跨国并购交易结构设计对银行效率的影响

发布时间：2018-05-11 10:05

本文选题：跨国并购 + 商业银行　；参考：《统计研究》2017年04期

【摘要】：本文基于异质性假说,以效率理论为主要理论基础,重新考量了跨国并购交易结构设计与银行效率之间的复杂关系。运用中国、美国和英国银行业跨国并购的面板数据,采用DEA超效率模型,本文研究发现:跨国并购交易结构设计对不同类型银行效率的影响机制与效应存在差异性,且在地理距离远近不同的条件下,其差异性更为明显。具体而言:跨国并购交易价值对纯技术效率的影响具有"浴缸曲线"效应,两者呈正U型关系,而对规模效率的影响则具有"过犹不及"的倒U型曲线效应,且在地理距离远的条件下这种关系更为凸显;持股比例对纯技术效率只有在地理距离远的条件下才出现"过犹不及"的倒U型关系,但是其对规模效率的影响则不显著;目标银行相对规模对纯技术效率的影响具有"多多益善"的正向影响,但是对规模效率只有在地理距离远的情况下才出现"过犹不及"的倒U型曲线效应。
[Abstract]:Based on the heterogeneity hypothesis and efficiency theory, this paper reconsiders the complex relationship between cross-border M & A transaction structure design and bank efficiency. Using panel data of cross-border mergers and acquisitions in China, the United States and the United Kingdom, and using the DEA super-efficiency model, this paper finds that there are differences in the mechanism and effect of the structure design of cross-border M & A transactions on the efficiency of different types of banks. And in the geographical distance is different, its difference is more obvious. Specifically, the impact of cross-border M & A transaction value on pure technical efficiency has a "bathtub curve" effect, which has a positive U-shaped relationship, while the impact on scale efficiency has "overkill" inverted U-shaped curve effect. Under the condition of long geographical distance, this relationship is more prominent, and only under the condition of long geographical distance does the ratio of shareholding to pure technical efficiency appear the inverted U-shaped relationship, but its influence on scale efficiency is not significant. The effect of the target bank's relative scale on the pure technical efficiency has the positive effect of "more the better", but only when the geographical distance is far away can the target bank have the inverted U-curve effect of "overdoing".
【作者单位】：对外经济贸易大学国际经济研究院;对外经济贸易大学金融学院;
【基金】：国家自然科学基金项目“加速国际化:企业国际化过程理论的拓展与检验”(71572037)资助
【分类号】：F831;F271

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