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| Title: | 財務顧問在跨國購併案件中對主併公司之價值
The value of financial advisors for acquirers in cross-border M&As |
| Authors: | 陳怡廷
Chen, Yi Ting |
| Contributors: | 吳啟銘
Wu,Chi Ming
陳怡廷
Chen, Yi Ting |
| Keywords: | 精品財務顧問
財務顧問過去跨國購併績效
跨國購併
Boutique financial advisors
Prior client performances
Cross-Border M&As |
| Date: | 2017 |
| Issue Date: | 2017-07-11 12:24:35 (UTC+8) |
| Abstract: | 全球化下，企業之競爭日益激烈且為了整合資源與拓展新市場，全球跨國購併案件逐漸增加。全球跨國購併案件增加的同時，也彰顯了財務顧問在跨國購併案件中扮演之角色與價值。財務顧問之職責主要為客戶降低各方面之成本，以及為客戶談妥好議價、購併後帶來綜效。本研究主要從財務顧問之角度出發，探討不同特性財務顧問之價值以及聚焦在跨國購併案件。跨國購併案件較複雜，更能彰顯財務顧問在跨國購併案件中之價值與效應。
本研究主要從兩個角度探討不同特性之財務顧問，分別為精品（Boutique）之財務顧問以及過去績效好之財務顧問，探究兩者在跨國購併案件中能為主併公司帶來多少價值。更進一步探究，在不同且複雜之交易特性下，不同特性之財務顧問在跨國購併案件中能為主併公司帶來何價值。
本研究之結果發現，精品（Boutique）財務顧問與過去三年績效佳之財務顧問，兩者皆能為主併公司帶來顯著的正向效應。且在跨國購併案件中，若被併公司屬於未上市公司，兩種特性之財務顧問皆能為主併公司帶來顯著之正效果。進一步發現，精品（Boutique）且過去三年績效佳之財務顧問，能為主併公司帶來較大之價值。在跨國購併案件中，不僅在被併公司為未上市時帶來顯著之正效應外，且在交易特性為非現金支付的情況下，也能為主併公司帶來顯著之正向價值。
This study examines the value of financial advisors for acquirers in cross-border M&As and the impacts of deal outcomes. Two hypotheses are tested in the study:“Boutique” financial advisors create much more values for acquirers in cross-border M&As. The other one is financial advisors whose prior client performances were good, create much more values for acquirers in cross-border M&As.
The study finds that“Boutique” financial advisors and financial advisors whose prior client performances were good both can create positive value for acquirers in cross-border M&As. Moreover, both can deal with complex transactions. While the target are private firms, both can create positive value for acquirers in cross-border M&A. In conclusion, the“Boutique” financial advisors whose prior clients performances were good create much more values for acquirers in cross-border M&As, and it can deal with more complex transactions. |
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Song, W., Wei, J. & Zhou, L.,(2013), The value of “boutique” financial advisors in mergers ad acquisitions. Journal of Corporate Finance 20, 94–114. |
| Description: | 碩士
國立政治大學
企業管理研究所(MBA學位學程)
104363035 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G1043630351 |
| Data Type: | thesis |
| Appears in Collections: | [企業管理研究所（MBA學位學程）] 學位論文
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