DIVERSIFICATION: THE SYNERGETIC EFFECT OR THE MULTIPLIER OF COMPLEMENTARY

The article is dedicated to investigation of the synergistic effect during the conglomerated diversification on the enterprises. Existing methods of calculating synergistic effect are reviewed and it was shown that to pre-calculate synergistic effect in combining enterprises on their bases is impossible. The supposition that synergistic effect occurs when there is a complimentary relationship between goods and services produced the enterprises being combined was substantiated. Fundamentally new approach to determine the synergistic effect based on a multiplier on the cross-elasticity coefficient was proposed. Directly the coefficient of elasticity cannot be used. The problem lies not only in its negative implications for complementary products, but also that it takes the value as less than one, or greater than one. Based on the coefficient of cross-elasticity it is suggested in this article to introduce the concept of the multiplier of the complementary in such a manner that for the complimentary products it would receive the value greater than one, for independent products – equal to one, for substitutes – from one to zero.The multiplier of the complimentary should be used for pairs of products: each product (service) of existing enterprise is compared with each product of the absorbed enterprise, it is analyzed the total effect and on its bases it is checked whether the synergistic effect at the confluence (takeover) of enterprises is possible.Fundamentally a new criterion for assessing the value of diversification based on a multiplier of the complementary which allows avoid significant financial losses due to wrong decisions regarding the diversification of enterprises was proposed.