跨国并购对中国工商银行效率的影响研究

发布时间：2018-02-03 12:55

本文关键词： 中国工商银行跨国并购并购经验滞期并购效率　出处：《宁波大学》2014年硕士论文　论文类型：学位论文

【摘要】：跨国并购已经成为国内银行业扩展市场,实现全球化战略的最重要途径。并购的最终目的都是为了提高效率,实现利润增长。跨国并购对银行效率的影响成为业界关心的焦点。中国工商银行作为国内银行界的龙头,研究其并购对效率的影响,分析提高并购效率的方法对我国商业银行今后的跨国并购有着重要的借鉴意义。论文重点研究了工商银行的并购效率以及跨国并购对其效率的影响。首先从成本与收益角度分析并购对银行效率的影响机制。然后运用DEA方法测算2000-2013年间的并购效率,初步分析并购对效率的影响。接着运用Tobit回归方法,分析并购发生,并购经验,滞期和银行内部等因素等对效率的影响。之后结合实证结果和历次并购事件分别做案例分析。最后总结实证结论,提出提高工商银行跨国并购效率的启示与建议。研究结论表明:跨国并购对工商银行当期的效率影响是负面的。原因在不同并购事件中是不同的,概括起来有:并购动机并非追求短期财务效益,支付方式的选择限制了资金流动,并购经验不足,协同效率无法短时间实现等;而经过2年的调整,工商银行可以实现有效率水平,实证表明工行当期的效率受前两期内并购的正面影响是显著的,也就是说工商银行的并购效率有两年的滞期;此外并购经验对实现成功并购有重要意义,对银行效率的提高有显著影响。总体来看,工行的历次并购都是成功的,这得益于其长远的战略规划,准确的并购目标定位和并购时机的把握。此外,研究表明工行在并购经验的积累,并购频率的把握以及并购整合工作上可以有更好的表现。
[Abstract]:Cross-border M & A has become the most important way for domestic banks to expand the market and realize the strategy of globalization. The ultimate purpose of M & A is to improve the efficiency. To achieve profit growth, the impact of cross-border mergers and acquisitions on the efficiency of banks has become the focus of attention. Industrial and Commercial Bank of China, as the leader of the domestic banking sector, studies the impact of mergers and acquisitions on efficiency. The analysis of the methods to improve the efficiency of M & A is of great significance to the future cross-border M & A of commercial banks in China. This paper focuses on the M & A efficiency of ICBC and the impact of M & A on its efficiency. This paper analyzes the mechanism of the impact of M & A on bank efficiency from the perspective of income, and then uses DEA method to measure the efficiency of M & A from 2000 to 2013. The effect of M & A on efficiency is analyzed preliminarily. Then, the Tobit regression method is used to analyze the occurrence of M & A and the experience of M A. The impact of delay and internal factors on efficiency. Then combined with empirical results and previous mergers and acquisitions to do case studies. Finally summarize the empirical conclusions. The conclusion shows that the impact of cross-border M & A on the efficiency of ICBC in the current period is negative, and the reasons are different in different M & A events. Generally speaking, the motive of M & A is not to pursue short-term financial benefit, the choice of payment mode limits the fund flow, the experience of M & A is not enough, and the synergetic efficiency can not be realized in a short time. After two years of adjustment, ICBC can achieve the level of efficiency, empirical results show that the efficiency of the current ICBC is significantly affected by M & A in the previous two periods. That is to say, the merger and acquisition efficiency of ICBC has a two-year delay; In addition, M & A experience is of great significance to the success of M & A. and has a significant impact on the improvement of bank efficiency. In general, ICBC's previous mergers and acquisitions have been successful, which is due to its long-term strategic planning. In addition, the research shows that ICBC can perform better in M & A experience, M & A frequency and M & A integration.
【学位授予单位】：宁波大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.33;F271

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