts as the parent (head)

a company that holds controlling stakes in subsidiaries;

within the framework of this form, the activities of the companies that form it are fully controlled.

Depending on the nature of integration ties between companies, the following types of concerns are distinguished:

Vertical concern - a concern uniting companies from different industries, connected by the sequence of technological production processes finished product(for example, mining, metallurgy and engineering).

Horizontal concern - a concern that unites companies in the same industry that produce the same product or carry out the same stages of production.

The activities of a concern may extend to one sub-industry or sector of the economy. It may include enterprises from one or more industries. Only a few of the largest concerns cover the entire industry (for example, in Germany the Siemens concern is in the electrical industry). The concerns operate in those sectors of the economy where large and mass production is developed and high technologies are used. Most often these are ferrous and non-ferrous metallurgy and the steel industry, mechanical engineering and automotive manufacturing, the chemical and electrical industries.

From the point of view of the capital participation system, two types of concerns can be distinguished:

subordination concern - a concern organized in the form of parent and subsidiary companies;

coordination concern - a concern consisting of sister companies, i.e. created in such a way that individual companies included in it mutually exchange shares. Thus, all members of the concern have a mutual influence on the policies pursued by the concern, which at the same time remains under a single leadership.

A subordination concern is created, as a rule, to combine production along the technological chain, and a coordination concern is created for the purpose of integrating such activities as pursuing a unified financial or scientific and technical policy, coordinated production development of companies, personnel policies, etc. A coordination concern, including sometimes poorly connected technological enterprises, in its essence becomes close to such a form of company integration as a conglomerate.

Concerns with foreign subsidiaries represent international concerns. Moreover, capital investments of international concerns can be both transnational and transcontinental.

Large concerns unite from 10 to 100 or more companies, including manufacturing, research, financial, sales and other companies.

For example, General Motors has 126 factories in the USA, 13 in Canada, and production and sales divisions in 36 countries. The concern's products are sold through its own sales networks and dealer networks comprising more than 15 thousand companies.

Conglomerate

Conglomerate- an organizational form of company integration that unites under single financial control an entire network of heterogeneous enterprises, which arises as a result of the merger of various companies, regardless of their horizontal and vertical integration, without any industrial community.

TO characteristics of conglomerates can be attributed:

integration within the framework of a given organizational form of enterprises from various industries without the presence of a production community. The merged companies have neither technological nor target unity with the main field of activity of the integrator company. Core production in conglomerate-type associations takes on a vague outline or disappears altogether;

the merged companies, as a rule, retain legal, production and economic independence, but turn out to be completely financially dependent on the parent company;

Conglomerates are characterized by significant decentralization of management. Their branches enjoy significantly greater freedom and autonomy in all aspects of their activities compared to similar structural divisions traditional diversified concerns;

the main levers for managing conglomerates are financial and economic methods, indirect regulation of the activities of divisions by the holding company at the head of the conglomerate;

In market economic conditions, in order to solve the problems facing the enterprise, there is a need to unite (integrate) enterprises. This is due, first of all, to the need to achieve financial stability enterprises in conditions of strong competition.

The goals of integration are:

1. reduction in the duration of creation and implementation new technology;
2. increasing the competitiveness of products in the sales market;
3. reduction of production costs;
4. increase in profitability and profit.

Depending on the goals and objectives set, enterprises are united either on the basis of the principle Cooperations, or Concentrations.

Enterprises cooperate, as a rule, to jointly implement large projects, to implement common tasks and coordinate behavior in the product sales market. Integration based on cooperation can be temporary or permanent. The forms of its organization are cartel and consortium.

Cartel is a form of union of enterprises based on an agreement that establishes conditions mandatory for all participants (firms):

• by production volume;
• prices for goods;
• shares (quota) in sales markets;
• exchange of patents, etc.

Cartel participants retain legal and economic independence. The formation of production proportions and technological division of labor are carried out through market levers (product sales conditions, payment terms, price levels, etc.).

Violation of the terms of the cartel agreement is punishable by a fine.

In cartel agreements, each participant independently purchases raw materials and carries out work.

Consortium- this is one of the forms of integration of banks and enterprises (firms) on the basis of a cartel agreement for jointly carrying out large financial transactions for the implementation of capital-intensive projects in order to obtain high profits.

As a rule, this is a temporary association of participants for the period of achieving a certain goal. The consortium participants can be both public and private enterprises.

In a consortium, the enterprises fully retain their independence, but within the framework of the set goal, the consortium members are subordinate to a jointly elected leadership.

A type of association based on a cartel agreement is widespread in the field of patents and licenses.

Integration of enterprises based on the principle Concentrations Produced on the basis of centralization and concentration of capital.

Centralization is the merger of individual capitals (equity contributions to the authorized capital) into a single capital for sharing. In world practice, the most common form of centralization of capital is the mechanism of education Share capital.

The main sign of enterprise centralization Their subordination to a single management, which is formed either on a statutory (contractual) basis, or in accordance with the share of the authorized capital, a controlling stake.

Capital concentration– this is an increase in capital as a result of accumulating part of the profit for the development of enterprises (profit capitalization).

Indicators of profit concentration are:

1. number of employees;
2. volume of production;
3. ownership share in the selected industry sector;
4. sales scale.

The limits of concentration are limited, on the one hand, by the possibilities of reducing unit costs of production and distribution, and on the other hand, by antimonopoly legislation (protection of consumer rights).

There are three main types of concentration:

1. horizontal;
2. vertical;
3. diversification.

Horizontal concentration is the concentration of the same type of means of production (for example, metalworking) from one large company.

Vertical concentration is an association within Corporations For all successive stages of production (from the extraction of raw materials to the marketing of finished products), see n/a.

That is, a corporation is a joint-stock company that combines the activities of several firms to achieve common goals or protect privileges. How entity bears responsibility for debts and taxes for all enterprises included in its composition in the form of specialized organizations and enterprises.

Diversification- this is penetration large enterprises into other industries unusual for their production structure (for example, beer production; furniture production). Diversification is actively spreading in world practice, which is due to the following reasons:

• limited capacity of the market for specialized products;
• risk reduction entrepreneurial activity through the expansion and redistribution of sources of corporate profit;
• the possibility of compensation for losses during the period of structural changes, product renewal, market fluctuations of one industry group of products due to high profitability another industry group of goods;
• the ability to flexibly maneuver investments for individual areas of production development.

Basic organizational forms mergers of enterprises based on concentration are Syndicate, trust, concern, association .

Syndicate - this is an association of enterprises with the aim of centralizing the functions of providing resources and marketing (product sales) on the basis of agreeing on conditions, the participants of the syndicate retain their legal status, but lose their commercial viability.

By concentrating the sales of products in single bodies, the syndicate has the opportunity to regulate the conditions of sale on the market (dumping). Centralization of the functions of providing raw materials makes it possible to reduce costs through wholesale purchases.

Trust - this is a combination of enterprises in which there is strong centralization of management. In this case, the participants completely lose their commercial independence. Creation of a trust means transfer legal law the holder of a controlling block of shares (or a special trust certificate).

This means, unlike other types of associations in a trust One owner(entity).

In modern conditions, trusts can be either industry-specific (classical) or inter-industry. In the latter case, these are factories.

Trusts of a horizontal structure (industry) and vertical (interindustry), along with production complexes, can include trading and service enterprises.

But trusts are rarely widespread in world practice.

Most common organizational form association of enterprises is a concern.

Concern - This is a form of contractual large associations, usually of a monopoly type. In Russia, concerns are created on the basis of large state-owned enterprises and associations.

The concern includes research and production associations, production companies, trade and sales and financial institutions(banks). Concerns have a certain resistance to fluctuations in market conditions and are able to profitably concentrate and redistribute investment resources. The enterprises included in the concern retain their legal independence. A concern can arise either on the basis of relations of dependence of some enterprises on the parent (subordination concern), or as a union of equal partner enterprises under a single leadership (equal concern).

Single financial control in the concern is complemented by centralization functional management: primarily supply, production, marketing.

At the present stage, another manifestation of the concentration of production and capital is the formation International concerns, Which are divided into Transnational(owned by one country) and Multinational(with cross-country distribution of share capital).

3 groups of international corporations:

1. related to the extraction and processing of fuel and energy resources;
2. chemical concerns to ensure comprehensive processing of petrochemical products;
3. enterprises with detailed specialization that are part of international entities.

The efficiency of the concern's functioning largely depends on the organizational and economic mechanism of its management. The development of such a mechanism is A serious problem Since the manifestation of centripetal or centrifugal forces in the activities of the concern depends on its solution.

Holding companies. They are characterized by having control over other companies, either through ownership of their shares and cash capital, or through the right to appoint directors of the control companies.

Although the enterprises included in the holding association remain independent, Holding(due to a controlling stake) can influence their economic and commercial decisions, is able to centralize and redistribute the financial resources of participants, if this is due to necessity and common benefit.

Economic Association(union, foundation) is a contractual association of organizations and enterprises created for the purpose of jointly implementing one or more production and economic functions. Participation in an association imposes less stringent restrictions on an enterprise than in a concern. Members of the association may enter into other contractual associations of enterprises without agreement with other participants.

In addition, in order to protect citizens in any spheres of society’s life, Social associations, which includes various charities or mixed production, economic and social associations.

Enterprises can also unite into regional unions.

Thus, the main goals of combining enterprises are to achieve financial stability through:

1) reducing the duration of creation and implementation of new technology, due to increased investment opportunities.

Holding companies have great advantages over single enterprises, but they may also face bankruptcy. There are many reasons, one of them is the inefficiency of financial, organizational, property and legal or production structure holding.

Holding: concept, structure, types of integration

A holding is a corporation that regulates the activities of independent organizations. Target creation of a holding - to increase the efficiency of joint economic activities of the merged enterprises.

The holding consists of a parent (management) company and subsidiaries.

Types of integration

In the economic sphere, there are five main ways to build the potential of large enterprises, that is, types of integration:

• vertical;
• horizontal;
• independent;
• mixed;
• partial vertical.

Vertical integration

This is the accession to the holding of enterprises whose main activity fits into a single technological chain of production of finished products of the existing holding, which makes it possible to create a closed production cycle (Fig. 1).

Main advantage vertical integration consists of significant cost savings, which for the most part consists of profits included in the price of suppliers of raw materials, materials and components necessary for the production of the holding’s main products.

In the event of the merger of supplier enterprises or companies replacing previous suppliers, profits and invoices previously included in the purchase price remain in the holding. In addition, effective management, optimization, rationing and strict control of resource consumption in the process of economic activities of companies merged into a holding can bring additional savings.

Horizontal integration

This type of integration involves the accession to an existing holding or a company creating a new holding of enterprises that produce products similar to those produced in the holding (Fig. 2).

Main advantage horizontal integration - growth of the holding's share in its market segment. This means that the main purpose of creating a holding company with horizontal integration is reduced level of competition. In this case, the opportunity to set your own prices on the market increases and thus ensure an increase in profits and an increase in the profitability of production and sales.

At the same time, we must not forget about the requirements Federal Law dated July 26, 2006 No. 135-FZ (as amended on July 4, 2016) “On the protection of competition.” In addition, a horizontally integrated holding company can afford to purchase raw materials and supplies at significant discounts by increasing purchase volumes.

Independent integration

Independent integration means joining the holding of enterprises that produce products (provide services) for consumption in various markets. The production facilities, products or services of the enterprises that are part of such a holding are in no way connected with each other. A holding with independent integration may include metallurgical enterprises, construction organizations, and companies providing services to the public (Fig. 3).

Independent integration allows you to reduce the risks of a significant decrease in sales volumes and demand in one of the consumption markets for products produced in the holding. Risks may be caused by seasonality of production or demand, economic crises and increased competition.

When choosing the areas of activity of enterprises integrated into the holding, it should be taken into account that when the demand for any product decreases, the need for other products of the holding in the consumer markets during this period should remain stable or increase. If, for example, one of the holding companies produces expensive, highly profitable products, then it is necessary to integrate into the holding enterprises that produce low-price goods that are constantly in demand regardless of economic crises. The integration of enterprises producing seasonal goods into the holding is structured in a similar way.

The presence of risks may also be associated with the emergence of one large or several competitors in one of the markets. These risks are mitigated due to the chosen holding structure with an independent integration method. Such a holding is created as if for the purpose of mutual assistance of the enterprises included in the holding.

Blended Integration

The most successful activities are those of holdings with mixed integration(Fig. 4). This holding structure combines all the advantages of various integrations.

An example of such a holding would be LLC UMMC Holding" There is a wide list of market areas in which UMMC Holding LLC occupies leading positions not only in the Urals and the Sverdlovsk region, but also in Russia and abroad. The holding includes:

• non-ferrous metallurgy enterprises;
• mining industry enterprises;
• ferrous metallurgy enterprises;
• enterprises for the enrichment of raw materials for metallurgical production;
• machine-building enterprises;
• aircraft manufacturing enterprises;
• scientific organizations;
• construction enterprises engaged in civil and industrial construction;
• construction industry enterprises;
• enterprises producing cable products;
• service sector enterprises;
• food industry enterprises.

Vertical integration by industry of some groups of enterprises included in UMMC Holding LLC makes it possible to significantly reduce production costs and increase management efficiency. The multidirectional nature of the holding’s activities makes it possible to smooth out the consequences of a drop in demand in a particular sales market, and the high level of concentration of the holding’s resources allows directing cash flows in the directions necessary for successful activities holding.

Partial vertical integration

Partial vertical integration means the unification within a holding of a part of enterprises whose total production activities do not form an integral closed production cycle, but at the same time part (parts) of the technological chain for the production of finished products is within the holding (Fig. 5).

Partial vertical integration of a holding can take place at the beginning of its formation, when the holding’s management seeks to unite enterprises whose production capacities make it possible to organize a closed production and technological cycle. In some cases, creating holding companies with complete vertical integration is not practical due to diversity material resources required to create the final product.

An example of holdings with partial vertical integration would be construction holdings. Creating a closed production cycle, starting from the production of all building materials and ending with the construction of facilities, is practically inaccessible due to the high total cost of production necessary to form a continuous technological chain for the production of building materials and the construction of facilities.

In the production of many building materials, expensive complex technologies are used, non-standard and far from cheap equipment is used. And the management of such a complex should be at the appropriate level. Therefore, organizing a holding company that includes enterprises that produce all the materials and products necessary for construction is an almost impossible task.

At the same time, you need to understand that by purchasing products from third parties, a construction company gives a significant share of its profits to its suppliers. We also have to put up with endless, sometimes unreasonable increases in prices from suppliers. The price of materials also includes the supplier's overhead costs, which the company purchasing the products pays out of its own pocket.

IT IS IMPORTANT

When forming a holding company, overhead costs for production can be significantly reduced due to the correct formation organizational structure holding. This will be an additional cost saving relative to the situation in which materials are purchased externally.

Successfully developing construction company should definitely think about providing yourself with at least basic production base.

If the activity of the enterprise is sufficiently effective, which is expressed in the presence of a certain amount of free financial resources, then they must be invested in the construction of its factories for the production of building materials or look for ways and opportunities to acquire controlling stakes in enterprises operating on the market that produce products in demand in construction. Otherwise, the amount of profit given to suppliers will increase, since the increase in prices of suppliers is not always adequate to the increase in production costs (often produced as if on schedule and without the presence of any economic justification increase in selling prices).

How to make the right choice in favor of integrating a construction holding company?

If a construction company strives to develop, but its financial resources somewhat limited, it is important to do right choice in favor of the integration of a particular enterprise.

Basic selection principles:

• current and future financial opportunities construction organization or holding;
• construction prospects in terms of types of objects, volumes and methods of construction;
• direction of activity of the integrated enterprise;
• compliance of the production capacity of the integrated enterprise with the needs of the holding;
• the level of costs for the construction and organization of a new enterprise or the value of a controlling stake in the acquired enterprise;
• comparison of financial capabilities and the cost of integrating a new enterprise into the holding;
• the complexity of managing the production and technological process of an integrated enterprise and the ability to ensure uninterrupted operation of knowledge-intensive, innovative or high-tech production;
• economic efficiency integration.

Given the huge list of raw materials, materials, components and services consumed in the construction of civil and industrial facilities, the most important issue is the choice of an enterprise with the most useful line of activity for the holding, taking into account current or future construction methods.

The construction method determines which materials are primarily used in the construction of buildings and structures.

Basic methods of building construction:

• monolithic;
• frame;
• brick;
• small-piece;
• monolithic brick.

For an initial assessment of the rationality and feasibility of integrating an enterprise - a manufacturer and supplier of building materials into the holding company, you need to know:

• what products and materials are used in the construction process using the existing or planned method of house construction;
• what is their share in value terms in the total cost of the constructed building.

Analysis of the integration of a supplier of orphan materials within the holding company

The list of the range of raw materials, materials and components used in construction is huge, so initially you can calculate the share of costs for the purchase of materials for each enlarged group of materials used in the construction individual species construction and installation works (CEM).

For the calculation, let’s take a typical 18-story residential building as an example. As a source of information, we use a consolidated local estimate for the facility in 2001 prices. We will not be tied to the cost, since this is an unstable value, unlike the cost structure as a percentage.

The share of construction and installation work as a percentage of the total estimated cost of construction is determined as the result of dividing the estimated cost of production of each type of work by the final estimated cost of the construction project (Table 1).

By cost construction work the largest share is occupied by external Finishing work (11.48% of the total cost of construction and installation work). Next comes the installation of the heating system (10.54%).

We will use the estimates on the basis of which the local estimate was drawn up. The estimate numbers in the summary local calculation must be indicated. Such work will not take much time, since at the bottom of each estimate there is a final summary of the estimated costs for each type of work. It is enough to copy the data into a separate table and then calculate the share of each cost item in the estimate by type of work (Table 2).

Let's calculate the share occupied by enlarged groups of materials for each type of construction and installation work in the total estimated cost (Table 3).

As can be seen from the data in table. 3, the maximum share in the total estimated cost of the object is occupied by materials used in the installation of heating systems (9,17 %).

When performing several types of work, the same groups of materials are used. Let's group them and calculate the share of the total need for materials of one group (Table 4).

Now let's determine the groups of materials with the maximum share in total volume construction and installation works (Table 5).

The largest share in the cost of construction and installation work among other groups of materials is occupied by the group “ Reinforced concrete", which includes concrete, reinforcement and other materials for performing monolithic work (15.66%). This does not take into account other works, the production of which also uses concrete and reinforcement.

Such an analysis does not provide a complete answer to which manufacturers of which groups of materials should be integrated into the holding, but it can become a guide in the choice. At the same time, the picture of priority groups of materials according to the principle of the share of consumption during the construction of different types of objects can be radically different even with the monolithic construction method. For example, the Reinforced Concrete group, when constructing shopping and entertainment complexes, may not occupy the first place in terms of material consumption in value terms.

In this example, we will consider options for joining a holding company:

• concrete plant;
• valve production plant.

The production capacities of these enterprises can be completely different, as well as the cost of these plants. For example, to produce fittings it is not at all necessary to integrate a large metallurgical plant into the holding. For small and medium volumes of construction, you can pay attention to mini-factories for the production of construction reinforcement, specializing in the processing of scrap ferrous metals, capable of producing not only construction fittings, but also channels, angles, etc.

Such enterprises, due to the absence of blast furnaces, can significantly reduce energy costs. In addition, the mini-plant can be located as close as possible to the construction site or to workshops for the production of reinforced concrete products, which significantly reduces transportation costs. Profitability of such factories is 40% or more. It is only necessary to ensure the high quality of the products produced at such factories.

Regarding integration into the holding company concrete plant, then this promising business direction requires further study of the issue of joining the holding of such mining industry enterprises as sand and crushed stone quarries. Vertical integration of a group of enterprises producing inert materials and concrete will bring a significant economic effect in the form of high marginal profits remaining at the disposal of the holding. In addition, the concrete plant can produce masonry mortars and floor screed mortars. Subject to purchase additional equipment All kinds of reinforced concrete products can be produced from concrete and mortars.

The criterion determining the choice may be the simplicity of the production technology of both concrete and building reinforcement, relative to most items included in other groups of materials (see Table 5).

To make a final decision, you need to most accurately determine, how profitable is the integration into the holding of enterprises whose main profile is the production of one or another product. Therefore it is necessary to develop detailed business plans , which should reflect:

• all costs of integration;
• direct and overhead costs for production;
• planned profit;
• integration payback period, etc.

As the holding develops, you should return to the analysis and selection of new business areas. After all, a high share of a particular material in the estimated cost of construction does not always mean that the production of materials will bring the greatest profit to the holding. Let's look at why.

Let us accept as a condition that for the group of materials “ Concrete» marginal income (MI) from the sale of products corresponds to the average level of marginal income from the sale of concrete, subject to the purchase of inert and cement from third parties and is 14%. Then we calculate the share of marginal income for this group as a percentage of the estimated cost of the object (Table 6).

We will also determine what the level of marginal income from the sale of other groups of materials should be so that the share of marginal income for these groups is 1.46% of the estimated cost of construction (column 6 of Table 6), similar to the MD of the group of materials “Concrete” (Table 7).

To achieve the share of marginal income of the group of materials “Concrete”, which is 1.46% in the total estimated cost of the object, for the group of materials “Plastic and aluminum double-glazed windows” it is necessary to receive marginal income from the sale of products of this category to the third party in the amount 22,23 % . This is not only a completely achievable level for products that are in demand, but rather even low. That is, this means that the integration of an enterprise for the production of double-glazed windows can bring the holding a higher marginal income than a concrete production plant.

The calculation results (see Table 7) indicate that other groups of materials should also not be ignored during the development of the holding. We need to think about an independent method of integration, that is, the inclusion in the holding of enterprises that do not produce materials for construction, but produce highly profitable products that are clearly in demand on the market during periods of crisis and beyond. This is necessary to reduce the risks associated with a drop in demand for real estate caused by a decrease in the level of real income of the population.

Conclusion

The algorithm for selecting enterprises to be included in the holding is quite complex. First of all, you need to decide on the method of integration, and for this you need to take into account all the pros and cons of each method. It is also necessary to choose the directions of activity of enterprises, and this is extremely complex issue. The article suggests simplest method the initial stage of selecting business areas, which will allow you to narrow the search range, and therefore will help speed up the solution to the issue of integrating enterprises whose activities within the holding will help improve the efficiency of the production structure of the association of enterprises.