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    题名: 主併公司在跨國併購財務顧問之選擇 — 以新興市場為例
    The Choice of Financial Advisor in Cross-Border M&A Deals: Empirical Evidence from Emerging Market
    作者: 蔡妙雪
    Tsai, Miao-Hsueh
    贡献者: 吳啟銘
    Wu, Chi-Ming
    蔡妙雪
    Tsai, Miao-Hsueh
    关键词: 跨國併購
    財務顧問選擇
    交易特性
    Cross border M&A
    Choice of financial advisors
    Transaction characteristic
    日期: 2018
    上传时间: 2018-07-03 17:25:06 (UTC+8)
    摘要: 隨著新興市場的經濟成長，新興國家為進入新市場或取得新技術而進行跨國併購的活動越來越頻繁。跨國併購的交易特性通常較為複雜且金額較高，在進行跨國併購時通常會聘僱財務顧問，降低交易成本且避免併購案破局。
    本文係在研究當主併公司位於新興市場時，其對於財顧國家選擇的傾向，是為了降低交易成本傾向選擇目標國家財顧，抑或為了文化與溝通因素選擇主併國家財顧。透過交易、公司及國家特性的變數設計，找出影響其顧問選擇的關鍵因素，並進一步討論若目標國家分別為新興及已開發市場時，上述特性會如何影響其選擇。
    本研究發現，當被併方位於新興市場時，在財顧選擇上受到交易支付方式與目標公司產業相關性影響較深; 而被併公司位於已開發市場時，其選擇受到收購方式與過去併購經驗的影響較大。此外，由實證結果發現，當被併公司無論位於新興或是已開發國家，主併公司皆傾向與被併方國家的財顧合作。
    With the economic growth of emerging markets, the activities from emerging countries in cross-border M&A to enter new market or acquire new technology have become more frequent. Due to higher transaction value and complexity of cross-border M&A, financial advisors are usually hired when conducting cross-border M&A deals
    to reduce transaction costs.
    The primary purpose of this paper is to study the tendency of selecting financial advisory when acquirer is in emerging market. The preference for local advisory is to reduce transaction cost while the tendency for home advisory is on account of the cultural and communication issue. This thesis identifies the key factors that drive the tendency for advisory selection by means of the transaction, firm as well as country characteristics variables, and further discuss how the factors affect the choice if target countries are emerging and developed markets respectively.
    It is reported in this paper that, when target nations are emerging markets, the choice of financial advisor is affected by transaction payment method and relatedness
    of industries, while the choice of advisor is affected by acquisition method and experience when target nations are developed markets. Lastly, the empirical results show that acquirers are tend to cooperate with the financial advisory located in target nation regardless the country of target firms.
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    描述: 碩士
    國立政治大學
    財務管理學系
    105357025
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0105357025
    数据类型: thesis
    DOI: 10.6814/THE.NCCU.Finance.008.2018.F07
    显示于类别:[財務管理學系] 學位論文

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