中国平安并购深发展经济动因和绩效研究

发布时间：2018-01-09 11:02

本文关键词：中国平安并购深发展经济动因和绩效研究　出处：《贵州财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：中国平安并购深发展是中国内地迄今为止涉及交易金额和资产规模最大的并购案，也是以保险业务为主的中国平安综合金融集团通过收购深发展这样的股份制商业银行巩固混业经营模式的大胆尝试。这样的典型案例对中国金融业未来的发展而言，具有划时代的重大意义，无论成败得失都能给我国其他金融机构进行类似并购活动提供灵感和带来启发。虽然并购交易的主体过程早在2009年和2010年就已经完成，但是经过3至5年左右的并购整合，现在以2012年截至的财务数据进行绩效检验仍然具有意义，或者可以说更加准确。毕竟衡量大型企业并购活动成败与否，主要不是看交易过程，而更看中整合结果。本文主要由企业并购的理论基础概述、并购的具体交易过程、并购模式归纳总结、并购绩效检验和研究结论启示几个部分构成。在检验中国平安并购深发展的绩效结果时，使用得是源自西方公司理财的两种经典方法，即事件研究法和业绩比较法。相信这样的文章构造和研究方法能帮助读者全面了解此次并购活动的来龙去脉和实践意义。创新之处主要是，在借鉴国内外相关文献研究的基础上，本文以西方成熟企业并购理论为出发点，与中国特殊市场行情和实践相结合，利用公开的上市公司财务数据，综合运用规范分析和实证分析。而后将静态分析和动态分析结合起来，不仅对上市公司并购当年绩效进行研究，而且对并购前后各年经营绩效进行纵向比较，由此试图得出一般性结论。进行并购动因分析和归纳并购结论时，引入企业文化方面的考虑因素，而这方面的原因往往为其他研究者所忽略。最后的研究结论主要是：中国平安并购深发展的经济动因有业务战略和财务收益两方面的考虑。对这次并购活动的实际绩效检验发现，资本市场反应比较积极，并购公告之初股价大涨，之后几年股价逐渐回落；财务数据显示并购收益总体为正，，但并购整合过程中企业面临的风险始终较高，并购收益有逐年递减的趋势。并购策略和并购交易模式是最值得赞赏和推广的方面，因其大幅降低了交易成本并获得了显著的节税效应，并购整合过程表现平庸，应有改进之处。
[Abstract]:The deep development of Ping an M & A in China is the largest merger involving transaction amount and assets in mainland China so far. It is also a bold attempt by Ping an Comprehensive Financial Group of China to consolidate the mixed business model through the acquisition of such joint-stock commercial banks as Shenzhen Development. Such a typical case is a bold attempt to the future development of China's financial industry. Yes. Has epoch-making significance. Success or failure can provide inspiration and inspiration for similar M & A activities of other financial institutions in China, although the main process of M & A transactions has been completed as early as 2009 and 2010. But after about 3 to 5 years of merger and acquisition integration, it is still meaningful to test the performance of financial data as of 2012. Or more accurate. After all, the success or failure of large mergers and acquisitions is measured not by the course of the transaction, but by the results of consolidation. This article mainly from the enterprise merger and acquisition theory foundation outline, the merger and acquisition concrete transaction process, the merger pattern induction summary. M & A performance test and research conclusions enlighten several components. When testing the performance results of Ping an M & A in China, it uses two classical methods originating from western companies' financial management. It is believed that this kind of article structure and research method can help readers to fully understand the background and practical significance of the M & A activity. The main innovation is that, on the basis of the domestic and foreign literature research, this paper takes the western mature enterprise M & A theory as the starting point, and combines with the market and practice of China's special market. Using the public listed company financial data, the comprehensive use of normative analysis and empirical analysis. Then the static analysis and dynamic analysis combined, not only to the performance of mergers and acquisitions of listed companies. And the longitudinal comparison of the performance of each year before and after M & A., from which we try to draw a general conclusion. When we analyze the motivation of M & A and conclude the conclusion of M & A, we introduce the factors of corporate culture. The reasons for this are often overlooked by other researchers. The final conclusion is that the economic motivation of the deep development of Ping an M & A in China is the consideration of business strategy and financial income. The capital market reaction is more positive, the share price of merger and acquisition announcement rises greatly, after a few years stock price drops gradually; Financial data show that the overall M & A earnings are positive, but in the process of M & A integration enterprises are always facing a higher risk. Merger and acquisition strategy and M & A transaction mode are the most commendable and popularized aspect, because they greatly reduce transaction cost and obtain significant tax saving effect. M & A integration process is mediocre, there should be improvements.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F842.3;F832.3

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