자문사 활용이 인수합병 결과에 미치는 영향
The Effects of Advisory Firms on Acquisition Outcomes
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초록
오늘날 기업은 인수합병(M&A) 추진을 위해 외부 자문사를 활용하는 경향이 높으나, 그들이 실제 기업의 인수 성과를 향상시키는지에 대해서는 일관된 결론에 도달하지 못하였다. 이에 본 연구는 인수 결과는 다양한 측면을 포괄하는 개념이라는 점에 집중하여, 자문사가 인수합병의 결과에 미치는 영향을 살펴보고자 한다. 1999-2013년 기간 동안 미국의 상장기업이 수행한 1,386건의 인수 거래를 대상으로 실증분석을 수행한 결과, 인수기업의 자문사 활용은 거래의 완료 가능성을 높여주지만, 인수 프리미엄을 증가시키고, 완료 후 성과에 부정적인 영향을 미치는 것으로 나타났다. 그러나 자문사의 효과는 기업의 상황에 따라 달라져, 해당 거래 이전 인수 경험을 가진 기업이 진행하는 거래의 경우 자문사가 인수 후 성과에 미치는 부정적 영향은 약화되는 것을 알 수 있었다. 본 연구의 결과는 자문사가 기업의 대리인으로서 자신의 이익을 위해 행동하는 과정에서 기업에게 해를 미칠 수 있다는 점을 시사하며, 자문사의 부정적 영향은 기업의 관련 역량이 낮을 때 더욱 크게 발생함을 의미한다. 본 연구는 인수합병 결과에 영향을 미치는 주요 요인으로서 기업간 관계인 자문사에 집중하여, 그들이 발생시킬 수 있는 인수합병의 결과를 완료 전과 후의 다양한 측면에서 살펴보았다는 점에서 학문적 의미를 가진다.
Abstract
Although companies usually utilize external advisory firms for their merger and acquisition (M&A) transactions, whether these advisory services enhance acquisition performance does not reach consistent results. Therefore, this study aims to examine the impact of advisory firms on the various acquisition outcomes, considering that the results of acquisitions encompass diverse aspects. The empirical findings using the sample of 1,386 M&A transactions executed by U.S. public companies between 1999 and 2013 reveal that the engagement of advisory firms increases the likelihood of deal completion but also leads to an escalation in the acquisition premium, subsequently exerting a negative influence on post-acquisition performance. However, these effects vary depending on the corporate conditions. When companies possessing prior acquisition experiences, the negative impact of advisory firms on post-acquisition performance is diminished. These results imply that advisory firms can potentially harm companies as they pursue their own interests as agents during takeover processes, particularly when companies lack the competence in acquisitions. This study has theoretical implications in that it explores the advisory firms as critical inter-organizational relationships and examines the multifaceted impact they can have on the various aspects before and after the completion of acquisitions. Furthermore, it provides practical implications by suggesting that companies need to be cautious in engaging advisory firms.
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