Abstract: M&A intermediaries play an important role in improving the success rate and the efficiency of M&A,but few studies have focused on this.This paper explores the M&A financial advisor appointment and change strategy from the perspective of industry expertise and information risk.Results show that listed companies don't change the M&A financial advisors that have industry expertise,but based on information risk considerations,if there is M&A financial advisory business relationship between the related securities and the same industry companies at the early stage,the company is more likely to change the related financial advisors.In addition,the degree of industries competition and the style of M&A will have different effects on the above relationship.Relevant findings and suggestions provide useful references for the recognition and practice of financial advisor in M&A of listed companies,the research of decision-making behavior under information risk and the regulation of M&A intermediary activities by supervisors.

Key words: Emerging Capital Market, M&A Financial Advisor, Industry Expertise, Information Risk, Appointment and Change Strategy

摘要： 并购中介机构在提升并购成功率及效率上具有举足轻重的作用,但鲜有研究关注于此。本文基于行业专长及信息风险视角探索了并购财务顾问聘任及变更策略,发现上市公司并购方不容易对具有更高行业专长的并购顾问予以变更,但是基于信息泄露风险的考虑,若前期相关券商与本公司同行业公司之间存在并购顾问业务关联,则本公司更倾向于变更相关并购财务顾问。此外,行业竞争程度及并购类型差异对以上关系产生了不同影响。相关发现与建议为上市公司并购财务顾问聘任认知与实践、信息风险下的决策行为研究及监管层规范并购中介活动提出了有益的参考与借鉴。

关键词: 新兴资本市场, 并购财务顾问, 行业专长, 信息风险, 聘任变更策略