在併購交易中如何以主併方基本面表現來進行財務顧問類型選擇之探討

Abstract

企業併購在近十年已成為趨勢，是企業在擴張階段的常見策略。交易的架構也日漸複雜。然而並不是每一間公司皆有能力可以獨立完成併購交易的。因此，財務顧問的重要性日漸增加。據統計，全球的財務顧問經手了85%的交易規模，且收取了397億美金的顧問費。但是卻少有文獻討論財務顧問類型選擇與併購交易績效的關係探討。因此本研究期望提供一個主併方在選擇財務顧問類型的一個參考依據。 本文將提出三個假設並將在文後驗證之。本文以累積超額報酬率(CARs)衡量併購交易的績效，而累積超額報酬率必須透事件研究法來計算，本文將清楚闡述計算的方法與過程。除了財務顧問類型是一個重要變數之外。本文欲透過主併方的自身財務報表上之基本面數據以及併購交易類型來試著找出可做為財顧問選擇依據的財務比率，並且透過多元迴歸與虛擬變數來分析之間存在的交互作用。

M&A transaction is a trend of this decade. However, not every company have in-house M&A ability. Financial advisor consults 85% of deal value in M&A transaction worldwide, and generating 39.7 billion US dollar in advisory fees. However, there is a few paper to discuss the impact from the hiring of different type of financial advisors. We would like to provide an indicator to make a suitable choice of financial advisors to an acquirer. Three Hypothesis will be examined in this research. We use cumulative abnormal returns (CARs) to measure the performance of M&A transaction, which is a scope of the event study. The procedure would be clearly demonstrated in the latter Chapter. Beside to FA type, the Fundamental index would be the independent variable in our model. As a result, we use the multivariate OLS regression to examine the interactive effect between the fundamental number and the type of advisors. The effect would be clearly breakdown by the figures. However, M&As are complicated transactions in capital markets. The results of this study should not be the only selection criteria of your financial advisor.