投行关系与并购财务顾问选择

Investment Banking Relationship and the Choice of Financial Advisor in M&As

以我国A股上市公司2009-2014年聘请了财务顾问的并购事件为样本,考量投行关系对公司选择并购财务顾问及并购绩效的影响。结果显示:与没有"关系"的投行相比,有"关系"的投行被聘请担任财务顾问的概率大23.8%;并且"关系"越紧密,被选中的概率越大;进一步分析表明,"直接关系"比"间接关系"发挥的作用更大,投行的"关系"与"声誉"之间存在替代效应;并且公司选择有"关系"的投行提高了其并购绩效,但仅存在于非国有上市公司发生的市场化并购中。

This study examines the influence of investment banking relationship on the choice of financial advisor and the performance in M&A.Using a sample of M&A events which retain financial advisor from companies listed in China stock market over 2009-2014,we find that investment banks have greater probability of 23.8%to be chosen by the company which have a relationship with.And the closer the relationship is,the greater probability exists.After a series of robust test,such as using the conditional logit model,double clustering test,the conclusion remains valid.Furthermore,the influence of direct relationship is greater than indirect relationship.Meanwhile,the investment bank reputation and relationship substitutes each other.In addition,the acquirer with related financial advisor experience higher bidder returns and mainly exists in the sample of non-stated owned firms.