中信银行国际并购的绩效研究

发布时间：2018-05-11 19:40

本文选题：中信银行 + 银行国际化　；参考：《山东大学》2014年硕士论文

【摘要】：2008年金融危机的爆发使得众多国际知名的金融机构遭遇危机,带给行业内并购重组的机会,从而引发了一波银行业海外并购的浪潮。回顾汇丰、花旗、渣打这类优秀跨国银行的发展历史,都是通过不断地进行海外并购实现全球业务扩张和国际化发展。顺应当下经济发展的趋势,我国商业银行越来越多地参与到海外并购中,扩大业务范围,以增强自身国际竞争力,从而应对日益激烈的市场竞争。根据并购理论,通过并购有助于企业提升经营效率、扩大市场势力、实现两个企业间的协同效应,从而带来企业整体经营业绩的上升。然而大量国内外学者的研究表明,许多银行间的并购并没有为银行带来绩效的上升。我国中小股份制银行相比大型国有银行机制更灵活,效率更高,更看重并购后效率的实现。因此本文选取中信银行为代表,使用案例分析的方式对中信银行并购中信国金的案例进行绩效分析研究,探究此次并购能否给中信银行带来业绩的提升和国际化进程的推进。本文首先简述国际直接投资理论和并购理论,为中信银行并购案例分析提供理论基础,同时综述国内外学者对于银行跨国并购绩效的研究。接下来对中信银行国际化发展的路径和现状进行阐述与分析,并与大型国有银行的国际化发展进行对比,为案例提供背景介绍。文章重点介绍了2009年中信银行并购中信国金的案例,从并购概况、并购对象介绍、并购动因、并购方式以及并购后整合多方面进行案例分析。进而构建了并购绩效评价指标体系,包含体现中信银行盈利性、安全性、流动性、成长性和国际竞争力五个方面的指标,并运用因子分析法和财务指标分析法对并购绩效进行全面评估。通过研究本文得出以下结论：此次并购长期来看提升了中信银行的整体业绩,对国际化发展有积极影响,是一次成功的海外并购。并购后中信银行的资产规模、资产质量、员工效率以及管理水平有所提升。不过并购当年中信银行的盈利能力、资本充足性和流动性有所降低,并购后回升并趋于平稳。并购活动在当年对海外业务有明显的促进作用,并购后三年海外业务发展较慢,海外业务盈利情况波动较大,并购的协同效应没有完全体现,并购的整合工作仍应继续。鉴于对中信银行海外并购的分析和总结,文章最后提出关于如何提升我国商业银行国际化水平的建议。
[Abstract]:The outbreak of the financial crisis in 2008 led to the crisis of many internationally renowned financial institutions and the opportunity for mergers and acquisitions in the industry, which led to a wave of overseas mergers and acquisitions in the banking industry. The history of the outstanding transnational banks such as HSBC, Citigroup and Standard Chartered have been developed through continuous overseas mergers and acquisitions to achieve global business expansion. With the development of internationalization, China's commercial banks are more and more involved in overseas mergers and acquisitions to expand their scope of business in order to enhance their international competitiveness so as to cope with increasingly fierce market competition.
According to the theory of merger and acquisition, mergers and acquisitions can help enterprises to improve their operating efficiency, expand market forces and achieve synergy between the two enterprises, thus bringing up the overall business performance of the enterprises. However, a large number of domestic and foreign scholars have shown that many of the mergers and acquisitions between banks do not increase the performance of the banks. It is more flexible, more efficient, more efficient and more effective than the large state-owned bank. Therefore, this paper selects CITIC Bank as the representative and uses the case analysis to study the case of CITIC gold merger and acquisition by CITIC Bank, and explore the improvement and internationalization of the merger and acquisition to CITIC Bank. The advancement of the course.
This paper first introduces the theory of international direct investment and the theory of merger and acquisition, and provides a theoretical basis for the case analysis of the merger and acquisition of CITIC banks. At the same time, it summarizes the domestic and foreign scholars' research on the performance of cross-border mergers and acquisitions of banks. Then, it expounds and analyzes the path and current situation of the international development of CITIC Bank, and the international development of the large state-owned banks. The article gives a background introduction to the case. The article focuses on the case of CITIC gold merger and acquisition by CITIC Bank in 2009, from the general situation of M & A, the introduction of M & a object, the motivation of M & A, the way of merger and acquisition and the analysis of the integration after merger and acquisition. Safety, liquidity, growth and international competitiveness of the five indicators, and the use of factor analysis and financial index analysis method to comprehensively evaluate the performance of mergers and acquisitions. Through the study this paper draws the following conclusions: the merger and acquisition in the long run to enhance the overall performance of CITIC Bank, has a positive impact on the international development, is a result After merger and acquisition, CITIC Bank's asset scale, asset quality, employee efficiency and management level have improved. However, the profitability, capital adequacy and liquidity of CITIC Bank in the year of merger and acquisition have been reduced, and after merger and acquisition, the merger and acquisition activities have a significant effect on overseas business, after merger and acquisition. In the past three years, the overseas business has developed slowly, the profit of overseas business fluctuates greatly, the synergy effect of M & A is not fully reflected, and the integration of M & A should continue. In the end, the article puts forward some suggestions on how to improve the international level of China's commercial bank.

【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;F832.3

【参考文献】