中国商业银行对外投资战略研究：动因、模式和绩效
发布时间：2018-12-16 15:57
【摘要】：进入21世纪以来,中国商业银行加快了海外投资的步伐。以往国内对海外投资的研究一般都集中在对上市公司的研究,专门针对商业银行的研究,尤其是针对战略问题的研究相对较少。实务界则一定程度上依靠经验判断进行战略决策,对理论研究的需求比较迫切。 本论文尝试对商业银行海外投资的战略问题进行系统研究。论文将战略问题分解为三个方面,即动因、模式、绩效；同时,结合理论界和实务界的最新发展,把银行海外投资分为设立机构、兼并收购、战略联盟三个层次(以往的分类仅分为新设和并购两个层次)。论文的创新之处首先是提出了一个对海外战略研究的新的分析框架；其次是对商业银行海外新设、并购的的相关问题进行了系统的实证研究；第三是从战略联盟资源观点的基本结论入手,引入博弈论的分析方法,就联盟结构选择建立了模型。 方法论上,论文采取理论研究和实证分析相结合的方法。在银行海外机构的设立、兼并收购领域,由于相关的数据资料较多,主要采取实证分析的方式；在海外战略联盟领域,由于相关的数据、以往的研究均比较少,主要以理论模型分析为主,再结合案例分析。 本文的研究发现,总体而言,中国商业银行发展海外业务对其绩效是有损害的。银行决定是否到海外去投资,最主要取决于其资产规模,而与银行的盈利能力和创新能力关系不大。商业银行海外资产规模的增长,与中国对外贸易和对外投资的增长有密切关系。在区域选择方面,经贸关系是最主要决定因素,其次是目标市场的风险状况、制度因素,目标市场的规模则影响不大。 在海外并购的决策中,经贸因素、地域文化因素和市场因素发挥了较重要的作用。在海外新设与收购的选择方面,目标国家和地区与中国的文化相似程度越高、当地银行业集中度越低,以并购方式进入该市场的可能性就越大。海外并购对上市公司的绩效也具有明显的破坏作用,而且交易的相对规模越大,对上市公司的绩效的破坏也越大,相对而言,上市银行海外并购对绩效的破坏要小一些。 战略联盟作为商业银行海外投资的新方式,预计未来将发挥越来越重要的作用。战略联盟采取合资方式或是少数股权方式,主要取决于哪种结构下双方的共同价值最大,而与双方最初拥有的讨价还价的筹码(即谈判力)无关。谈判力只能决定在联盟结构确定后哪一方需要向另一方进行转移支付,以及转移支付的大小。 在以上研究的基础上,本文对中国商业银行如何加速海外发展提出了建议。针对监管机构,本文建议在整体规划的基础上,考虑各家银行的不同情况,实行一行一策、差别对待,不能搞一刀切；尽快取消银行海外业务“准出”的数量和区域限制,允许商业银行在总体战略框架下自主决策、自担责任；同时在考核评价、与国外监管沟通协调方面为商业银行提供支持。针对商业银行,本文就制定整体战略和区域战略、推进落地经营、把握并购时机、发挥联盟优势、加强人才储备等方面提出了具体建议。
[Abstract]:Since the 21st century, Chinese commercial banks have accelerated the pace of overseas investment. In the past, the research on overseas investment is generally focused on the research of the listed companies, and the research on the commercial banks, especially the research of the strategic problems, is relatively small. In practice, it is necessary to rely on empirical judgment to make strategic decision, and the demand of theoretical research is more urgent. This paper tries to carry on the systematic research on the strategic problem of the commercial bank's overseas investment The paper divides the strategic problem into three aspects, namely, the motivation, the model and the performance; at the same time, combining the latest development of the theoretical and practical circles, the overseas investment of the bank is divided into three levels of establishment, merger and acquisition, strategic alliance (the past classification is divided into two levels of new establishment and acquisition only) The first part of the thesis is to put forward a new analysis framework for overseas strategic research, and the second is the empirical study on the related problems of the new and the M & A in the commercial bank, and the third is the basic conclusion from the strategic alliance resource point of view. The method of the game theory is introduced, and the mode of the alliance structure selection is established. On the methodology, the paper adopts the combination of the theoretical research and the empirical analysis In the field of overseas strategic alliance, in the field of overseas strategic alliance, due to the related data, the previous studies have been less, mainly based on the theoretical model, and then combined with the case The study of this paper has found that, in general, China's commercial banks are developing overseas business to improve their performance It is damaging. The bank's decision to invest abroad is the most dependent on the size of its assets, and the profitability and innovation of the bank The growth of the scale of overseas assets of commercial banks and the growth of foreign trade and foreign investment in China In terms of regional selection, economic and trade relations are the most important determinants, followed by the risk of the target market, the institutional factors and the scale of the target market. the influence is not large. In the decision-making of the overseas M & A, the economic and trade factors, the regional cultural factors and the market factors play a role The higher the degree of cultural similarity between the target country and the region and China, the lower the concentration of local banking, the lower the local banking concentration, and the way of M & A to enter the market. The greater the possibility of the overseas M & A on the listed companies, the larger the relative scale of the transactions, the greater the damage to the performance of the listed companies, and the relative performance of the overseas M & A of the listed banks. The destruction of the strategic alliance as a new way of the overseas investment of commercial banks is expected to be developed in the future A more and more important role. The strategic alliance takes a joint venture or a minority stake, depending on which structure the mutual value of the two parties is the largest and the bargaining power initially owned by the two parties the code (i. e., the negotiation force) is irrelevant. the negotiation force can only decide which party to transfer payment to the other party after the alliance structure is determined, and the size of the transfer payment. On the basis of the above research, the article is about how China's commercial banks In order to accelerate the development of overseas development, it is suggested that, on the basis of the overall planning, this paper proposes to take into account the different conditions of each bank, to implement one line of policy and to deal with it differently, and to eliminate the bank's overseas business as soon as possible. "quasi-output" allow the commercial bank to make self-decision and self-responsibility under the overall strategic framework; and at the same time, in the assessment and coordination with the foreign supervision and communication In view of the commercial banks, this paper sets out the overall strategy and regional strategy, promotes the land management, grasps the timing of the merger and acquisition, plays the advantage of the alliance, and strengthens the talent storage.
【学位授予单位】：南开大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F832.33
本文编号：2382652
[Abstract]:Since the 21st century, Chinese commercial banks have accelerated the pace of overseas investment. In the past, the research on overseas investment is generally focused on the research of the listed companies, and the research on the commercial banks, especially the research of the strategic problems, is relatively small. In practice, it is necessary to rely on empirical judgment to make strategic decision, and the demand of theoretical research is more urgent. This paper tries to carry on the systematic research on the strategic problem of the commercial bank's overseas investment The paper divides the strategic problem into three aspects, namely, the motivation, the model and the performance; at the same time, combining the latest development of the theoretical and practical circles, the overseas investment of the bank is divided into three levels of establishment, merger and acquisition, strategic alliance (the past classification is divided into two levels of new establishment and acquisition only) The first part of the thesis is to put forward a new analysis framework for overseas strategic research, and the second is the empirical study on the related problems of the new and the M & A in the commercial bank, and the third is the basic conclusion from the strategic alliance resource point of view. The method of the game theory is introduced, and the mode of the alliance structure selection is established. On the methodology, the paper adopts the combination of the theoretical research and the empirical analysis In the field of overseas strategic alliance, in the field of overseas strategic alliance, due to the related data, the previous studies have been less, mainly based on the theoretical model, and then combined with the case The study of this paper has found that, in general, China's commercial banks are developing overseas business to improve their performance It is damaging. The bank's decision to invest abroad is the most dependent on the size of its assets, and the profitability and innovation of the bank The growth of the scale of overseas assets of commercial banks and the growth of foreign trade and foreign investment in China In terms of regional selection, economic and trade relations are the most important determinants, followed by the risk of the target market, the institutional factors and the scale of the target market. the influence is not large. In the decision-making of the overseas M & A, the economic and trade factors, the regional cultural factors and the market factors play a role The higher the degree of cultural similarity between the target country and the region and China, the lower the concentration of local banking, the lower the local banking concentration, and the way of M & A to enter the market. The greater the possibility of the overseas M & A on the listed companies, the larger the relative scale of the transactions, the greater the damage to the performance of the listed companies, and the relative performance of the overseas M & A of the listed banks. The destruction of the strategic alliance as a new way of the overseas investment of commercial banks is expected to be developed in the future A more and more important role. The strategic alliance takes a joint venture or a minority stake, depending on which structure the mutual value of the two parties is the largest and the bargaining power initially owned by the two parties the code (i. e., the negotiation force) is irrelevant. the negotiation force can only decide which party to transfer payment to the other party after the alliance structure is determined, and the size of the transfer payment. On the basis of the above research, the article is about how China's commercial banks In order to accelerate the development of overseas development, it is suggested that, on the basis of the overall planning, this paper proposes to take into account the different conditions of each bank, to implement one line of policy and to deal with it differently, and to eliminate the bank's overseas business as soon as possible. "quasi-output" allow the commercial bank to make self-decision and self-responsibility under the overall strategic framework; and at the same time, in the assessment and coordination with the foreign supervision and communication In view of the commercial banks, this paper sets out the overall strategy and regional strategy, promotes the land management, grasps the timing of the merger and acquisition, plays the advantage of the alliance, and strengthens the talent storage.
【学位授予单位】：南开大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F832.33
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