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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 11-七月-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. 34–44Bao, J. & Edmans, A., (2011), Do Investment Banks Matter for M&A Returns? Review of Financial Studies. 24, 2286-2315Hunter, W. & Jagtiani J., (2003), An analysis of advisor choice, fees, and effort in mergers and acquisitions. Review of Financial Economics 12 (1), 65–81John J. McConnell (2014), Prior Client Performance and the Choice of Investment Bank Advisors in Corporate Acquisitions, Review of Financial Studies,27-31McLaughlin, R., (1990), Investment-banking contracts in tender offers: An empirical analysis, Journal of Financial Economics 28 (1–2) , 209–232Michel, 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. 49-52Rau, R.,(2000), Investment bank market share, contingent fee payments, and the performance of acquiring firms, Journal of Financial Economics 56, 293-324Servaes, 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 Ming en_US dc.contributor.author (作者) 陳怡廷 zh_TW dc.contributor.author (作者) Chen, Yi Ting en_US dc.creator (作者) 陳怡廷 zh_TW dc.creator (作者) Chen, Yi Ting en_US dc.date (日期) 2017 en_US dc.date.accessioned 11-七月-2017 12:24:35 (UTC+8) - dc.date.available 11-七月-2017 12:24:35 (UTC+8) - dc.date.issued (上傳時間) 11-七月-2017 12:24:35 (UTC+8) - dc.identifier (其他 識別碼) G1043630351 en_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) 104363035 zh_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/#G1043630351 en_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 advisors en_US dc.subject (關鍵詞) Prior client performances en_US dc.subject (關鍵詞) Cross-Border M&As en_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&As en_US dc.type (資料類型) thesis en_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. 34–44Bao, J. & Edmans, A., (2011), Do Investment Banks Matter for M&A Returns? Review of Financial Studies. 24, 2286-2315Hunter, W. & Jagtiani J., (2003), An analysis of advisor choice, fees, and effort in mergers and acquisitions. Review of Financial Economics 12 (1), 65–81John J. McConnell (2014), Prior Client Performance and the Choice of Investment Bank Advisors in Corporate Acquisitions, Review of Financial Studies,27-31McLaughlin, R., (1990), Investment-banking contracts in tender offers: An empirical analysis, Journal of Financial Economics 28 (1–2) , 209–232Michel, 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. 49-52Rau, R.,(2000), Investment bank market share, contingent fee payments, and the performance of acquiring firms, Journal of Financial Economics 56, 293-324Servaes, 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
