并购顾问团队与跨国并购交易时长:多多益善或适可而止

Consultant Teams for M&As and the Duration of Cross-Border M&A Deals: The More the Better or Enough is Enough?

跨国并购不仅局限于目标方和并购方双方的博弈,并购顾问是交易中重要的第三方,然而现有研究对跨国并购中专业顾问团队的关注较少。以中国企业发起的跨国并购为分析对象,研究并购方顾问团队对跨国并购交易时长的影响,具有重要的意义。研究表明,并购方顾问团队规模越大,并购交易持续时间越长,且经过工具变量等一系列稳健性检验后结论依然成立。此外,当顾问团队东道国经验越丰富或目标方为上市企业时,上述效应减弱。当交易为循序并购或并购方高管团队海外背景丰富时,上述效应增强。以上研究结论补充了并购顾问作用的相关文献,丰富了现有文献对并购交易完成前过程的认识,同时表明跨国企业应当根据交易特征选取匹配的并购顾问团队以提高并购效率,为企业跨国并购实践提供了重要的理论参考。

Cross-border M&A is not just a game between the target and the acquirer,the consultant is another important party in the transaction.However,the existing studies pay little attention to the role of consultant teams in cross-border M&As.Taking the cross-border M&As initiated by Chinese enterprises as analyzing targets,this paper studies the influence of the consultant teams hired by the acquirers on the duration of cross-border M&As.The results show that the larger the team of consultants,the longer the M&A transaction lasts.This conclusion is still valid after a series of robustness tests with instrumental variables,etc..In addition,if the consultant team has abundant host country experience,or when the target is a public-listed company,the above-mentioned effect will be weakened.When the transaction is properly-ordered M&As or the top management team of the acquirer has rich overseas experience,the above effect will be strengthened.The above conclusions have complemented the previous literatures on the role of consultants in M&As,and enriched the understanding of the process before the completion of M&As of the existing literatures.Meanwhile,the results indicate that multinational enterprises should select appropriate consultant team in accordance with the characteristics of M&A transaction to improve the efficiency.Thus,this study provides important theoretical references for enterprises to carry out cross-border M&As.