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.

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.