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    政大典藏 > College of Commerce > MBA Program > Theses >  Item 140.119/110888


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/110888


    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.
    Reference: Bowers, H. & Miller, R.,(1990), Choice of investment banker and shareholders` wealth of firms involved in acquisitions. Financial Management, 19 (4), pp. 34–44
    Bao, J. & Edmans, A., (2011), Do Investment Banks Matter for M&A Returns? Review of Financial Studies. 24, 2286-2315
    Hunter, W. & Jagtiani J., (2003), An analysis of advisor choice, fees, and effort in mergers and acquisitions. Review of Financial Economics 12 (1), 65–81
    John J. McConnell (2014), Prior Client Performance and the Choice of Investment Bank Advisors in Corporate Acquisitions, Review of Financial Studies,27-31
    McLaughlin, R., (1990), Investment-banking contracts in tender offers: An empirical analysis, Journal of Financial Economics 28 (1–2) , 209–232
    Michel, A., Shaked, I. Lee, Y., (1991), An evaluation of investment banker acquisition advice: The shareholders` perspective. The Journal of the Financial Management Association 20, 40-49.
    Mikko Kurkela. (2014), “Boutique” financial advisors vs. full-service investment banks - An analysis of advisor choice and deal outcomes in mergers and acquisitions. 49-52
    Rau, R.,(2000), Investment bank market share, contingent fee payments, and the performance of acquiring firms, Journal of Financial Economics 56, 293-324
    Servaes, H.,&Zenner,M.(1996), The role of investment banks in acquisition. The Review of Financial Studies, 9（3）, 787–815.
    Schiereck D., Sigl-Grüb C. and Unverhau J.(2009), Investment bank reputation and shareholder wealth effects in mergers and acquisitions, Research in International Business and Finance, 23, 257-273.
    Salim Chahine & Ahmad Ismail(2009), Premium, merger fees and choice of investment banks: A simultaneous analysis. The Quarterly Review of Economics and Finance, 49 （2）, 159-177
    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:[MBA Program] Theses

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