基于三阶段DEA模型的中资银行跨国并购效率研究

发布时间：2018-06-27 21:01

本文选题：商业银行 + 跨国并购　；参考：《厦门大学》2014年硕士论文

【摘要】：20世纪80年代以来,随着全球金融市场一体化不断深入,各国金融主体纷纷通过实施国际化战略,以期在全球市场上寻找机遇。近年来,中资银行也加快了国际化步伐,实施了一系列的跨国并购。一方面,中国银行业改革极大提高了中资银行整体资本实力和经营效益,为跨国并购奠定了基础；另一方面,国际国内环境要求中资银行通过跨国并购来提高综合经营水平以应对国际竞争。那么,跨国并购是否是中资银行促进效率获利、提升国际竞争力的有效途径呢?本文通过对中资银行跨国并购效率的实证研究,总结前阶段并购活动成果的同时,为将来制定更有效的并购战略提供重要的参考依据,具有较强的理论和现实意义。本文的研究框架如下：第一部分是导论,介绍研究背景和意义,引入银行跨国并购的相关概念,并对国内外研究现状作了归纳总结,进而提出自己的研究思路；第二部分介绍了银行跨国并购理论,分别基于新古典经济学、新制度经济学、FDI理论、企业能力等视角进行详细的阐述；第三部分在回顾中资银行跨国并购的历程和特征的基础上,探讨了中资银行跨国并购的内外部动因及其面临的挑战；第四部分采用三阶段DEA模型对中资银行2000-2012年间中资银行跨国并购效率进行实证分析,研究结果表明：(1)大部分银行在并购后效率得到了提高,但是并购发生的前后几年效率的波动性比较大；(2)发生在大中华区的银行以及与中国经贸关系较为密切的新兴市场经济体的并购效率提高幅度相对更大；(3)2006年之前的并购效率提高幅度比较大,而2006之后的并购案中部分银行的并购前后效率持平,偶有下降的案例。(4)环境调整是必要的。经环境因素调整的三阶段DEA并购效率比未经调整的一阶段DEA并购效率更为准确。第五部分是研究结论和政策建议,在研究结论的基础上给出相关政策和建议。本文的创新之处在于：一是以被并购方银行的效率作为考核对象,它比以并购方作为研究对象更为合适；二是采用了可以剔除环境因素和随机干扰的三阶段DEA模型,对跨国并购活动效率的测度更为准确。
[Abstract]:Since the 1980s, with the deepening of the integration of the global financial market, the financial entities of various countries have adopted the internationalization strategy in order to find opportunities in the global market. In recent years, Chinese banks have also accelerated the pace of internationalization, implementing a series of cross-border mergers and acquisitions. On the one hand, China's banking reform has greatly improved the overall capital strength and operating efficiency of Chinese banks, laying the foundation for cross-border mergers and acquisitions; on the other hand, The international and domestic environment requires Chinese banks to improve their comprehensive management level through cross-border mergers and acquisitions in order to cope with international competition. So, is cross-border M & A an effective way for Chinese banks to promote efficiency and enhance international competitiveness? Through the empirical research on the efficiency of cross-border M & A of Chinese banks, this paper summarizes the achievements of M & A activities in the former stage, and provides an important reference basis for formulating more effective M & A strategies in the future, which has strong theoretical and practical significance. The research framework of this paper is as follows: the first part is an introduction, introducing the background and significance of the research, introducing the relevant concepts of cross-border mergers and acquisitions of banks, and summarized the current research situation at home and abroad, and then put forward their own research ideas; The second part introduces the theory of cross-border mergers and acquisitions of banks, respectively, based on the new classical economics, new institutional economics, FDI theory, enterprise capacity and other perspectives to elaborate in detail; On the basis of reviewing the history and characteristics of cross-border M & A of Chinese banks, the third part discusses the internal and external causes of cross-border M & A of Chinese banks and the challenges they face. The fourth part uses the three-stage DEA model to analyze the efficiency of cross-border mergers and acquisitions of Chinese banks from 2000 to 2012. The results show that: (1) most banks have improved their efficiency after mergers and acquisitions. However, the efficiency of M & A is fluctuating in several years before and after M & A. (2) the efficiency of M & A in the banks in Greater China and the emerging market economies which have close economic and trade relationship with China has been improved by a greater extent. (3) before 2006, the efficiency of M & A has been improved greatly, but in the merger and acquisition cases after 2006, the efficiency of some banks before and after M & A is equal, and there are occasional cases of decline. (4) Environmental adjustment is necessary. The efficiency of three-stage DEA mergers and acquisitions adjusted by environmental factors is more accurate than that of unadjusted one-stage DEA mergers and acquisitions. The fifth part is the research conclusions and policy recommendations. The innovation of this paper lies in: first, taking the efficiency of the acquired bank as the assessment object, which is more suitable than the M & A party as the research object; second, adopting the three-stage DEA model, which can eliminate environmental factors and random interference. The measurement of the efficiency of cross-border M & A activities is more accurate.
【学位授予单位】：厦门大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.33;F271;F224

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