平安银行并购市场反应案例分析
发布时间：2018-10-24 21:41
【摘要】：随着我国金融体制的改革和与国际金融界越来越深入的接触,我国金融市场受到的全球系统的影响已经越发明显。全球范围内始于20世纪90年代的第三次银行业并购浪潮也使得我国的银行并购由政府主导并购阶段到市场化商业并购阶段的跨越,特别是加入入WTO后,中国银行业的并购呈现迅速发展态势。 平安银行并购案例是我国国内首例被并购方也是上市银行的并购案例,在我国银行业并购史上具有划时代的意义。本文通过对前人研究的分析,发现其都存在简化并购事件过程的通病,由于研究样本量大,对于单个并购事件仅以第一次并购信息发布前后的股价波动来衡量市场反应。银行并购信息的披露在很多情况下是分段披露的,后续的市场反应在这样的样本选择中就被忽略了,不仅如此,如果并购最终并没有成功,此时市场的反应与第一次信息披露后的市场反应存在差异的可能性极大。因此本文在案例分析时首先对于在公告中披露的信息都进行了整理,选取其中可能产生剧烈市场反应的公告,并在此基础上把并购过程划分为五个阶段。在五个阶段划分的基础上首先采用CAMP模型对公告发布的前后进行回归分析,通过比较p系数的变化程度选出市场反应较大的三次作为研究样本。采用事件分析法对三个样本进行研究,分别得出每一次信息发布后的超常收益率,并得到了三次的超常收益率都为正的实证结果,在实证分析的基础上提出了我国商业银行并购的建议,并就银行间并购存在的障碍提出了相应政策建议。
[Abstract]:With the reform of China's financial system and more contacts with the international financial circles, the global financial market of our country has been affected more and more obviously. The third wave of banking M & A in the world, which began in the 1990s, also makes the banking M & A of our country leap from the stage of government-led M & A to the stage of market-oriented commercial M & A, especially after China's entry into WTO. The M & A of China's banking industry is developing rapidly. Ping an Bank M & A case is the first M & A case of listed banks in China, which is of epoch-making significance in the history of banking M & A in China. Through the analysis of previous studies, it is found that there is a common problem in simplifying the process of M & A events. Because of the large amount of research samples, the market reaction is only measured by the stock price fluctuations before and after the first M & A information release for a single M & A event. The disclosure of bank M & A information is in many cases piecewise disclosed, and subsequent market reactions are ignored in such a sample selection, not only that, but not only if the merger does not succeed in the end, There is a great possibility that the market reaction is different from that after the first information disclosure. Therefore, in the case analysis, the information disclosed in the announcement is sorted out first, and the announcement that may produce violent market reaction is selected, and on this basis, the M & A process is divided into five stages. On the basis of the five stages division, the CAMP model is used for regression analysis before and after the announcement, and the three times of market response are selected as the research samples by comparing the change degree of p coefficient. Using the event analysis method to study the three samples, get the abnormal rate of return after each information release, and get the empirical result that the abnormal return rate of three times is positive. On the basis of the empirical analysis, this paper puts forward some suggestions on the merger and acquisition of commercial banks in China, and puts forward corresponding policy suggestions on the obstacles existing in the mergers and acquisitions between banks.
【学位授予单位】：南京农业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.33;F271
本文编号：2292638
[Abstract]:With the reform of China's financial system and more contacts with the international financial circles, the global financial market of our country has been affected more and more obviously. The third wave of banking M & A in the world, which began in the 1990s, also makes the banking M & A of our country leap from the stage of government-led M & A to the stage of market-oriented commercial M & A, especially after China's entry into WTO. The M & A of China's banking industry is developing rapidly. Ping an Bank M & A case is the first M & A case of listed banks in China, which is of epoch-making significance in the history of banking M & A in China. Through the analysis of previous studies, it is found that there is a common problem in simplifying the process of M & A events. Because of the large amount of research samples, the market reaction is only measured by the stock price fluctuations before and after the first M & A information release for a single M & A event. The disclosure of bank M & A information is in many cases piecewise disclosed, and subsequent market reactions are ignored in such a sample selection, not only that, but not only if the merger does not succeed in the end, There is a great possibility that the market reaction is different from that after the first information disclosure. Therefore, in the case analysis, the information disclosed in the announcement is sorted out first, and the announcement that may produce violent market reaction is selected, and on this basis, the M & A process is divided into five stages. On the basis of the five stages division, the CAMP model is used for regression analysis before and after the announcement, and the three times of market response are selected as the research samples by comparing the change degree of p coefficient. Using the event analysis method to study the three samples, get the abnormal rate of return after each information release, and get the empirical result that the abnormal return rate of three times is positive. On the basis of the empirical analysis, this paper puts forward some suggestions on the merger and acquisition of commercial banks in China, and puts forward corresponding policy suggestions on the obstacles existing in the mergers and acquisitions between banks.
【学位授予单位】：南京农业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.33;F271
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