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題名 投資銀行購併顧問費用取決因素
The Factors Affecting M&A Advisory Fee
作者 許孝銘
Syu, Shao Ming
貢獻者 吳啟銘
許孝銘
Syu, Shao Ming
關鍵詞 購併費用
財務顧問
購併顧問價值
日期 2016
上傳時間 1-Jul-2016 14:58:34 (UTC+8)
摘要 本研究探討購併費用是否反映投資銀行在購併案中提供的價值,與過去研究不同的是,過去研究大多從主併公司的角度進行探討,本研究分別研究主併公司及被併公司購併顧問費用。

因為購併過程中主併方及被併方都會聘請投資銀行擔任財務顧問,同時對兩端進行分析可以比對投資銀行在擔任不同角色時購併顧問費用取決因素是否不同,並且可以對投資銀行提供給主併公司及被併公司的價值進行推論。

本研究以美國購併案為研究對象,主併與被併公司皆為美國公司,研究期間為 2000 年至 2015 年。由 885 筆被併顧問費用購併交易樣本及 229 筆主併顧問費用購併交易樣本進行研究,實證結果發現:(1) 被併公司股價 CAR 越高,被併公司顧問費用越高,(2) 購併案所花時間越短,被併公司顧問費用越高。對於主併公司購併顧問費用而言,(1) 投資銀行排名上升,主併公司顧問費用越低。

原先我們認為購併溢價會影響購併顧問費用,但透過實證研究發現,不論對主併公司或被併公司投資銀行而言,購併溢價與購併顧問費用統計上均無顯著影響。
This paper investigates the relationship between M&A advisory fee and the advisory value which investment bank provides in M&A transaction. Most of papers studied M&A issues related to acquirer, different with previous studies, we not only focus on target fee but also acquirer advisory fee.

Both of target and acquirer firm hire financial advisors to help them deal with the M&A transaction, to check if the factors affecting M&A advisory fee are different, we divided the model into two parts, one focus on target advisory fee, and the other focus on acquirer advisory fee.

Evidence from 885 M&A transactions focus on target and 229 M&A transactions focus on acquirer between 2000 and 2015 supports that (1) Higher target company CAR, higher target M&A advisory fee, (2) Faster deal closing, higher the target M&A advisory fee. For acquirer investment bank, the evidence shows that (1) As the ranking move up, the advisory fee should be lower.

One of the hypothesis is that higher premium, higher target and acquirer advisory fee, according to the result, we found that the premium is not statistically significant to target and acquirer advisory fee.
參考文獻 Bowers, H. M., & Miller, R. E. (1990). Choice of investment banker and shareholders` wealth of firms involved in acquisitions. Financial Management, 34-44.

Chahine, S., & Ismail, A. (2009). Premium, merger fees and the choice of investment banks: A simultaneous analysis. The Quarterly Review of Economics and Finance, 49(2), 159-177.

Chuang, K. S. The role of investment banks on the impact of firm performance in mergers and acquisitions: evidence from the Asia-Pacific market. Review of Quantitative Finance and Accounting, 1-23.

da Silva Rosa, R., Lee, P., Skott, M., & Walter, T. (2004). Competition in the market for takeover advisers. Australian Journal of Management, 29(1 suppl), 61-92.

Diamond, P. A., & Maskin, E. (1979). An equilibrium analysis of search and breach of contract, I: Steady states. The Bell Journal of Economics, 282-316.

Francis, B. B., Hasan, I., & Sun, X. (2014). Does relationship matter? The choice of financial advisors. Journal of Economics and Business, 73, 22-47.

Kesner, I. F., Shapiro, D. L., & Sharma, A. (1994). Brokering mergers: An agency theory perspective on the role of representatives. Academy of Management Journal, 37(3), 703-721.

Kurkela, M. (2014). "Boutique" financial advisors vs. full-service investment banks: An analysis of advisor choice and deal outcomes in mergers and acquisitions, Master’s Thesis, Aalto University School of Business.

Lowinski, F., Schiereck, D., & Thomas, T. W. (2004). The effect of cross-border acquisitions on shareholder wealth—evidence from Switzerland. Review of Quantitative Finance and Accounting, 22(4), 315-330.

McLaughlin, R. M. (1990). Investment-banking contracts in tender offers: An empirical analysis. Journal of Financial Economics, 28(1-2), 209-232.

McLaughlin, R. M. (1992). Does the form of compensation matter?: Investment banker fee contracts in tender offers. Journal of Financial Economics, 32(2), 223-260.

Michel, A., Shaked, I., & Lee, Y. T. (1991). An evaluation of investment banker acquisition advice: the shareholders` perspective. Financial Management, 40-49.

Mortensen, D. T. (1982). The matching process as a non-cooperative bargaining game. In The economics of information and uncertainty (pp. 233-258). University of Chicago Press.

Rau, P. R. (2000). Investment bank market share, contingent fee payments, and the performance of acquiring firms. Journal of Financial Economics, 56(2), 293-324.

Rau, P. R., Rodgers, K. J. (2002). Do bidders hire top-tier investment banks to certify value? Working Paper, Purdue University and Penn State University.

Saunders, A., Srinivasan, A. (2001). Investment banking relationships and merger fees. Working Paper, University of Georgia, Terry College of Business.

Schiereck, D., Sigl-Grüb, C., & Unverhau, J. (2009). Investment bank reputation and shareholder wealth effects in mergers and acquisitions. Research in International Business and Finance, 23(3), 257-273.

Sibilkov, V., & McConnell, J. J. (2014). Prior client performance and the choice of investment bank advisors in corporate acquisitions. Review of Financial Studies, hhu031.

Song, W., Wei, J. D., & Zhou, L. (2013). The value of “boutique” financial advisors in mergers and acquisitions. Journal of Corporate Finance, 20, 94-114.

Plaksen, E. (2011). The Value of your Advisor’s Advice: An M&A perspective. SFI, University of Zurich.

Walter, T. S., Yawson, A., & Yeung, C. P. (2008). The role of investment banks in M&A transactions: Fees and services. Pacific-Basin Finance Journal, 16(4), 341-369.
描述 碩士
國立政治大學
財務管理研究所
103357006
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103357006
資料類型 thesis
dc.contributor.advisor 吳啟銘zh_TW
dc.contributor.author (Authors) 許孝銘zh_TW
dc.contributor.author (Authors) Syu, Shao Mingen_US
dc.creator (作者) 許孝銘zh_TW
dc.creator (作者) Syu, Shao Mingen_US
dc.date (日期) 2016en_US
dc.date.accessioned 1-Jul-2016 14:58:34 (UTC+8)-
dc.date.available 1-Jul-2016 14:58:34 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2016 14:58:34 (UTC+8)-
dc.identifier (Other Identifiers) G0103357006en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/98561-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 103357006zh_TW
dc.description.abstract (摘要) 本研究探討購併費用是否反映投資銀行在購併案中提供的價值,與過去研究不同的是,過去研究大多從主併公司的角度進行探討,本研究分別研究主併公司及被併公司購併顧問費用。

因為購併過程中主併方及被併方都會聘請投資銀行擔任財務顧問,同時對兩端進行分析可以比對投資銀行在擔任不同角色時購併顧問費用取決因素是否不同,並且可以對投資銀行提供給主併公司及被併公司的價值進行推論。

本研究以美國購併案為研究對象,主併與被併公司皆為美國公司,研究期間為 2000 年至 2015 年。由 885 筆被併顧問費用購併交易樣本及 229 筆主併顧問費用購併交易樣本進行研究,實證結果發現:(1) 被併公司股價 CAR 越高,被併公司顧問費用越高,(2) 購併案所花時間越短,被併公司顧問費用越高。對於主併公司購併顧問費用而言,(1) 投資銀行排名上升,主併公司顧問費用越低。

原先我們認為購併溢價會影響購併顧問費用,但透過實證研究發現,不論對主併公司或被併公司投資銀行而言,購併溢價與購併顧問費用統計上均無顯著影響。		zh_TW
dc.description.abstract (摘要) This paper investigates the relationship between M&A advisory fee and the advisory value which investment bank provides in M&A transaction. Most of papers studied M&A issues related to acquirer, different with previous studies, we not only focus on target fee but also acquirer advisory fee.

Both of target and acquirer firm hire financial advisors to help them deal with the M&A transaction, to check if the factors affecting M&A advisory fee are different, we divided the model into two parts, one focus on target advisory fee, and the other focus on acquirer advisory fee.

Evidence from 885 M&A transactions focus on target and 229 M&A transactions focus on acquirer between 2000 and 2015 supports that (1) Higher target company CAR, higher target M&A advisory fee, (2) Faster deal closing, higher the target M&A advisory fee. For acquirer investment bank, the evidence shows that (1) As the ranking move up, the advisory fee should be lower.

One of the hypothesis is that higher premium, higher target and acquirer advisory fee, according to the result, we found that the premium is not statistically significant to target and acquirer advisory fee.		en_US
dc.description.tableofcontents 第一章 緒論 4
第一節 研究動機與目的 4
第二節 研究貢獻 5
第二章 研究流程 7
第三章 文獻回顧 8
第四章 研究設計 14
第一節 研究架構及假說 14
第二節 研究方法 15
第三節 變數定義 16
第四節 資料處理 20
第五章 實證分析 24
第一節 研究變數敘述統計分析 24
第二節 購併顧問費用率與購併規模分析 26
第三節 投資銀行排名與收費分析 27
第四節 研究變數平均差分析 30
第五節 研究變數相關係數分析 33
第六章 研究結果 35
第一節 多元迴歸結果 35
第七章 結論與建議 40
第一節 結論 40
第二節 研究限制與建議 41
參考文獻 42		zh_TW
dc.format.extent 1179985 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103357006en_US
dc.subject (關鍵詞) 購併費用zh_TW
dc.subject (關鍵詞) 財務顧問zh_TW
dc.subject (關鍵詞) 購併顧問價值zh_TW
dc.title (題名) 投資銀行購併顧問費用取決因素zh_TW
dc.title (題名) The Factors Affecting M&A Advisory Feeen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Bowers, H. M., & Miller, R. E. (1990). Choice of investment banker and shareholders` wealth of firms involved in acquisitions. Financial Management, 34-44.

Chahine, S., & Ismail, A. (2009). Premium, merger fees and the choice of investment banks: A simultaneous analysis. The Quarterly Review of Economics and Finance, 49(2), 159-177.

Chuang, K. S. The role of investment banks on the impact of firm performance in mergers and acquisitions: evidence from the Asia-Pacific market. Review of Quantitative Finance and Accounting, 1-23.

da Silva Rosa, R., Lee, P., Skott, M., & Walter, T. (2004). Competition in the market for takeover advisers. Australian Journal of Management, 29(1 suppl), 61-92.

Diamond, P. A., & Maskin, E. (1979). An equilibrium analysis of search and breach of contract, I: Steady states. The Bell Journal of Economics, 282-316.

Francis, B. B., Hasan, I., & Sun, X. (2014). Does relationship matter? The choice of financial advisors. Journal of Economics and Business, 73, 22-47.

Kesner, I. F., Shapiro, D. L., & Sharma, A. (1994). Brokering mergers: An agency theory perspective on the role of representatives. Academy of Management Journal, 37(3), 703-721.

Kurkela, M. (2014). "Boutique" financial advisors vs. full-service investment banks: An analysis of advisor choice and deal outcomes in mergers and acquisitions, Master’s Thesis, Aalto University School of Business.

Lowinski, F., Schiereck, D., & Thomas, T. W. (2004). The effect of cross-border acquisitions on shareholder wealth—evidence from Switzerland. Review of Quantitative Finance and Accounting, 22(4), 315-330.

McLaughlin, R. M. (1990). Investment-banking contracts in tender offers: An empirical analysis. Journal of Financial Economics, 28(1-2), 209-232.

McLaughlin, R. M. (1992). Does the form of compensation matter?: Investment banker fee contracts in tender offers. Journal of Financial Economics, 32(2), 223-260.

Michel, A., Shaked, I., & Lee, Y. T. (1991). An evaluation of investment banker acquisition advice: the shareholders` perspective. Financial Management, 40-49.

Mortensen, D. T. (1982). The matching process as a non-cooperative bargaining game. In The economics of information and uncertainty (pp. 233-258). University of Chicago Press.

Rau, P. R. (2000). Investment bank market share, contingent fee payments, and the performance of acquiring firms. Journal of Financial Economics, 56(2), 293-324.

Rau, P. R., Rodgers, K. J. (2002). Do bidders hire top-tier investment banks to certify value? Working Paper, Purdue University and Penn State University.

Saunders, A., Srinivasan, A. (2001). Investment banking relationships and merger fees. Working Paper, University of Georgia, Terry College of Business.

Schiereck, D., Sigl-Grüb, C., & Unverhau, J. (2009). Investment bank reputation and shareholder wealth effects in mergers and acquisitions. Research in International Business and Finance, 23(3), 257-273.

Sibilkov, V., & McConnell, J. J. (2014). Prior client performance and the choice of investment bank advisors in corporate acquisitions. Review of Financial Studies, hhu031.

Song, W., Wei, J. D., & Zhou, L. (2013). The value of “boutique” financial advisors in mergers and acquisitions. Journal of Corporate Finance, 20, 94-114.

Plaksen, E. (2011). The Value of your Advisor’s Advice: An M&A perspective. SFI, University of Zurich.

Walter, T. S., Yawson, A., & Yeung, C. P. (2008). The role of investment banks in M&A transactions: Fees and services. Pacific-Basin Finance Journal, 16(4), 341-369.		zh_TW