我国银行并购对股东价值影响的实证研究

发布时间：2018-01-21 22:04

本文关键词： 银行并购股东价值实证研究案例研究　出处：《东华大学》2012年硕士论文　论文类型：学位论文

【摘要】：在以金融业为主导的全球第五次并购浪潮和股东价值最大化导向的经营管理背景下,并购作为迅速扩大市场占有率和增强资本实力的一个方式,吸引着我国银行开始了一系列的并购尝试。因此,银行的并购是否能促进股东价值的提升也就成为一个值得研究的问题。本文基于股东价值提升的视角对银行并购进行了研究。首先,从趋势和特征出发,分析我国银行并购的基本情况；接着就股东价值的界定和衡量标准做逐一分析,通过研究并购对股东价值产生的效应,分析银行并购对股东价值的影响路径,作为本文的理论基础。立足股东的视角,根据一定的指标选取原则,选择11个表征股东价值的财务指标和比率,创新性搭建起评价股东价值的综合指标体系。通过构建股东价值评价模型,使用因子分析法对本文选取的2002至2010年的数据进行了研究,利用SPSS聚合出来的股东价值主要影响因子构建股东价值综合评价模型。利用模型得到16家上市银行的所有股东价值综合评价结果,并在此基础上对我国16加上市银行的竞争力水平进行了排序。研究发现我国的股份制商业银行在股东价值,未来发展能力等方面明显优于大型国有银行。本文选取4个代表性并购案例作为样本,通过细致的分析,研究并购前后银行自身股东价值的变动情况,进一步证实了并购对银行股东价值的影响。结果发现：并购为银行带来了股东价值和经营水平的提升。在并购后的第一年,银行在盈利、经营和股东价值水平并未体现明显上升,甚至略有下降,但并购后第二年起,各方面的指标都逐渐回升,从并购后的经营范围和水平上看,我国银行并购对股东价值有提升作用。最后,在实证分析的基础上,以股东价值的提高为目的,针对我国银行的未来并购提出了指导性措施和建议。
[Abstract]:Under the background of the 5th M & A wave of the world dominated by the financial industry and the maximization of shareholder value, M & A is a way to expand the market share and strengthen the capital strength rapidly. It has attracted Chinese banks to start a series of mergers and acquisitions. Therefore, whether the bank M & A can promote the value of shareholders has become a question worth studying. In this paper, the bank M & A is studied from the perspective of shareholder value enhancement. Firstly, the basic situation of bank M & A in China is analyzed from the perspective of trend and characteristics. Then the definition and measurement of shareholder value is analyzed one by one, and the impact of bank M & A on shareholder value is analyzed by studying the effect of M & A on shareholder value. As the theoretical basis of this paper, based on the perspective of shareholders, according to the principle of selecting certain indicators, select 11 financial indicators and ratios to represent the value of shareholders. Innovatively set up a comprehensive index system to evaluate shareholder value. Through the construction of shareholder value evaluation model, using factor analysis method to select the data from 2002 to 2010 were studied. The comprehensive evaluation model of shareholder value is constructed by using the main influencing factors of shareholder value aggregated by SPSS, and the comprehensive evaluation results of all shareholders of 16 listed banks are obtained by using the model. And on this basis, the competitiveness of 16 + listed banks in China is ranked. The study found that the joint-stock commercial banks in the shareholder value. The future development ability is obviously superior to the large state-owned banks. This paper selects four representative M & A cases as samples and studies the changes of bank's own shareholder value before and after M & A through careful analysis. The results show that M & A brings the shareholder value and management level to the bank. In the first year after M & A, the bank is making profit. The level of management and shareholder value has not obviously increased, or even decreased slightly, but since the second year after M & A, the indicators in all aspects have gradually recovered, from the perspective of the scope and level of management after M & A. Finally, on the basis of empirical analysis, aiming at the improvement of shareholder value, the paper puts forward some guiding measures and suggestions for the future M & A of Chinese banks.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.3;F832.51

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