Post-Merger and Acquisition Performance and Risk Factors: An International Study
인수합병 후 실패 위험요인 분석에 관한 연구: 국제 사례 중심으로
- 주제(키워드) 인수합병 후 성과 , 부도 예상율 , 성과로 인한 상장폐지 , Post-M&A Performance , Probability of Default , Performance-induced Delisting
- 발행기관 한국리스크관리학회
- 발행년도 2020
- 총서유형 Journal
- DOI http://dx.doi.org/10.21480/tjrm.31.3.202009.002
- KCI ID ART002634228
- 본문언어 영어
초록/요약
After the completion of a merger and acquisition (M&A), a number of factors may affect the performance, probability of default and actual delisting of the acquirer. In this paper, we present a simple methodology for identifying risk factors and then proceed to identify and investigate deal-related factors which may pose a risk to the survival of the acquirer after a deal is closed. We find that the method of financing and the differences in industry are the main deal-level risk factors to an M&A deal after it closes as they are associated with low performance, high probability of default and high likelihood of performance-induced delisting of acquirers post-merger. We find no support for the ownership level of the acquirer and the time until deal completion as a potential risk factor.
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