Finance, Banks
International securities in the system of activity of modern integrated banking structures
Numerous international financial markets and international financial institutions are now represented in the world economic complex by a wide variety of types and types of actors. This often causes difficulties in accurately determining the main type of activity of such an institution, therefore there is a need to bring some classification of these institutions operating at multiple sites, including where both international securities and international bonds operate. As a criterion underlying the classification, we can consider the degree of integration of financial resources of institutions in a joint business group and the stability of the formed structure.
According to this approach, three forms of integrated structures are distinguished: with a low degree of integration of economic resources into a single system; An average degree of integration; Highly integrated business units.
It is also necessary to introduce additional restrictions based on whether these structures participate in the creation of banking value or completely form a logistic chain, which characterizes their commercial orientation and excludes from the further analysis a number of traditional associations (unions, guilds, cartels, etc.). These associations do not integrate economic resources, pursuing the common goals of their participants. Commercial activity is not their main goal.
Thus, new forms of integration - network, virtual structures and some types of strategic business alliances - should be classified as low-integrated structures; To medium integrated - strategic alliances in the form of joint ventures (JVs), as well as classical forms of consolidation of capital, namely: financial and industrial groups, holdings, concerns, transnational and multinational corporations and banks; To highly integrated structures - strategic alliances with mutual participation of capital and business units created through mergers and acquisitions.
This classification allows us to trace the evolution in the genesis of forms of capital integration. Thus, medium-integrated and highly integrated structures are classical forms of banking associations that actively functioned in the nineteenth and twentieth centuries, when international securities were widely disseminated. At the same time, low-integrated forms - virtual enterprises, network business structures, as well as the most flexible form of company integration - strategic alliances, acquire a significant spread at the present stage. This is due to the fact that these very international securities have already become quite a habitual instrument of financial activity everywhere in the world. These forms of transformations of enterprises are the main ones in the world practice, and now managers of the largest banking associations are increasingly giving preference to the latter as more flexible and reversible forms of integration.
The types of integration considered pursue different goals, differ in terms of their existence, and have different results of functioning. So, virtual financial networks are aimed at the most complete realization of their resources. The members of the education group are not bound by legal obligations on the terms of joint work, which makes this type of integrated structure flexible, but unstable. However, international securities in the activities of such entities, while applied in a limited way. The strategic alliance has various forms: from an agreement on joint scientific developments to the merger of banks and companies into a single economic organism with close mutual property relations. A wide variety of specific forms of the alliance makes this type of integration preferable. The Alliance provides for the possibility of reversibility of the decisions made, since it includes companies voluntarily and on mutually beneficial terms. However, this structure is the most difficult to control and manage, because it involves a combination of conflicting interests of partners. Mergers / acquisitions represent a tine of integration, not related to the time of existence and specific goals. The main results expected by corporate managers when making decisions about mergers and acquisitions are: achieving synergy, cutting costs and rapid capital growth.
Thus, at the present stage of the development of the world economy, large financial-industrial groups of these types are beginning to play an increasing role. The largest companies, having exhausted the opportunities for organic growth, use mergers and acquisitions, as well as the formation of alliances of structures of various types to strengthen and maintain competitiveness in the global financial market.
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