我国商业银行并购重组效率研究

发布时间：2018-03-09 16:32

本文选题：并购重组　切入点：绩效　出处：《华南理工大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着经济一体化程度的加快，企业间的并购已成为资本集聚扩张一条主要道路，我国从1997年起，，并购重组已步入快车道，市场资源配置的最主要环节。我国的银行业也一早就加入到了并购重组的浪潮当中。然而这些并购重组究竟能否为银行带来效率是个很值得研究的问题。正因为并购重组处于如此重要的地位，所以我们更应该正确认识并购重组的效率，对银行并购重组的效率进行有效的衡量。本文在对我国商业银行并购重组效率的研究当中，首先是采用前沿分析法当中的构建超对数成本函数，对我国7家在1996-2011年间参与过并购重组的商业银行进行总体性分析，计算出7家银行在不同年份的规模经济效率值进行分析。在总体性分析的基础上，选取了现阶段最具代表性的银行间并购案例，中国平安并购深发展的案例，采用事件研究法和财务指标分析法。事件研究法选取并购公告日前后各30日作为窗口期，对并购带来的股价波动效应进行分析。财务指标分析法则是选取并购前后各3年的财务数据进行纵向分析，并选取4家近期未参与并购的银行的财务指标均值进行横向分析。最后本文得到结论，整体上而言从1996年-2011年，7家样本银行的效率处在不断改善的状态，但这主要是源于金融体制改革创新以及银行间日趋激烈的竞争对效率的改善。但是在并购发生的年份，规模较大的并购银行的效率会有一个稍微停滞的现象，而在接下来的几年当中效率的改善幅度会增大。而对于规模较小的银行来说，政府主导的并购行为会导致效率的变差，如果没有及时消化吸收并购的话，长期来说效率都是处于比较落后的。对于深圳发展银行来说，并购带来的股价波动效应是显著的，其财务指标在并购后是优于并购前的。在与同行业的比较当中，并购发生当年的财务指标是优于行业基准值的，但是在2011年开始其财务指标要差于同行业，并购后的整合存在一定的问题，需要继续改进。
[Abstract]:With the development of economic integration between enterprises, mergers and acquisitions have become a major capital expansion path in China since 1997, mergers and acquisitions has entered the fast lane, the main part of market allocation of resources. China's banking sector has already joined the wave of mergers and acquisitions. However, whether these mergers and acquisitions for the bank to bring efficiency is a problem worthy of study. Because of mergers and acquisitions in such an important position, so we should have a correct understanding of the efficiency of merger and reorganization, the efficiency of bank merger and restructuring the effective measure.
Based on the study of recombinant efficiency of China's commercial bank mergers and acquisitions, the first is constructed by using the method of the translog cost function analysis frontier of China's 7 in 1996-2011 years involved in mergers and acquisitions of commercial banks for the overall analysis, calculate the 7 banks value analysis in the economical efficiency of scale in different years. Based on the overall analysis on the selection of the most representative of the inter bank merger case, Chinese ping an acquisition of Shenzhen development cases, using the method of event study and financial indicators analysis. Event study method and merger announcement before and after 30 days as the window period, analyze the stock price fluctuation effect of mergers and acquisitions the financial index analysis is a longitudinal analysis to select financial data in each of the 3 years before and after the merger, and selects 4 recent mergers and acquisitions did not participate in the bank's financial indicators mean horizontal analysis.
Finally come to the conclusion that the overall efficiency from 1996 -2011, 7 sample banks in the continuous improvement of the state, but this is mainly to improve the efficiency of the financial system reform and innovation in the intense competition among banks. But in the year of mergers and acquisitions, mergers and acquisitions of bank efficiency large scale will have a slightly stagnant phenomenon, and the efficiency in the next few years the improvement will increase. For smaller banks, government led mergers and acquisitions will lead to poor efficiency, if not timely digest acquisitions, the long term efficiency is relatively backward. For Shenzhen Development Bank for the stock price fluctuation effect from the merger is significant, the financial indicators are better than the pre merger after the merger. In comparison with the same industry, mergers and acquisitions in the financial index is excellent The benchmark value of the industry, but in 2011, its financial indicators should be worse than the same industry, the integration after mergers and acquisitions has some problems, and need to continue to improve.

【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.33

【参考文献】