管理评论

›› 2019, Vol. 31 ›› Issue (5): 213-230.

• 会计与财务管理 • 上一篇    下一篇

顺水巧推舟：顶级财务顾问专业能力的并购市场证据

钟子英1, 邓可斌2,3   

  1. 1. 广东外语外贸大学会计学院, 广州 510006;
    2. 华南理工大学经济与贸易学院, 广州 510006;
    3. 广东省供应链金融工程技术研究中心, 广州 510006
  • 收稿日期:2017-10-23 出版日期:2019-05-28 发布日期:2019-05-31
  • 通讯作者: 邓可斌(通讯作者),华南理工大学经济与贸易学院与广东省供应链金融工程技术研究中心教授,博士生导师,博士。
  • 作者简介:钟子英,广东外语外贸大学会计学院讲师,博士。
  • 基金资助:

    中央高校基本科研业务费项目（2017ZX012）；广东外语外贸大学高层次人才项目（GWTP-BS-2015-06）。

The Smartness of Top Financial Advisors in Catering to Client's Requirement: Evidence from China's M&A Market

Zhong Ziying1, Deng Kebin2,3   

  1. 1. School of Accounting, Guangdong University of Foreign Studies, Guangzhou 510006;
    2. School of Economic and Trade, South China University of Technology, Guangzhou 510006;
    3. The Research Center of Supply Chain Finance of Guangdong Province, Guangzhou 510006
  • Received:2017-10-23 Online:2019-05-28 Published:2019-05-31

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摘要：

本文证明了声誉较好的顶级财务顾问会根据不同的客户目标，因事制宜地发挥其专业能力。具体的，本文发现当机会主义客户追求完成并购计划以实施买壳上市，获得增发资格或保壳时，顶级财务顾问的作用主要体现在提升并购完成率方面；而当非机会主义客户追求更优的并购绩效时，顶级财务顾问的作用主要体现在提升并购绩效方面。本文的证据倾向于支持顶级财务顾问具有更为出色的专业能力，并发现客户目标会显著影响顶级财务顾问专业能力优势的发挥方向，从而为并购市场财务顾问能力问题的争论，提供一个统一性的解释可能。然而，站在社会福利的角度，顶级财务顾问帮助提高了机会主义并购的成功率，这会对社会资源的有效配置造成负面的影响。

关键词: 财务顾问, 专业能力, 并购, 机会主义

Abstract:

This paper provides empirical evidence to demonstrate that top M&A financial advisors are very good at helping clients either perform better after M&A or enhance the certainty of completing a M&A transaction, depending on each client's specific requirement. We divide financial advisor's clients into opportunists and non-opportunists. The former seeks to get listed through reverse merger, obtain refinancing qualification or protect listed shell and they pay more attention to the certainty of completing a M&A transaction than to the post-M&A performance, while the latter prefers better post-M&A performance to higher certainty of completing a M&A transaction. Our evidence implies that top financial advisors of non-opportunists are more able to help clients perform better after M&A and help opportunist clients enhance the certainty of completing a M&A transaction. Therefore, we unify the existing debatable literature on the role of top financial advisors by introducing clients' requirement as a variable.

Key words: financial advisor, professional capability, M&A, opportunism