本文包含了两篇关于美国并购的实证研究。第一篇论文（题目为“并购中财务顾问的地理相邻性与并购的价值创造“）研究了财务顾问的地理位置是否对并购的业绩有影响。研究发现，在目标公司所在州设有总部或分支机构的财务顾问 （即地方财务顾问）能帮助收购公司获得更高的回报。此地方财务顾问效应主要体现在信息不对称性高和不确定性大的交易上，即当收购公司和被收购公司来自不同的行业，被收购公司来自高科技行业，以及被收购公司来自人口较少的地区。与没有雇佣地方财务顾问的公司比，雇佣了地方财务顾问的公司支付更少的收购溢价，收购完成的时间更短，而且能够帮助收购方获得更大比例的协同效应。最后，研究还发现地方财务顾问会因为他们的优势而收取较高的费用。 / 第二篇论文（题目为“融资约束和并购中的协同效应“）研究致力于同一行业中更好匹配投资机会和公司资金的收购是否能创造协同效应。本文构造了融资约束差这个新变量来描述收购方和被收购方在融资约束方面的不同，同时还构造了一个哑元变量来表示融资受到约束的目标公司被融资未约束的收购公司收购的交易。研究发现协同效应与该融资约束差变量和哑元变量都显著正相关。这种正相关集中表现在竞争行业。不受融资约束的收购方比被融资约束的目标方有更强的谈判力，前者分得协同效应的较大比例。而且，融资约束差对收购者的回报有显著正效应。该协同效应产生的有效性不仅仅是由于缓解了目标方的融资约束，更是来源于同一行业中资源的重新分配利用。 / This thesis consists of two empirical studies on US mergers and acquisitions. The first essay (titled “Geographical Proximity of Financial Advisors and Value Creation in Mergers and Acquisitions“) studied whether investment banks’ physical location matters to the acquisition performance when they serve as financial advisors in the deals. I find that acquirers advised by financial advisors with local presence in target states (i.e. local advisors) achieve better acquisition performance in terms of acquirer returns compared with acquirers who do not employ local advisors. The positive effect of local advisors is concentrated in deals with higher information asymmetry and with more uncertainty about target value, e.g., diversifying deals, targets in high-tech industries, and targets located in non-metro areas. The presence of a local advisor reduces takeover premium, shortens time to completion, and helps acquirers obtain a larger share of synergies. Last, I find that local advisors are rewarded with higher advisory fees for their superior service. / The second essay (titled “Financial Constraints and Synergy Gains from Mergers and Acquisitions“) investigates whether synergy gain is generated from a matching of acquirer’s financial slack with target’s investment opportunities in the same industry. I compute the difference in a financial constraint index between the target and the acquirer. I also construct an indicator for the acquisitions in which an unconstrained firm acquires a constrained firm in its industry. I find that the synergy measure is significantly positively related to the financial constraint difference and the indicator, respectively. The positive relationship between synergy and difference in financial constraints is more pronounced in industries with a higher level of product market competition. When dividing the gains between the bidder and the target, the unconstrained bidder gains a larger share of synergies compared to its constrained target. Further analysis shows the merger efficiency does not only come from the target’s financial constraint but from potential resource reallocation in the same industry. / [essay 1]. Geographical proximity of financial advisors and value creation in mergers and acquisitions -- [essay 2]. Financial constraints and synergy gains from mergers and acquisitions. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Duan, Yang. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2013. / Includes bibliographical references (leaves 90-93). / Abstracts also in Chinese. / Abstract --- p.i / Acknowledgements --- p.iii / List of Tables --- p.vi / Chapter Chapter 1 --- Introduction --- p.1 / Chapter Chapter 2 --- Geographical Proximity of Financial Advisors and Value Creation in Mergers and Acquisitions --- p.10 / Chapter 2.1 --- Introduction --- p.10 / Chapter 2.2 --- Sample and Data --- p.17 / Chapter 2.2.1 --- Sample Selection Criteria --- p.17 / Chapter 2.2.2 --- Sample Statistics --- p.23 / Chapter 2.3 --- The effect of the local advisors on acquirer returns --- p.30 / Chapter 2.3.1 --- Baseline analysis --- p.30 / Chapter 2.3.2 --- Cross-sectional variation in the effect of local advisors on acquirer returns --- p.36 / Chapter 2.3.3 --- Correcting for endogeneity of hiring local advisors --- p.39 / Chapter 2.3.4 --- Correcting for potential sample selection bias --- p.43 / Chapter 2.4 --- More evidences on the effect of local advisor --- p.47 / Chapter 2.4.1 --- Deal premium --- p.47 / Chapter 2.4.2 --- Time to completion --- p.50 / Chapter 2.4.3 --- Synergy gains --- p.53 / Chapter 2.4.4 --- Other Tests --- p.56 / Chapter 2.5 --- The effect of local advisor on advisory fees --- p.61 / Chapter 2.6 --- Conclusion --- p.64 / Chapter Chapter 3 --- Financial Constraints and Synergy Gains from Mergers and Acquisitions --- p.65 / Chapter 3.1 --- Introduction --- p.65 / Chapter 3.2 --- Sample Construction and measure of financial constraints --- p.70 / Chapter 3.2.1 --- Financial constraints --- p.70 / Chapter 3.2.2 --- Sample Description --- p.72 / Chapter 3.2.3 --- Other variables constructions --- p.73 / Chapter 3.3 --- Empirical results --- p.77 / Chapter 3.3.1 --- Baseline regression --- p.77 / Chapter 3.3.2 --- The effect of industry competition --- p.80 / Chapter 3.3.3 --- The division of the synergy gains --- p.83 / Chapter 3.4 --- Additional tests --- p.86 / Chapter 3.4.1 --- Are the results only driven by the target’s constraint? --- p.86 / Chapter 3.4.2 --- Sensitivity tests --- p.87 / Chapter 3.5 --- Conclusion --- p.89 / Reference --- p.90 / Chapter Appendix A --- Variable Definitions in Chapter 2 --- p.94 / Chapter Appendix B: --- Variable Definitions in Chapter 3 --- p.97
| Identifer | oai:union.ndltd.org:cuhk.edu.hk/oai:cuhk-dr:cuhk_328417 |
| Date | January 2013 |
| Contributors | Duan, Yang, Chinese University of Hong Kong Graduate School. Division of Business Administration. |
| Source Sets | The Chinese University of Hong Kong |
| Language | English, Chinese |
| Detected Language | English |
| Type | Text, bibliography |
| Format | electronic resource, electronic resource, remote, 1 online resource (vi, 98 leaves) |
| Rights | Use of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/) |
| Relation | Geographical proximity of financial advisors and value creation in mergers and acquisitions, Financial constraints and synergy gains from mergers and acquisitions |
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