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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陳怡廷, Chen, Yi Ting Unknown Date (has links)
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.
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