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題名 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
作者 陳怡廷
Chen, Yi Ting
貢獻者 吳啟銘
Wu,Chi Ming
陳怡廷
Chen, Yi Ting
關鍵詞 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
日期 2017
上傳時間 11-Jul-2017 12:24:35 (UTC+8)
摘要 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.
參考文獻 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.
描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
104363035
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1043630351
資料類型 thesis
dc.contributor.advisor 吳啟銘zh_TW
dc.contributor.advisor Wu,Chi Mingen_US
dc.contributor.author (Authors) 陳怡廷zh_TW
dc.contributor.author (Authors) Chen, Yi Tingen_US
dc.creator (作者) 陳怡廷zh_TW
dc.creator (作者) Chen, Yi Tingen_US
dc.date (日期) 2017en_US
dc.date.accessioned 11-Jul-2017 12:24:35 (UTC+8)-
dc.date.available 11-Jul-2017 12:24:35 (UTC+8)-
dc.date.issued (上傳時間) 11-Jul-2017 12:24:35 (UTC+8)-
dc.identifier (Other Identifiers) G1043630351en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/110888-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理研究所(MBA學位學程)zh_TW
dc.description (描述) 104363035zh_TW
dc.description.abstract (摘要) 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。		zh_TW
dc.description.abstract (摘要) 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.		en_US
dc.description.tableofcontents 第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究貢獻 2
第三節 論文架構 2
第二章 文獻回顧與假說發展 3
第一節 精品（Boutique）財務顧問在跨國購併案件中與主併公司績效之關係 3
第二節 財務顧問的過去績效在跨國購併案件中與主併公司績效之關係 5
第三章 研究方法 9
第一節 樣本期間說明 9
第二節 模型假設 11
第三節 變數定義 14
第四章 實證分析 23
第一節 敘述統計 23
第二節 單變數檢定 26
第三節 相關係數分析 28
第四節 多元迴歸分析 31
第五節 精品（Boutique）衡量敏感度分析 35
第五章 研究討論 37
第一節 精品（Boutique）財務顧問在跨國購併案件中與主併公司績效之關係 37
第二節 財務顧問的過去績效在跨國購併案件中與主併公司績效之關係
38
第六章 結論與建議 39
第一節 研究討論 39
第二節 研究限制 40
參考文獻 41		zh_TW
dc.format.extent 670312 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1043630351en_US
dc.subject (關鍵詞) 精品財務顧問zh_TW
dc.subject (關鍵詞) 財務顧問過去跨國購併績效zh_TW
dc.subject (關鍵詞) 跨國購併zh_TW
dc.subject (關鍵詞) Boutique financial advisorsen_US
dc.subject (關鍵詞) Prior client performancesen_US
dc.subject (關鍵詞) Cross-Border M&Asen_US
dc.title (題名) 財務顧問在跨國購併案件中對主併公司之價值zh_TW
dc.title (題名) The value of financial advisors for acquirers in cross-border M&Asen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 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.		zh_TW