五大国有商业银行“走出去”动因及路径选择探析
发布时间：2018-07-15 16:52
【摘要】：企业的国际化经营是在世界经济快速发展、各国经济联系日益紧密,实体经济产业在全球范围内的再组织与再分工的大背景下产生的,银行作为企业的一种表现形式,其从事国际化经营是金融领域全球化步伐加快的必然结果。伴随中国经济改革开放程度的深入,中国企业“走出去”步伐提速,国有商业银行跟随中资企业“走出去”、服务于中资企业和自身出于开辟新市场,实现规模化经营的需要,其从事跨国经营的步伐也大大加快。银行从事国际化经营的路径有新设投资和跨国并购两种,如何在这两种路径之间进行合理选择?西方学者主要是从银行自身条件以及动因这两个角度去分析这个问题,并形成一系列的理论框架。本文试图根据近年(2005年—2010年)五大国有商业银行“走出去”步伐加快、路径选择差异化的现状,从动因角度去研究和分析五大国有商业银行“走出去”的两种路径选择问题。 文章第一部分首先介绍研究背景,并提出问题：工商银行为什么较其他四大国有商业银行更多地采用跨国并购方式? 第二部分界定新设投资和跨国并购两种路径的概念,并从银行自身条件和动因两个角度介绍关于两种路径选择的国内外研究理论。 第三部分介绍五大国有商业银行“走出去”的背景和概况。 第四部分概括出五大国有商业银行“走出去”路径中关于新设投资的动因和跨国并购的动因,并选取2006—2010年期间具有代表性的9起新设投资和6起跨国并购案例进行分析。 第五部分对五大国有商业银行2006—2010年期间新设投资和跨国并购进行绩效比较分析,得出结论：跨国并购在绩效方面优于新设投资。 第六部分归纳总结本文研究结论：一、五大国有商业银行在“走出去”过程中,因动因不同导致路径选择不同：1、出于“服务中国经济、贸易及对外投资高速增长”、“跟随中资企业‘走出去’,提供金融服务”、“拓展海外市场、提升盈利能力”以及“国际化经营和全球战略布局需要”等一般动因,采用新设投资的方式。2、出于“实现规模经济和利润最大化”、“实现范围经济”、“获得经营牌照,降低准入门槛”、“快速获得当地客户资源,提升市场份额”和“改善财务报表”等特殊动因,采用跨国并购的方式。这与现有关于跨国并购动因研究的多纬度理论框架相符。二、实现“规模效应和利润最大化”是跨国并购最重要的动因之一,由于跨国并购在实现绩效方面优于新设投资,因此,五大国有商业银行在“走出去”战略实施过程中应逐步转变为采用“新设投资和跨国并购并举”的方式,这是未来中资银行“走出去”战略路径选择的发展趋势和发展方向。
[Abstract]:The internationalization management of enterprises is produced under the background of the rapid development of the world economy, the increasingly close economic ties between various countries, the reorganization and redivision of the real economy industry in the global scope, and the bank as a form of expression of the enterprise. Its international operation is the inevitable result of accelerating the pace of globalization in the financial field. With the deepening of China's economic reform and opening up, the pace of "going out" of Chinese enterprises has increased, and state-owned commercial banks have followed Chinese enterprises to "go out," serving the needs of Chinese enterprises and themselves to open up new markets and realize large-scale operations. The pace of its multinational operation has also been greatly accelerated. There are two ways for banks to engage in international operation: new investment and cross-border M & A. How to make a reasonable choice between these two paths? Western scholars mainly analyze this problem from the perspective of the bank's own condition and motivation, and form a series of theoretical framework. According to the current situation of "going out" of five state-owned commercial banks in recent years (2005-2010) and the differentiation of path selection, this paper attempts to study and analyze the two kinds of path choice problems of the five state-owned commercial banks from the angle of motivation. The first part of the article introduces the background of the research and puts forward the following questions: why ICBC adopts cross-border M & A more than the other four state-owned commercial banks? The second part defines the concepts of new investment and cross-border M & A, and introduces the domestic and foreign research theories on the choice of the two paths from the perspective of banks' own conditions and motivations. The third part introduces the background and general situation of five state-owned commercial banks. The fourth part summarizes the motivation of new investment and transnational M & A in the "going out" path of five state-owned commercial banks, and analyzes 9 new investment and 6 transnational M & A cases which are representative in 2006-2010. The fifth part compares the performance of new investment and transnational merger between 2006 and 2010 of five state-owned commercial banks, and concludes that the performance of cross-border M & A is better than that of new investment. The sixth part summarizes the conclusions of this paper: 1. In the process of "going out", the five state-owned commercial banks choose different paths because of different reasons, because of "serving China's economy, trade and rapid growth of foreign investment". "go out with Chinese enterprises to provide financial services", "expand overseas markets, enhance profitability" and "internationalize operations and global strategic layout needs" and other general motivations, Using the new investment approach. 2, for "maximizing economies of scale and profits", "achieving economies of scope", "obtaining operating licences, lowering entry barriers", "quick access to local customer resources," Increase market share "and" improve financial statements "and other special motivations, using cross-border mergers and acquisitions. This is consistent with the existing multi-latitude theoretical framework of the research on the motivation of transnational mergers and acquisitions. Second, the realization of "scale effect and profit maximization" is one of the most important motivations for cross-border mergers and acquisitions. In the process of implementing the "going out" strategy, the five state-owned commercial banks should gradually change to adopt the way of "new investment and transnational merger and acquisition", which is the development trend and development direction of the strategic path choice of "going out" for Chinese banks in the future.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.2
本文编号：2124742
[Abstract]:The internationalization management of enterprises is produced under the background of the rapid development of the world economy, the increasingly close economic ties between various countries, the reorganization and redivision of the real economy industry in the global scope, and the bank as a form of expression of the enterprise. Its international operation is the inevitable result of accelerating the pace of globalization in the financial field. With the deepening of China's economic reform and opening up, the pace of "going out" of Chinese enterprises has increased, and state-owned commercial banks have followed Chinese enterprises to "go out," serving the needs of Chinese enterprises and themselves to open up new markets and realize large-scale operations. The pace of its multinational operation has also been greatly accelerated. There are two ways for banks to engage in international operation: new investment and cross-border M & A. How to make a reasonable choice between these two paths? Western scholars mainly analyze this problem from the perspective of the bank's own condition and motivation, and form a series of theoretical framework. According to the current situation of "going out" of five state-owned commercial banks in recent years (2005-2010) and the differentiation of path selection, this paper attempts to study and analyze the two kinds of path choice problems of the five state-owned commercial banks from the angle of motivation. The first part of the article introduces the background of the research and puts forward the following questions: why ICBC adopts cross-border M & A more than the other four state-owned commercial banks? The second part defines the concepts of new investment and cross-border M & A, and introduces the domestic and foreign research theories on the choice of the two paths from the perspective of banks' own conditions and motivations. The third part introduces the background and general situation of five state-owned commercial banks. The fourth part summarizes the motivation of new investment and transnational M & A in the "going out" path of five state-owned commercial banks, and analyzes 9 new investment and 6 transnational M & A cases which are representative in 2006-2010. The fifth part compares the performance of new investment and transnational merger between 2006 and 2010 of five state-owned commercial banks, and concludes that the performance of cross-border M & A is better than that of new investment. The sixth part summarizes the conclusions of this paper: 1. In the process of "going out", the five state-owned commercial banks choose different paths because of different reasons, because of "serving China's economy, trade and rapid growth of foreign investment". "go out with Chinese enterprises to provide financial services", "expand overseas markets, enhance profitability" and "internationalize operations and global strategic layout needs" and other general motivations, Using the new investment approach. 2, for "maximizing economies of scale and profits", "achieving economies of scope", "obtaining operating licences, lowering entry barriers", "quick access to local customer resources," Increase market share "and" improve financial statements "and other special motivations, using cross-border mergers and acquisitions. This is consistent with the existing multi-latitude theoretical framework of the research on the motivation of transnational mergers and acquisitions. Second, the realization of "scale effect and profit maximization" is one of the most important motivations for cross-border mergers and acquisitions. In the process of implementing the "going out" strategy, the five state-owned commercial banks should gradually change to adopt the way of "new investment and transnational merger and acquisition", which is the development trend and development direction of the strategic path choice of "going out" for Chinese banks in the future.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.2
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