收购方为什么要在兼并交易中雇用投资银行

Why Acquiring Firms Hire Investment Banks in Mergers and Acquisitions

本文考察了当兼并交易具有哪些特征时,收购方公司更可能会在兼并交易中雇用投资银行作为其兼并交易的财务顾问。研究结果表明,在下列情况下,收购方公司更有可能雇用投资银行作为其兼并交易的财务顾问:兼并交易较复杂,收购方公司的兼并交易经验不足,收购方公司仅收购目标公司部分资产或股权,兼并交易价格较高,兼并交易为敌意收购,收购方公司在金融行业运营,目标公司在很多行业经营。

This paper investigates what characteristics determine whether acquiring firms hire investment banks as transaction advisors in acquisitions.The research results show that under the following scenarios acquirers are more likely to hire investment banks: when acquisition transactions are complicated,when acquirers lack prior experience in acquisitions,when acquirers only acquire some assets or partial ownership of the target firms,when transaction prices are high,when the transaction is hostile,when acquirers operate in financial industry,and when target firms operate in multiple industries.