中国银行业并购重组策略研究
本文选题:银行并购策略 + 股权集中度 ; 参考:《西南财经大学》2013年博士论文
【摘要】:自二十世纪九十年代,随着知识经济的到来,经济全球化、经济金融化、金融自由化的不断深入,国际银行业不断掀起了并购浪潮。此并购浪潮始于美国,逐渐波及日本、欧洲发达国家和东亚的韩国、中国香港、拉美等发展中国家和地区,对全球经济与金融产生了深刻的影响。在银行并购活动不断影响下,许多跨国银行为了追逐利润最大化,开始把并购目标转向中国,这对于目前正处于向成熟市场经济转型的中国而言,既是机遇也是挑战;与此同时,随着中国市场经济建设的深入,金融业对外不断开放,中国银行业也掀起了并购热潮。本文正是在上述国内外复杂多变的宏观背景下,基于中国上世纪90年代以来银行业并购重组的数据,在深入阐述本文研究主要目的 -中国银行业并购重组策略研究这一主线之后,从中国金融改革、资本市场发展等多个视角诠释了研究该问题的重要现实意义;本文创新地发展了并购策略的理论框架,在此基础上,本文分别探讨了中国银行业并购重组的股权集中度选择、控股权选择、并购时机选择的发展现状、形成原因及存在问题等;然后,实证对比分析了政府主导型、市场主导型等两类商业银行并购重组的效率,以此来考察并购重组策略实施的效果;随后,依据本文关于并购重组的理论框架,以招商银行并购香港永隆银行进行个案分析;本文最后给出了未来中国银行业并购重组的发展趋势及对策建议。 本论文的主要结论有: (一)中国银行业并购重组的理论框架的组成部分主要包括并购重组的股权集中度选择、并购重组的控股权安排、并购重组时机的选择等三个方面。股权集中度和控股权涉及银行治理结构,时机选择影响到并购成本,而银行治理结构及并购成本均是影响银行价值的重要因素。 (二)通过实证分析改革开放以来的中国各类银行业并购重组案例后,得出中国银行业并购重组具有如下发展现状及特征: (1)不同所有制、不同规模的银行在并购重组的过程中,倾向于选择不同的股权集中度;总体上,中国银行业并购重组后的股权呈分散的趋势,但国有商业银行股权较集中,中小商业银行股权呈分散化态势。在此基础上本文研究了形成这种股权集中度的原因及存在的问题,问题是高度集中的股权结构不利于改善公司治理结构、不利于金融创新等。 (2)总体上,国有商业银行并购后仍保留国有控股的性质,民营股东和外资股东占比都非常小。中小城市银行并购重组存在股权性质变更的情况:有的从国有变成了民营或外资控股,如重庆银行、营口银行、厦门银行、齐鲁银行、南充商行、达州商行等;有的从本地财政控股变成了产业资本控股,如中石油收购昆仑银行、四川长虹集团收购绵阳市商业银行;或全国性金融机构控股,如华融资产收购组建华融湘江银行。在此基础上,本文分析了形成银行业控股权局面的原因,包括:有的是政府出于防范金融风险,确保金融安全,进而保障国家经济安全的考虑;有的是为了适应世界经济潮流的快速发展,提高银行业的国际竞争力而采取的发展战略;有的是按照市场化机制配置资源,推动金融体制改革的结果;而其中引进外资战略投资者,是尝试实现中国银行业股权多元化、优化银行治理结构的重要体现。 (3)本文认为,在并购时机选择上,有以下因素共同影响着并购重组的发生:当时的宏观经济走势、银行本身的经营业绩、出售股权股东的情况及当地财政收支情况等。具体来看,其一,并购重组主要发生在国内外宏观经济不景气时,此时被并购银行出现了财务危机,甚至有的濒临破产的局面;其二,当并购方的经营业绩处于较好的发展势头,而被并购银行出现财务危机的局面下,此时并购重组最为普遍;其三,时机选择与当地政府财政收支能力相关,如果一个地区出现财政收入持续减少,而财政支出不断增加,引致财政赤字的情况,银行业绩也会受此拖累从而表现不佳,甚至出现破产。此时,并购银行时机较为成熟,政府也希望通过并购重组实现财政收支平衡,阻止经济继续下滑的压力;其四,如果是善意并购,并购银行的并购时机仅仅与目标银行相对价值有关,并购的最佳时机是在相对价值较小或者较大的时期,通过并购能够增加银行价值。 (三)运用中国1998-2008年的13家国有商业银行、股份制商业银行的相关金融数据,采用数据包络分析方法,本文对商业银行的并购效率进行了分析。对比分析发现,整体而言,商业银行在并购重组后效率均下降,随后缓慢回升;平均来看,市场主导型的股份制银行并购重组的效率明显高于政府主导型的国有商业银行的并购重组效率。这表明市场化主导的银行并购重组对银行经营效果的作用效果要大。 (四)依据并购重组的股权集中度选择、控股权安排、时机选择等理论研究框架,对招商银行并购香港永隆银行的个案进行了研究,并得出如下结论:并购后对招商银行股权集中度的影响不大,并购后对香港永隆银行实行100%的国有控股,招行并购时机选择恰当。 本论文的创新主要体现在以下几个方面: 其一,论文的理论分析框架比较新颖。本文基于中国现实情况,重点分析了股权集中度选择、控制权安排、时机的选择等银行业并购重组的三个主要方面,为研究中国银行业并购重组提供了重要的理论铺垫。现有的文献只仅仅关注本文中理论框架中的某一个方面,尚未综合地考察中国银行业的并购行为。本文认为,该理论框架视角能够客观地、全面地对中国银行业并购重组行为进行探索,得出的结论更具有实用价值。 其二,论文的实证分析具有创新性。在阐述中国银行业并购重组的策略基础上,本文以中国现有银行为研究对象,实证对比分析了政府主导型与市场主导型的银行业并购重组的效率差异;本文还选用具有典型意义的银行进行个案分析,实证结论具有重要的现实意义。 其三,数据较新颖。本文尽可能地搜集了改革开放以来中国国有商业银行、股份制商业银行、中小城市商业银行等并购重组的数据,较全面地重新审视并购重组行为,得出的结论较有说服力。
[Abstract]:Since 1990s, with the advent of the knowledge economy, economic globalization, economic and financial liberalization and the deepening of financial liberalization, the wave of mergers and acquisitions has been set off by the international banking industry. This wave of mergers and acquisitions began in the United States, gradually spread to Japan, developed countries in Europe and South Korea in East Asia, Hongkong, Latin America and other developing countries and regions. The economy and finance of the ball have a profound influence. Under the influence of the bank merger and acquisition, many multinational banks have turned the target of merger and acquisition to China in order to maximize the profit, which is both an opportunity and a challenge for China, which is now in transition to a mature market economy. At the same time, with the construction of the Chinese market economy. In depth, the financial industry is open to the outside world, and the Chinese banking industry has set off a merger upsurge. This paper is based on the data of merger and reorganization of banking industry since 90s of last century in China.
After the study of the merger and reorganization strategy of China's banking industry, the important practical significance of the study is explained from the perspective of China's financial reform and capital market development, and the theoretical framework of M & a strategy is developed creatively. On this basis, this paper probes into the selection of equity concentration in the merger and reorganization of China's banking industry. Choosing, controlling stock option, the present situation of the timing of merger and acquisition, forming reasons and existing problems, and then comparing and analyzing the efficiency of merger and reorganization of the two types of commercial banks, such as government led and market dominated, in order to investigate the effect of the implementation of M & a strategy. A case study is made on mergers and acquisitions of Hongkong Yong long bank by commercial banks. Finally, the development trend and Countermeasures of China's banking industry in the future are given.
The main conclusions of this paper are as follows:
(1) the part of the theoretical framework of merger and reorganization of China's banking industry consists of three aspects: the choice of ownership concentration, the arrangement of the controlling rights of merger and reorganization, the choice of the timing of merger and reorganization. The ownership concentration and controlling rights involve the bank governance structure, and the timing is affected by the cost of merger and acquisition, and the bank governance structure and the The cost of purchase is an important factor affecting the value of the bank.
(two) through the empirical analysis of China's various banking mergers and acquisitions since the reform and opening up, it is concluded that the merger and reorganization of China's banking industry has the following development status and characteristics:
(1) different ownership, different scale of banks in the process of mergers and acquisitions, tend to choose different ownership concentration; in general, the share of Chinese banks after mergers and acquisitions is scattered trend, but the state-owned commercial banks are more concentrated, small and medium-sized commercial banks share a decentralized state. On this basis, this paper studies the formation of this The reasons and problems of the concentration of stock ownership are that the highly centralized ownership structure is not conducive to improving the corporate governance structure, and is not conducive to financial innovation.
(2) on the whole, the state-owned commercial banks still retain the nature of state holding after the merger and acquisition, and the proportion of private shareholders and foreign shareholders is very small. The merger and reorganization of small and medium-sized cities has a change in the nature of Equity: some have changed from state-owned to private or foreign capital, such as the Bank of Chongqing, the Bank of Yingkou, the Bank of Xiamen, the Qilu bank, and the Nanchong commercial bank. Dazhou commercial bank, etc., some have changed from local financial holding to industrial capital holding, such as the acquisition of Kunlun bank by CNPC, the acquisition of Mianyang commercial bank by Sichuan Changhong group, or the holding of national financial institutions, such as Huarong Asset Acquisition and formation of Huarong Xiangjiang bank. On this basis, this paper analyzes the reasons for the formation of the bank ownership situation. Including: some are the consideration of the government in order to prevent financial risks, ensure financial security and ensure the economic security of the country. Some are to adapt to the rapid development of the world economic tide and improve the development strategy of the international competitiveness of the banking industry; some are to allocate resources according to the market mechanism and promote the reform of the financial system. And the introduction of foreign strategic investors is an important embodiment of trying to realize the diversification of China's banking equity and optimizing the governance structure of banks.
(3) this article holds that the following factors have a common influence on the occurrence of mergers and Acquisitions: the macroeconomic trend, the performance of the bank itself, the sale of stockholder's shareholders and the local financial revenue and expenditure. Mergers and acquisitions banks have a financial crisis and even a situation on the verge of bankruptcy; secondly, when the business performance of the M & a party is in a good momentum of development, and the merger and acquisition bank has a financial crisis, the merger and reorganization is most common at this time. Third, the timing is related to the local government financial revenue and expenditure, if a region appears. The financial revenue continues to reduce, and the financial expenditure is increasing, causing the financial deficit, and the performance of the bank will be too bad, even bankruptcy. At this time, the time of the merger and acquisition bank is more mature, the government also hopes to realize the balance of revenue and expenditure through merger and acquisition, and prevent the pressure of the economy to continue to decline; and fourth, if it is The time of merger and acquisition in good faith is only related to the relative value of the target bank. The best time for M & A is to increase the value of the bank by merger and acquisition in a period of relatively small or larger relative value.
(three) using the related financial data of commercial banks in 13 countries of China for 1998-2008 years and the data envelopment analysis method, this paper analyses the efficiency of merger and acquisition of commercial banks. The efficiency of merger and reorganization of the field dominated joint-stock banks is obviously higher than that of the government led state-owned commercial banks. This shows that the effect of the market led bank merger and reorganization on the bank management effect is great.
(four) according to the theoretical research framework of the choice of ownership concentration, the arrangement of shareholding and the timing of the merger and acquisition, the case of the merger and acquisition of Hongkong Yong long bank by China Merchants Bank is studied, and the following conclusions are drawn: after the merger and acquisition, there is little influence on the concentration degree of China Merchants Bank, and 100% of the state-owned holding is carried out for the Bank of Yong long bank after the merger and acquisition. The timing of merger and acquisition is appropriate.
The innovation of this paper is mainly reflected in the following aspects:
First, the theoretical analysis framework of the thesis is new. Based on the reality of China, this paper focuses on the analysis of three main aspects, such as the choice of ownership concentration, the arrangement of control rights, the choice of timing, and so on, which provides an important theoretical basis for the study of merger and reorganization of China's banking industry. In one aspect of the theoretical framework, the merger and acquisition behavior of China's banking industry has not been comprehensively investigated. This paper holds that the theoretical framework can objectively and comprehensively explore the merger and reorganization of China's banking industry, and the conclusion is of more practical value.
Secondly, the empirical analysis of the paper is innovative. On the basis of the strategy of the merger and reorganization of China's banking industry, this paper, taking the existing banks in China as the research object, empirically contrasts and analyzes the efficiency difference between the government led and market led banking mergers and acquisitions. The empirical conclusions are of great practical significance.
Third, the data are more novel. This article has collected the data of the merger and reorganization of China's state-owned commercial banks, joint-stock commercial banks and small and medium-sized city commercial banks since the reform and opening up. The conclusion of the merger and reorganization is more convincing.
【学位授予单位】:西南财经大学
【学位级别】:博士
【学位授予年份】:2013
【分类号】:F271;F832.3
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