基于DEA的中国平安并购深发展的绩效评价研究

发布时间：2018-04-26 03:06

本文选题：并购绩效 + 中国平安　；参考：《山东大学》2014年硕士论文

【摘要】：企业并购作为一种资源的分配和再分配过程,是企业获得战略性成长的一种重要方式。“混业经营”成为全球金融业未来的大趋势,中国平安并购深发展就是发生在我国金融业最著名的跨行业并购案例之一。由于金融业混业经营在我国仍未发展成熟,该案例具备较强的代表性,研究并购前后中国平安和深发展的经营绩效变化情况,为我国金融业未来的并购行为和发展提供数据和理论支持,对我国金融业的健康发展具有重要的意义。相对于事件研究法,财务指标比较法通过对比并购前后双方企业的财务指标来评价并购的财务绩效,仍然是研究并购绩效的最直接、最有效的方法。此外,本文采用个案研究法对中国平安并购深发展这一单个案例进行追踪研究,从而了解其并购绩效,能够更深入、更全面地考察该案例的绩效动态变化过程。在计算财务绩效的诸多方法中,DEA(数据包络分析)方法在处理多输入,特别是多输出的问题时具有绝对的优势。本文简要介绍了DEA的基本原理、数据模型,其中BCC评估模型是传统CCR模型的改进方案,能够在变动规模报酬下同时涵盖技术效率和规模效率的评估和考核,完全适用于本案例。本文对中国平安并购深发展的背景和过程进行了简要介绍,分析了并购方与被并购方的并购动因和预期取得的协同效应。结合我国财政部颁发的《金融企业绩效评价办法》,分别从盈利能力、经营增长能力、资产质量以及偿付能力指标四个方面对中国平安并购深发展所取得的绩效进行研究和计算。 DEA计算结果显示,截至2013年中期,完成并购之后的新中国平安其盈利能力的技术效率、纯技术效率和规模效率变化不明显,表明其总体盈利能力尚未得到质的提升；新中国平安的经营增长能力陷入瓶颈,并购后三年间其经营增长能力技术效率值、纯技术效率值和规模效率值均小于0.5；在资产质量方面,新的中国平安其资产质量技术效率和纯技术效率大幅下降,规模效率微增,这是由于中国平安在完成并购深发展进行结构整合时,需要向新的平安银行持续注入流动性；在并购后两年,新的中国平安的偿还能力技术效率、纯技术效率和规模效率在2011年全部达到1,实现DEA有效,在2012年和2013年其偿还能力出现小幅下降,但仍基本保持稳定。通过本并购案例的研究,总结其成功并购的经验,对我国金融业未来的发展趋势提供启示。混业经营代表了我国金融业将来的发展方向,在鼓励并购的同时主管部门应该加强风险管理和监管。随着国内金融业的不断发展壮大和成熟,市场逐渐取代政府成为并购行为的决定方。数据分析结果表明,通过并购深发展,中国平安有效增强了自身银行业务方面的实力,成为综合性的金融控股集团公司,在盈利能力、经营增长、资产质量以及偿付能力四个方面取得了较好的并购绩效,各项指标基本平稳。本文采用数据包络分析方法,为中国平安并购深发展这一个案建立了一套有效的绩效考核方法,具备推广至其它金融业混业经营并购案例研究的潜力。
[Abstract]:As a kind of resource allocation and redistribution, M & A is an important way for enterprises to gain strategic growth. "Mixed operation" has become a big trend in the future of global financial industry. The deep development of M & A in China is one of the most famous cross industries and purchase cases in China's financial industry. Because of the mixed operation of financial industry in me The country is still not mature, and the case has strong representativeness. It is of great significance to provide data and theoretical support for the future merger and acquisition behavior and development of China's financial industry, which is of great significance to the healthy development of our financial industry.
Compared with the event research method, the financial index comparison method is the most direct and effective method to evaluate the M & a performance by comparing the financial performance of the two enterprises before and after the merger and acquisition. In addition, the case study method is used to track and study the single case of the deep development of China's safe merger and acquisition. In the calculation of financial performance, DEA (Data Envelopment Analysis) has an absolute advantage in dealing with the problems of multi input, especially multiple output. This paper briefly introduces the basic principles of DEA, data model, and BCC evaluation. The model is an improved scheme of the traditional CCR model. It can also cover both technical efficiency and scale efficiency under variable scale compensation. It is fully applicable to this case.
This paper gives a brief introduction to the background and process of the deep development of M & A in China, analyzes the motivation of merger and acquisition and the synergy between the M & a party and the M & a party, and combined with the methods of performance evaluation of financial enterprises issued by the Ministry of finance of China, from the profitability, the ability to increase the business, the quality of assets and the Solvency Index four respectively. On the one hand, the performance of China Ping an acquisition and merger has been studied and calculated.
DEA results show that as of the mid 2013, the technical efficiency, pure technical efficiency and scale efficiency of the new China after the completion of the merger and acquisition were not obvious, indicating that the overall profitability of the new China has not been improved qualitatively. The growth capacity of the new China's safe operation has fallen into a bottleneck and its business growth capacity in the three years after merger and acquisition. The technical efficiency value, pure technical efficiency value and scale efficiency value are all less than 0.5. In terms of asset quality, the new China's safety in its asset quality technology efficiency and pure technical efficiency have been greatly reduced and the scale efficiency is increasing slightly. This is due to the continuous injection of the new Ping An bank to the new Ping An Bank when the Chinese security has completed the integration of the deep development of merger and acquisition. In the two years after M & A, the technical efficiency of the new China's security reimbursement, pure technical efficiency and scale efficiency were all reached 1 in 2011, effective in DEA, and a slight decline in the ability to repay in 2012 and 2013, but it remained basically stable.
Through the study of the case of M & A, this paper summarizes the experience of successful merger and acquisition, and provides inspiration for the future development trend of China's financial industry. The mixed operation represents the future direction of China's financial industry. At the same time, the departments in charge should strengthen the risk management and supervision while encouraging the merger and acquisition. With the continuous development and maturity of the domestic financial industry, the city has grown up and mature. The field has gradually replaced the government as the decisive part of the merger and acquisition. The results of the data analysis show that, through the deep development of M & A, China's security has effectively enhanced its own bank business strength and became a comprehensive financial holding group company. It has achieved better mergers and acquisitions in four aspects of profitability, business growth, asset quality and solvency. By using data envelopment analysis, a set of effective performance assessment methods have been established for the case of the deep development of China's safe M & A, which has the potential to study the case of merger and acquisition in other financial industry.

【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F832.39

【参考文献】