从招商银行并购香港永隆银行看中资银行海外并购

发布时间：2018-04-05 15:28

本文选题：中资银行　切入点：海外并购　出处：《西南财经大学》2013年硕士论文

【摘要】：从19世纪末20世纪初开始,国际范围内先后出现了三次银行并购浪潮,每一次均带来了广泛而深远的影响。其中,开始于20世纪90年代,由美国和日本带领的第三次国际银行业并购浪潮,席卷了全球大多数国家和地区,改变了国际银行业的整体格局和发展模式。进入21世纪以后,随着经济金融全球化的深入,国家和地区之间的联系更加紧密,世界经济更加密不可分。无论哪一个行业中的企业,都必须紧跟经济全球化的发展趋势,才能在竞争日益激烈的国际环境中生存下来。近年来,为了扩大规模、壮大实力,越来越多的银行通过海外并购来入主国际市场,以适应经济金融全球化发展的要求。受到国际银行业并购浪潮的影响,我国的大型国有商业银行和实力雄厚的股份制商业银行,开始将视角延伸至海外,尝试通过海外并购在国际市场上寻求更多的发展机会。然而,因为中国银行业长期受到行政干预,市场化进程缓慢,公司治理不完善,综合实力较差,所以,早期的银行海外并购数量少、规模小。随着中国经济的急速增长,综合实力的不断提高,国际话语权的增强,中国商业银行的竞争力也随之增强,具备了与国际发达银行竞争的能力,开始积极地走出国门,涉足国际市场。此外,2006年开始,遵守入世承诺,我国金融市场全面对外开放,外资银行大量涌进,意图瓜分中国市场,中资银行面临前所未有的巨大竞争压力,不得不拓宽视野,到海外寻求新的增长点。于是,这一阶段,银行业海外并购得到了迅速发展,数量增多,规模也不断扩大。伴随着中国商业银行海外并购实践的活跃发展,学术界也开始关注和研究银行并购活动。从上世纪90年代开始,就有中国学者开始进行相关研究,近些年更是不乏这方面的相关文章,虽然只经历了短短二十来年的时间,学术研究已取得了一定的成果。早前,学者们的研究主要停留在理论层面,重点探讨了中国商业银行并购的历程、现状、特点、原因及并购风险等,并为银行并购的制度建设提供理论支撑。后来,更多的学者转向收集商业银行海外并购案例,尝试通过不同的方法进行实证研究,验证海外并购对商业银行绩效的影响,至今尚未形成统一的结论。现有的国内外文章,引入并购案例只是为了提供佐证,对案例的分析不够全面透彻。因此,本文希望以全新的视角,选取一个比较具有代表性的并购案例,就案例本身进行全面而系统地研究。把研究的重点放在案例分析上,在分析的过程中引入相关的银行海外并购理论作为理论依据,理论联系实际,具体分析银行海外并购原因,并购整合及并购绩效等。最后,总结案例的有益启示,以小见大,希望能对中资银行日后进行海外并购有所裨益。本文以中资银行海外并购为主题,紧紧围绕招商银行并购永隆银行这一案例来展开论述。首先在回顾国内外现有文献的基础上,总结学术界的研究成果,指出存在的不足,确定本文的研究重点为案例分析。接下来,选择招商银行并购永隆银行作为案例,梳理并购的整个过程,重点分析并购原因、并购整合及并购绩效。最后,根据理论分析和实证研究的结果,总结并购案例的有益启示,为中资银行海外并购提供参考。根据这样的研究思路,本文共分成了五个部分来进行论述。第一章为绪论,首先介绍了论文的选题背景、研究意义和研究目的；然后给出了本文所用的几个研究方法：最后概括了文章的创新之处,并指出了其中的不足。第二章为商业银行海外并购综述,首先对文中涉及到的重要概念进行了界定；其次详细地回顾了国内外已有的研究文献,总结成果,发现不足,确定本文的研究重点是做案例分析,理论联系实际展开论述；再者简要介绍了我国商业银行海外并购的历程及现状,为接下来的研究设定背景。第三章则对招商银行并购永隆银行进行了详细地概述。首先详细地介绍了并购双方的情况以及并购事件的发生背景;其次重点论述了招商银行并购永隆银行的具体原因,包括理论动因及并购的现实意义；接下来则对并购的整个过程进行了概览,并且详细地了回顾了并购整合的过程；最后归纳总结经过一系列整合之后所取得的初步成果。第四章为实证研究。首先运用事件研究法,建立模型,拟合出预期收益率,进而获得超额收益率和累计超额收益率,对招商银行并购永隆银行的短期绩效进行了研究；其次运用会计指标法,具体选用了杜邦分析法,对并购前后的资产收益率及净值收益率等会计指标进行对比分析,对并购的长期绩效进行了研究。实证结果表明,并购永隆银行提高了招商银行的短期及长期绩效。第五章经过前面几章对案例的详尽研究之后,根据理论分析及实证结论,归纳总结招商银行并购永隆银行的启示,为中资银行海外并购中对象的选择、时机的把握和并购整合等方面提供宝贵的参考意见。本文的主要观点是：招商银行并购永隆银行,是看重了双方在业务和网点设置上的互补,并购能达到优势互补,有利于实现协同效应；并购后招商银行的短期及长期绩效都有所提高,表明并购能提高银行的盈利能力和经营效率。这与很多学者的研究结果有所差异。多数学者认为,因并购协同效应需要经过一段时期的整合才能充分显现,并购不能提高银行的短期绩效。而本文得出的结论是,并购后短时期内,招商银行获得了正的异常收益,并购提高了银行短期绩效。这很大程度上是因为招商银行和永隆银行历史文化背景等比较相似,业务比较互补,在并购初期就显示出了协同效应,尽管不甚明显,但确实提高了银行绩效。本文存在着几点不足：只选择了一个案例来进行分析,研究结果不具备充分的代表性,可能并不适用于其他商业银行的海外并购活动,有一定的局限性;在进行绩效的实证研究时,鉴于本人所学有限,只采用了两种较为简便的方法,分析停留在比较浅的层次,日后应进一步深入分析,完善这方面的研究。
[Abstract]:From the beginning of the end of nineteenth Century and early twentieth Century, the international scope has appeared in the three wave of bank mergers and acquisitions, each time brought extensive and far-reaching impact. Among them, beginning in 1990s, third international banks led by the United States and Japan swept through mergers and acquisitions, most countries and regions of the world, the overall pattern and mode of development the change of the international banking industry. After entering twenty-first Century, with the economic and financial globalization, between countries and regions more closely linked to the world economy more closely. No matter which one of the enterprises in the industry, must follow the development trend of economic globalization, in order to survive in the increasingly fierce competition in the international environment in recent years, in order to expand the scale, strength, more and more banks to enter the international market through overseas mergers and acquisitions, in order to adapt to the requirements of the development of economic and financial globalization.
Affected by the international banking MampA, China's large state-owned commercial banks and the strength of the joint-stock commercial banks, began to extend to overseas perspective, try to seek more development opportunities in the international market through overseas mergers and acquisitions. However, because Chinese banking has long been the administrative intervention, the market is slow, corporate governance not perfect, comprehensive strength is poor, so the early overseas bank mergers and acquisitions less quantity, small scale. With the rapid growth of Chinese economy, the continuous improvement of the overall strength, enhance the international discourse, the competitiveness of commercial banks Chinese also increases, the ability to compete with the international advanced banks, began to actively go abroad in the international market. In addition, the beginning of 2006, to comply with the WTO commitments, China's financial market opening, foreign banks influx, the intention to carve up the market Chinese, Chinese bank Banks face unprecedented competitive pressure and have to broaden their horizons and seek new growth points overseas. Therefore, at this stage, overseas mergers and acquisitions of banking industry has been developing rapidly, and the number is increasing and the scale is also expanding.
Along with the development of commercial banks Chinese active overseas mergers and acquisitions practice, academia began to pay attention to and study the bank merger and acquisition activities. From the beginning of the last century in 90s, there are China scholars began to conduct relevant research, in recent years, there are so many articles in this area, although experienced only a short period of 20 years, academic research has made some results. Earlier, the scholars mainly focused on the theoretical level, focusing on the process of commercial bank mergers and acquisitions China status, characteristics, causes and risks, and provide theoretical support for bank mergers and acquisitions system. Later, more and more scholars to collect cases of commercial bank mergers and acquisitions overseas, try to conduct empirical research through different methods, verification of overseas mergers and acquisitions for the performance of commercial banks, has not yet formed a unified conclusion. The existing domestic and foreign articles, in case only In order to provide evidence to the case analysis is not thorough. Therefore, we hope in a new view, select a representative case, case itself studied comprehensively and systematically. This thesis focuses on the case analysis, in the analysis process, introducing the related bank overseas merger and acquisition as the theory basis, theory and practice, the specific analysis of bank mergers and acquisitions overseas mergers and acquisitions, and mergers and acquisitions performance. Finally, the beneficial enlightenment, summed up the case for Chinese banks hope the child is father of the man, the day after the benefit of overseas mergers and acquisitions.
In this paper, Chinese banks overseas mergers and acquisitions as the theme, focus on the China Merchants Bank in the case of the acquisition of Wing Lung Bank to discuss. Firstly, based on a review of the existing literature at home and abroad, summarizes the academic research achievements, points out the existing problems, the case analysis to determine the focus of this study. Then, China Merchants Bank as the acquisition of Wing Lung Bank the whole process of combing the case, mergers and acquisitions, focuses on the analysis of mergers and acquisitions, mergers and acquisitions and mergers and acquisitions performance. Finally, according to the results of theoretical analysis and empirical research, summarizes the beneficial enlightenment of mergers and acquisitions, to provide reference for Chinese banks overseas mergers and acquisitions. According to such research, this paper is divided into five parts to discuss.
The first chapter is the introduction. First, it introduces the background, significance and purpose of the research, then gives several research methods used in this paper. Finally, it summarizes the innovation of the article and points out its shortcomings.
The second chapter is the review of mergers and acquisitions of overseas commercial banks, first of all the important concepts involved in the paper are defined; followed by a detailed review of the research literature at home and abroad, summed up the results, and found the problem, determine the focus of this study is to do the case analysis, theory and practice are discussed; and briefly introduces China's overseas business the history and current situation of bank mergers and acquisitions, set the background for the next research.
The third chapter gives a detailed overview of the Wing Lung Bank of China Merchants Bank Mergers and acquisitions. Firstly introduces in detail the situation as well as mergers and acquisitions both events background; then it focuses on the specific cause of the Wing Lung Bank China Merchants Bank Mergers and acquisitions, mergers and acquisitions including the theory of motivation and practical significance; then the whole process of mergers and acquisitions are overview. And the detailed review process of merger integration; finally summed up after a series of preliminary results obtained after integration.
The fourth chapter is the empirical research. The first model is set up by using event study method, fitting out the expected rate of return, and then obtain the abnormal return and cumulative abnormal returns, the short-term performance of the Wing Lung Bank of China Merchants Bank M & A is analyzed; secondly the accounting index method, the specific use of the DuPont analysis, accounting index of before and after merger return on assets and net profit rate compared to the long-term performance of mergers and acquisitions were studied. The empirical results show that the acquisition of Wing Lung Bank raised short-term and long-term performance of China Merchants Bank.
The fifth chapter through the previous chapters of the case after a detailed study, based on theoretical analysis and empirical conclusions, summarizes the Enlightenment of the acquisition of Wing Lung Bank of China Merchants Bank, as the object of Chinese banks overseas mergers and acquisitions choice, provide valuable reference to grasp the timing and merger integration.
The main point of this paper is: the Wing Lung Bank of China Merchants Bank Mergers and acquisitions, is the value of the two sides complement each other in the business and network setup, mergers and acquisitions can achieve complementary advantages, conducive to the realization of synergies; after the merger of China Merchants Bank short-term and long-term performance are improved, show that mergers and acquisitions boost banks' profitability and management efficiency. This research and many scholars have different results. Most scholars believe that because of merger effect need to go through a period of integration can fully show synergy, mergers and acquisitions can not improve the short-term performance of the bank. And the conclusion is that after the merger in a short period of time, China Merchants Bank obtained positive abnormal returns, bank mergers and acquisitions improve short-term performance. This is largely due to China Merchants Bank and Wing Lung Bank, historical and cultural background is quite similar, business more complementary, in the initial acquisition shows a synergistic effect, though It was not obvious, but it did improve the performance of the bank.
In this paper, there are some shortcomings: choose a case to carry on the analysis, the results do not have adequate representation, overseas mergers and acquisitions may not apply to other commercial banks, there are some limitations; in the empirical research of the performance, in view of what I have learned is limited, only by two methods simple analysis, remain in a relatively shallow level, further analysis should be improved after the research.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.3;F271

【参考文献】