中国工商银行海外并购财务绩效研究

发布时间：2018-09-13 13:51

【摘要】：银行业自出现以来就在不断的快速发展,银行海外并购更是银行发展史上的一个重要标志,海外并购最早开始于19世纪20年代初期,在此之后银行业先后出现了三次并购浪潮,对世界经济产生了较大影响,世界经济的不断发展也促进了银行海外并购的发生。在经济全球化的今天,银行间的并购已屡见不鲜,自我国实行改革开放以来,商业银行的改革也在不断推进,遵循“走出去”与“引进来”相结合的策略,商业银行自上世纪80年代开始进行海外并购活动,通过海外并购的方式来扩展海外市场,提高商业银行的经营绩效。本文选择了以中国工商银行为例,对中国工商银行历年的海外并购活动进行研究分析,探讨海外并购对中国工商银行财务绩效的影响。首先,文章通过论述商业银行海外并购相关的理论概念,为下文提供一定的理论基础。其次,在对理论概念论述的基础上,以中国工商银行为例进行案例分析。在此章节中首先对中国工商银行的海外并购发展现状进行了介绍,并对工行海外并购的动因从内部和外部两方面进行了详细的分析。再次,对工行的海外并购财务绩效进行实证分析。实证分析分别从股东权益效应、财务协同效应和投入产出效应三个方面进行分析,实证方法分别采用了事件研究法、财务比率分析法和数据包络分析。实证结果表明,中国工商银行的海外并购活动增加了其股东收益,经营效率也得到提高,实现规模经济。最后,根据工行海外并购案例的成功经验提出了一些建议与策略,希望能对我国商业银行海外并购的发展提供一些帮助。
[Abstract]:The banking industry has been developing rapidly since its emergence. Overseas mergers and acquisitions (M & A) is an important symbol in the history of bank development. Overseas M & A began in the early 1820s, after which there were three waves of M & A in the banking industry. It has a great influence on the world economy, and the continuous development of the world economy also promotes the occurrence of overseas mergers and acquisitions of banks. In today's economic globalization, mergers and acquisitions among banks have become commonplace. Since the implementation of reform and opening up in China, the reform of commercial banks has continued to advance, following the strategy of "going out" and "bringing in". Commercial banks began to conduct overseas M & A activities in the 1980s to expand overseas markets and improve the business performance of commercial banks through overseas M & A. Taking ICBC as an example, this paper studies and analyzes the overseas M & A activities of ICBC in recent years, and probes into the impact of overseas M & A on the financial performance of ICBC. First of all, this paper provides a theoretical basis for the following by discussing the relevant theoretical concepts of overseas mergers and acquisitions of commercial banks. Secondly, on the basis of theoretical discussion, ICBC is taken as a case study. In this chapter, the author first introduces the current situation of ICBC's overseas M & A, and analyzes the motivation of ICBC's overseas M & A from both internal and external aspects. Thirdly, the financial performance of overseas M & A of ICBC is analyzed empirically. The empirical analysis includes three aspects: shareholder equity effect, financial synergy effect and input-output effect. The empirical method adopts event research method, financial ratio analysis method and data envelopment analysis method respectively. The empirical results show that the overseas M & A activities of ICBC increase the shareholders' income and improve the management efficiency and realize economies of scale. Finally, according to the successful experience of overseas M & A of ICBC, some suggestions and strategies are put forward, hoping to provide some help for the development of overseas M & A of commercial banks in China.
【学位授予单位】：西安理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.33;F271;F830.42

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