本研究計畫試圖從銀行及參與併購公司的角度，完整地探究銀行與公司間貸款及承銷關係對併購活動之影響。雖然過去有些文獻探討過貸款及承銷關係與取得同一公司後續承銷業務之關係，但並沒有任何文獻研究過貸款及承銷關係對後續擔任同一公司併購顧問之影響。我們亦發現，儘管「認證效果」與「利益衝突假說」已經在銀行、被併及主併公司的層面被驗證過了，過去文獻之證據均著重在短期股價異常報酬。是故，我們利用主併公司的長期股價異常報酬重新驗證「認證效果」與「利益衝突假說」。我們相信本研究計畫將對相關文獻帶來顯著貢獻。我們預計利用三年完成本研究計畫。第一年的研究著重在銀行與公司間貸款關係對後續公司併購之影響。第二年的研究著重在銀行與公司間承銷關係對後續公司併購之影響。第三年的研究著重在銀行與不動產投資信託基金間貸款及承銷關係對後續不動產投資信託基金併購之影響。我們將不動產投資信託基金併購獨立出來的主要原因在於其獨特性，而我們預期不動產投資信託基金併購的實證結果將會與一般公司不同。本研究計畫將驗證多種不同假說。就銀行觀點而言，我們首先驗證過去之貸款及承銷關係是否能使該銀行有較大的機率取得後續同一公司併購顧問業務。若將樣本根據不同併購支付方法分類，則我們可以驗證是否過去的貸款關係對用現金支付的併購較有價值；而過去的承銷關係對用股票支付的併購較有利。我們更進一步檢驗過去的貸款及承銷關係是否有助於併購的成功完成率。其次，我們會驗證貸款及承銷關係與顧問費用之間的關係。從參與併購公司之觀點，我們利用主併公司在併購後之長期異常報酬衡量主併公司的利益。我們驗證具有貸款及承銷關係或不具有這些關係下主併公司長期的「認證效果」與「利益衝突假說」。此外，我們亦驗證過去的貸款關係是否使支付現金之主併公司存在正的長期財富效果；而過去的承銷關係是否讓支付股票之主併公司存在正的長期財富效果。本研究計畫探究銀行與公司間貸款及承銷關係對併購活動之影響。雖然本研究計畫利用美國資料，但相信它對於目前吹起併購風潮的台灣仍有學術與實務上的價值與貢獻。 ; This research project seeks to conduct a thorough study regarding the effect of lending and underwriting relationships on merger and acquisition activities from the perspective of both banks and firms involving in the events. Although some studies have examined whether prior lending and underwriting relationships affect subsequent underwriting business for lenders and underwriters, there is no empirical study regarding the effect of lending and underwriting relationships on serving as a financial advisor role in subsequent merger and acquisition activities. We also find that while the certification effect and conflict of interest are examined from the perspective of target firms, acquirers, and banks, the existing evidence focuses on short-run abnormal returns around merger and acquisition announcements. We therefore test the certification effect and conflict of interest based on long-run abnormal returns of acquirers following mergers and acquisitions. We believe this research project would significantly contribute the related literature. We plan to complete the study in three years. The first year of the project will focus on the effect of lending relationships to mergers and acquisitions. The second year of the project will focus on the effect underwriting relationships to mergers and acquisitions. The third year of the project will focus on the effect of both lending and underwriting relationships to REIT mergers and acquisitions. The reason we separate REIT mergers and acquisitions as an independent study is due to the unique characteristics of REITs, and we expect the empirical results for REIT mergers and acquisitions would be different from that to ordinary firms involving mergers and acquisitions. Various hypotheses are tested in this research project. From the perspective of banks, we first test the relationship between prior lending and underwriting relationships and the likelihood of winning subsequent merger and acquisition advisory services. By separating our samples based on different methods of payment, we test whether the prior lending relationships are more valuable to mergers and acquisitions financed by cash and whether the prior underwriting relationships are more valuable to mergers and acquisitions financed by stocks. We further test whether prior lending and underwriting relationships could increase the completion rate of mergers and acquisitions advised by relationship banks. Secondly, we test the relationship between prior lending and underwriting relationships and financial advisory fees. From the viewpoint of firms involving in mergers and acquisitions, we examine the benefit of acquirers by measuring their long-run abnormal performance following mergers and acquisitions. We test the long-run certification effect and conflict of interest for acquirers with and without prior lending and underwriting relationships. We then test whether prior lending relationships have positive long-run wealth effect on acquirers in cash-financed deals and whether the prior underwriting relationships have positive long-run wealth effect on acquirers in stock-financed deals. This research project studies the effect of lending and underwriting relationships on merger and acquisition activities. Although this research project uses U.S. data, it can provide valuable contributions and implications to both academia and practitioner in Taiwan given the increasing importance of mergers and acquisitions in the region. ; 研究期間 9708 ~ 9807
