This paper focuses on the merger and acquisitions valuation, the research aims to evaluate it’s impact on the market economic activity. The research problem lays upon inconsistent valuation methodology of different economic subjects in these processes and the calibration of complex valuation methodology. Many researchers approach the evaluation of impact on the economic activity only by narrowing the valuation object by the firm, market or competitors, consumer and state. The aim of this paper is to show that mergers and acquisitions should not be evaluated from only one point of view because while one perspective gives a positive economic effect on the economic activity, the other perspective could show a negative effect. A valuation from only one perspective could result in a misleading understanding of mergers and acquisitions processes in the market economic activity. Therefore a valuation towards mergers and acquisitions should be constructed from separate valuations angles in the economic system. A practical case study with a designed research model is carried out to show the outcomes of the process by the different participants (firm; market and competitors; consumers; government) of the economic system. The method is constructed of financial valuation tools, economic indicators, forecast methods and mathematical-statistical calculations. This paper has shown that only a case study analysis could identify the real effect of mergers and acquisitions to the economic activity. Also, the paper suggests that there is a difference between national governments and European Union governance of these processes, therefore a member of the union should comply with these guidelines and even transpose them into national law. DOI: http://dx.doi.org/10.5755/j01.eis.0.12.21731

中文翻译：

---

合并对市场经济活动的影响评估：以立陶宛电信业为例

本文侧重于并购评估，旨在评估其对市场经济活动的影响。研究问题在于这些过程中不同经济主体的估价方法不一致，以及复杂估价方法的校准。许多研究人员仅通过缩小企业，市场或竞争对手，消费者和国家的评估对象来评估对经济活动的影响。本文的目的是表明不应仅从一个角度来评估并购，因为虽然一个角度对经济活动产生了积极的经济影响，而另一个角度却可能表现出负面影响。仅从一个角度进行估值可能会导致对市场经济活动中的并购过程产生误导性的理解。因此，应当从经济体系中不同的估值角度来构建对并购的估值。进行了带有设计研究模型的实际案例研究，以显示经济系统的不同参与者（企业，市场和竞争者，消费者，政府）的过程结果。该方法由财务评估工具，经济指标，预测方法和数理统计计算构成。本文表明，只有案例研究分析才能确定并购对经济活动的实际影响。也，该文件表明，各国政府与欧盟对这些程序的治理之间存在差异，因此，欧盟成员国应遵守这些准则，甚至将其转化为国家法律。DOI：http：//dx.doi.org/10.5755/j01.eis.0.12.21731