我国金融行业上市公司并购绩效研究

发布时间：2018-01-26 05:54

本文关键词： 金融行业并购并购绩效因子分析数据包络　出处：《华中师范大学》2017年硕士论文　论文类型：学位论文

【摘要】：自20世纪90年代以来,世界经济呈现出金融自由化和经济全球化两大特点,全球的金融业再度掀起了并购的浪潮。各国的金融企业都将不约而同的选择并购作为其抢占市场份额、提高竞争实力、扩大企业规模的手段。根据国际金融业的发展经验,并购无疑是一种扩大规模的重要途径,也是提高金融企业综合实力的有效方法。然而如果从绩效评估的角度出发,金融业的并购是否如我们所期望的那样有效率且达到企业并购的目的还有待进一步研究。本文就是着眼于这一点,首先对并购绩效理论以及并购动因进行梳理,进而在前人理论成果的基础上对我国金融行业上市公司并购绩效进行深入分析。一方面从理论上对我国金融业上市公司的并购现状、影响因素及机理进行了整理分析;另一方面,首先对财务数据采用因子分析方法,对所选定样本在并购发生前一年、当年和后两年的绩效进行评估,而后对由于并购行为给企业绩效水平带来的影响进行了分析;继而采用DEA数据包络法对之前所选取的样本进行了简单分析以对我国金融业上市公司的并购绩效情况做以补充说明。通过研究发现,首先,我国金融业上市公司未必都能够如预期的那样通过并购提高效率;其次,由于资源整合时滞性的存在,并购行为所带来的绩效改善往往在短期很难体现出来;最后通过对金融企业的进一步行业细分后发现证券、保险、商业银行等不同类型的金融企业,其并购绩效存在差异,其中除证券业的并购绩效水平显著提升外,其他细分行业的并购绩效水平都不理想。并针对这些结论提出了相应的建议:即要从转变并购方式;注重并购整合;培育中介机构和推动混业经营这四个大方面来对我国金融业并购的现状进行改善。
[Abstract]:Since 1990s, the world economy has been characterized by financial liberalization and economic globalization. The global financial industry has set off a wave of mergers and acquisitions once again. The financial enterprises of all countries will choose mergers and acquisitions as their share of the market and improve their competitive strength. According to the development experience of the international financial industry, M & A is undoubtedly an important way to expand the scale of enterprises. It is also an effective way to improve the comprehensive strength of financial enterprises. However, if we start from the point of view of performance evaluation. Whether the M & A of the financial industry is as efficient as we expected and to achieve the purpose of M & A. this paper focuses on this point, first of all, the theory of M & A performance and the motivation of M & A are combed. Then on the basis of previous theoretical results, the performance of listed companies in financial industry in China is analyzed. On the one hand, the current situation of M & A of listed companies in financial industry in China is theoretically analyzed. The influencing factors and mechanism were analyzed. On the other hand, the first factor analysis method is used to evaluate the performance of the selected samples one year before the M & A, the current year and two years after the merger. Then it analyzes the influence of M & A on the performance level of enterprises. Then we use the DEA data envelopment method to analyze the sample selected before in order to explain the M & A performance of listed companies in the financial industry of our country. First of all, we find out. The listed companies in China's financial sector may not be able to improve their efficiency through mergers and acquisitions as expected; Secondly, due to the existence of time lag in resource integration, the performance improvement brought about by M & A is often difficult to reflect in the short term. Finally, through the further industry segmentation of financial enterprises, we find that there are differences in M & A performance of different types of financial enterprises, such as securities, insurance, commercial banks and so on, in which the level of M & A performance of securities industry is significantly improved. The level of M & A performance of other subdivision industries is not ideal. The corresponding suggestions are put forward in view of these conclusions: to change the mode of M & A; Pay attention to merger and acquisition integration; To improve the present situation of financial M & A in China, we should cultivate intermediary organizations and promote mixed operation.
【学位授予单位】：华中师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F832.3;F830.42

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