中国商业银行海外并购绩效及其影响因素实证研究

发布时间：2018-02-08 20:40

本文关键词： 商业银行海外并购并购绩效影响因素　出处：《江西财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着经济一体化和金融全球化、金融业混业经营的需要及国际业务的迅猛发展,第五次银行并购浪潮席卷全球。可以预见,未来实力不断增强的国内银行将会加快海外并购的步伐,朝着国际大型跨国银行的方向迈进。海外并购逐渐成为我国商业银行应对同业挑战、走向国际化经营,提高自身效率的主要途径。然而,我国银行业海外并购真的能如愿提升银行的绩效和综合竞争力吗?是否中资银行都适合海外并购,以及影响并购的因素有哪些,我们该如何利用或是规避?因此本文选择中资银行海外并购能否提高其绩效,以及影响绩效的因素作为研究重点,这对指导我国商业银行海外扩张有着重要的理论和实践指导意义。本文以2004-2009年间发生的中资银行海外并购活动为研究对象,通过因子分析法测定了我国商业银行跨国并购的前后各期绩效值,对前后各期绩效值进行了比较分析,得出我国商业银行海外并购活动并没有提升经营绩效,反而呈现出一定程度的下降态势。其次,运用多元线性回归模型对银行海外并购方式、并购相对规模、并购银行流通股所占比例、发生并购后持股比例、收购方第一大股东持股比例和对外贸易依存度六个方面影响因素做了实证分析,得出中资银行海外并购类型和其流通股所占比例对中资银行海外并购所产生的绩效并无显著影响,而收购后持股比例、交易相对规模、收购方第一大股东持股比例及外贸依存度对中资银行海外并购所产生的绩效具有显著影响。最后,本文主要从制定海外并购长远规划、改善我国商业银行海外并购的宏观环境、合理选择并购对象和操作方式、重视银行并购后的整合工作四个方面提出了合理的政策建议。本文主要创新在于：第一,运用因子分析法测度了商业银行并购前后的综合绩效变化值,考察了2004-2009年间具有代表性并购行为的样本银行绩效值,具有普遍性；第二,着重分析了银行海外并购绩效与其影响因素之间的实证关系,这对未来我国银行业海外并购提供合理战略选择具有重要的理论与现实指导意义。
[Abstract]:With the economic integration and financial globalization, the needs of financial mixed operation and the rapid development of international business, 5th bank mergers and acquisitions wave swept the world. In the future, the increasing strength of domestic banks will speed up the pace of overseas mergers and acquisitions, and move towards the direction of international large transnational banks. Overseas M & A has gradually become our country's commercial banks to deal with the challenges of their peers and to operate internationally. The main way to improve their own efficiency. However, can the overseas M & A of China's banking industry really improve the bank's performance and comprehensive competitiveness? Are Chinese banks suitable for overseas mergers and acquisitions, and what are the factors that affect mergers and acquisitions, and how should we take advantage of them or circumvent them? Therefore, this paper chooses whether the overseas M & A of Chinese banks can improve its performance and the factors affecting its performance, which has important theoretical and practical significance to guide the overseas expansion of Chinese commercial banks. Based on the overseas M & A activities of Chinese banks between 2004 and 2009, this paper measures the performance of Chinese commercial banks before and after cross-border M & A by factor analysis, and makes a comparative analysis on the performance of each period. It is concluded that the overseas M & A activities of commercial banks in China have not improved their business performance, but have shown a declining trend to a certain extent. Secondly, the relative scale of M & A is analyzed by using multiple linear regression models. The paper makes an empirical analysis on the influencing factors, such as the proportion of circulating shares of M & A banks, the proportion of shareholding after M & A, the proportion of ownership of the largest shareholder of the acquirer and the degree of dependence on foreign trade. It is concluded that the types of overseas mergers and acquisitions of Chinese banks and the proportion of their outstanding shares have no significant impact on the performance of overseas mergers and acquisitions of Chinese banks, while the proportion of shares held after acquisition, the relative scale of transactions, The proportion of the largest shareholders and the degree of dependence on foreign trade have a significant impact on the performance of overseas mergers and acquisitions of Chinese banks. Finally, this paper mainly from the formulation of long-term plans for overseas mergers and acquisitions, to improve the macro environment of overseas mergers and acquisitions of commercial banks in China. Reasonable choice of M & A object and mode of operation, pay attention to the integration of bank merger and acquisition of four aspects of reasonable policy recommendations. The main innovations of this paper are as follows: first, using factor analysis method to measure the changes of comprehensive performance of commercial banks before and after mergers and acquisitions, and examining the sample bank performance values of representative mergers and acquisitions from 2004 to 2009, which are universal; second, This paper emphatically analyzes the empirical relationship between the performance of overseas M & A of banks and its influencing factors, which has important theoretical and practical guiding significance for providing reasonable strategic choice for the future overseas M & A of China's banking industry.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.33;F271;F224

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