中国银行业海外并购的绩效研究

发布时间：2018-03-22 14:09

本文选题：中国银行业　切入点：海外并购　出处：《吉林大学》2017年硕士论文　论文类型：学位论文

【摘要】：自二十世纪末以来,随着科学技术的发展,经济全球化遍布于世界各个角落。为了顺应趋势,无论是被迫还是自愿各个国家都参与了国际贸易、国际金融和跨国投资等领域的竞争与合作。众所周知,金融是虚拟经济中最重要的组成部分,金融全球化更是经济全球化的重要角色。因此,越来越多的金融机构通过跨国经营这种新方式,不断地丰富金融全球化的内涵。其中,银行业作为金融领域中最基础也是最关键的组成部分,不断地去完善国际金融布局从而丰富金融全球化的内涵。面对日益激烈的行业竞争,我国银行也在不断的寻求自身的发展,积极主动稳步地推进海外并购活动。本文首先梳理了银行海外并购的基本概念,介绍了银行并购绩效的概念以及并购绩效的相关理论。其次,通过回顾我国银行业近十年的发展历程,总结了我国现阶段银行业海外并购的特点和并购新动因。同时,介绍了评价银行并购绩效的三种主要方法,分别是事件研究法、财务比率法以及参数和非参数法。通过比较各种方法的优点和缺点从而选择随机前沿法作为评价我国银行海外并购绩效的主要研究方法。其次,本文以2006年—2015年为样本区间,研究对象选取了这十年内我国银行业进行海外并购的19起案例。在测算随机前沿面时,除了选择涉及海外并购的六家银行,同时选取了没有进行海外并购活动的国内规模最大的八家银行一起进行测算。另外,在投入产出指标选取方面,本文在比较生产法、中介法和资产法的基础上,根据我国银行业海外并购动因:一是发展国际业务扩大国际市场份额;二是学习先进技术并提升管理水平。因此,决定选用中介法。分别把代表传统业务收入来源的净贷款和利息收入以及代表中间业务收入的非利息收入作为产出指标,固定资产净值、利息支出、业务及管理费作为投入指标。进一步,运用Frontier4.1软件测量14个银行这10年的技术效率值,发现成功的海外并购在很大程度上都能提高技术效率和资源的配置效率,但是这种正的效应都需要一段时期的整合才能显现出来;同时本文辅之分析三个经典并购案例发现失败的并购会对银行产生负效应。因此,针对提高我国银行业海外并购绩效水平这个问题,提出了四点建议:第一,把握最佳的并购时机;第二,选择合适的并购区域;第三,谨慎选择并购对象;第四,加大并购后的整合力度。
[Abstract]:Since the end of the twentieth century, with the development of science and technology, economic globalization has spread all over the world. Competition and cooperation in the fields of international finance and transnational investment. As we all know, finance is the most important part of the virtual economy, and financial globalization plays an important role in economic globalization. More and more financial institutions continue to enrich the connotation of financial globalization through the new way of transnational operation. Among them, the banking industry is the most basic and the most critical component in the financial field. Constantly improve the international financial layout and enrich the connotation of financial globalization. In the face of increasingly fierce industry competition, Chinese banks are constantly seeking their own development. This paper first combs the basic concept of bank overseas M & A, introduces the concept of bank M & A performance and the related theory of M & A performance. Secondly, By reviewing the development of China's banking industry in the past ten years, this paper summarizes the characteristics and new causes of overseas mergers and acquisitions in China's banking industry at the present stage. At the same time, it introduces three main methods for evaluating the performance of bank mergers and acquisitions, namely, event study method. By comparing the advantages and disadvantages of various methods, the stochastic frontier method is chosen as the main research method to evaluate the performance of overseas mergers and acquisitions of Chinese banks. Secondly, this paper takes 2006-2015 as the sample interval. The subjects of the study selected 19 cases of overseas mergers and acquisitions conducted by Chinese banks in the past ten years. In calculating the random frontier, in addition to the six banks involved in overseas mergers and acquisitions, At the same time, eight of the largest domestic banks without overseas M & A activities are selected to calculate together. In addition, in the selection of input-output indicators, this paper is based on the comparative production method, intermediary method and asset law. According to the motivation of overseas M & A in China's banking industry, one is to develop international business and expand international market share, the other is to study advanced technology and improve management level. Decides to choose the intermediary method. The net loan and interest income representing the traditional business income source and the non-interest income representing the intermediate business income are regarded as output indicators, net fixed assets and interest expenses, respectively. Furthermore, using Frontier4.1 software to measure the technical efficiency of 14 banks in the past 10 years, it is found that successful overseas mergers and acquisitions can greatly improve the technical efficiency and resource allocation efficiency. However, this positive effect requires a period of integration in order to emerge. At the same time, this paper analyzes three classic M & A cases and finds that the failed M & A will have a negative effect on the bank. In view of the problem of improving the performance of overseas M & A in China's banking industry, four suggestions are put forward: first, to grasp the best opportunity of M & A; second, to choose the appropriate M & A region; third, to choose the target of M & A carefully; fourth, Increase merger and acquisition after the integration efforts.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832;F271

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