本研究主要針對投資銀行的等級對於購併顧問費，交易完成時間以及公司績效表現來進行探討。由於過去的相關研究主要集中在美國和歐洲市場，並且相關的文獻仍是相當的不足，而且所得到的實證研究結論並不一致，因而實證研究的結果並不能運用在其他的市場上。由於亞太市場的結構和歐美並不相同，再者由於沒有文獻特別針對亞太市場進行分析，因而學術上仍有其必要來針對此一議題在亞太市場進行分析。本研究將先利用迴歸分析來探討有關投資銀行的等級對顧問費和交易完成時間的影響，其次，本研究將運用事件研究法來計算異常報酬以探討投資銀行等級對於公司績效表現的影響，並且運用迴歸分析來說明相關變數對公司績效的異常報酬的影響。本研究與過去相關研究不同之處，在於本研究延伸過去的研究，在亞太市場進行投資銀行對購併公司績效表現的影響來探討，另外本研究也同時針對公司長期和短期績效進行分析，以期能更加深入了解投資銀行對於購併活動的公司績效影響。本研究將預期有學術和實證的研究貢獻，本研究將提供新的實證發現，並且著重在亞太市場以期能增加學術界在這一研究領域的了解。本研究也預期能帶給股東和經理人更進一步有關於投資銀行在購併活動中所扮演財務顧問的角色的認識，並讓相關政策制定者能進一步制定有關投資銀行的管理政策參考。 This study aims to investigate the quality of investment banks on the impact of advisory fees, completion time and firm performance in mergers and acquisitions. Prior studies in this field are limited and mainly focus on the US and EU market. None of the study particularly extends to explore these issues in the Asia Pacific market. In addition, prior studies report inconsistent results. Thus, the empirical findings from prior studies cannot be applicable to those in the Asia Pacific market. As the structure of Asia Pacific market is different from that of the US and EU, there is a need to further explore the quality of financial advisors on the influence of advisory fees, completion time and firm performance in M&As in the Asia Pacific market. This study uses the regression analysis to explore the relationship between the quality of financial advisors and advisory fees and completion time. The event study methodology is then employed to compute the abnormal returns in relation to the quality of financial advisors. The regression analysis is also used to investigate the determinants that can affect the abnormal returns. This study is different from prior studies in several aspects. This study extends prior literatures to look into the role of investment banks in M&As in the Asia Pacific market. In addition, a dynamic measurement is applied to gauge the quality of investment banks. Furthermore, this study examines firm performance by looking at the short term and long term abnormal returns for targets and bidders. This can be expected to provide additional insights to the role of financial advisors in M&As. This study makes some important contributions in the academic research and practical implication. Our study offers new evidence to address the role of investment banks in M&As in the Asia Pacific market. This enhances our knowledge and understanding to the importance of financial advisors in M&As in the Asia Pacific market. The empirical evidence also benefits to relevant users. Our findings can increase our understanding as to whether investment banks play an important role in advising the deals in the Asia Pacific market. Shareholders and managers can understand as to whether the hire of financial advisors can reduce the conflicts and create higher value to the firm. Policymakers can also develop the strategy to manage investment banks in M&As.
