招商银行并购永隆银行运营风险管理问题的探讨

发布时间：2018-07-13 13:54

【摘要】：进入20世纪以后,随着我国商业银行自身实力的增强和全球化战略的推进,中资银行也逐渐意识到“走出去”的必要性。随着经济一体化的进程加快,我国诸多家银行都逐步迈出了国际化的步伐,纷纷进行海外扩张,以便实施全球化战略。商业银行实行海外并购,有利于打开境外市场和挖掘潜在大客户,同时还可以在全球范围内实现资源的有效利用,共同联合降低风险。然而,目前整体情况不荣乐观,我国银行在海外并购还存在相当高的风险和隐患,可以说并购效果不如预期多是由于对并购完成后风险管控能力的低下。早期的海外并购的特征呈现出规模小、公司治理方面存在缺陷以及并购效果并不明显。但2006年以来,随着政策的全面开放,市场被大批涌入的境外银行瓜分之势越演越烈,并购效果有了一定程度的改善,并购规模也越来越大。在这一背景下,如何应对并购所带来的运营风险以及并购完成后如何进行运营风险管理,成为并购话题中必不可少的研究方向。在我国,受国际银行业并购热潮的影响,我国实力雄厚和规模较大的银行开始尝试踏入国际市场,我国商业银行意识到占领海外市场迫在眉睫。招商银行是我国商业银行的领头羊,于2008年对香港的永隆银行进行了首次海外并购,从并购后五年公司绩效和财务报表来看,招商银行走出了海外并购的第一步,具有很高的借鉴价值。本文主要采取理论概述和案例分析相结合的方法,在查阅大量参考文献的基础上,对招商银行的这一特殊案例进行具体分析。本文运用归纳总结的方法,先阐述了海外并购的概念、并购风险的概念以及相关基础理论。在案例分析部分,通过分析招商银行并购带来的运营风险和应对措施,在一定现象基础上分析出了招商银行风险管理措施的不足以及原因,进而对招商银行在风险管理上提出切实可行的建议本文正文部分通过五大章对招商银行的运营风险管理进行了探讨。第一章是引言:介绍了本文选题的意义和背景,通过对国内外研究文献进行综述后,论述本文研究思路和方法,从而梳理出本文的研究方向;第二章阐述了海外并购的运营风险基础理论:首先归纳出海外并购概念与特征、海外并购运营风险的概念和特征以及类型、以及最后提出关于并购的两大基本理论基础,即风险管理理论和协同效应理论。第三章开始进入案例分析部分:首先,介绍了招商银行和永隆银行的大概情况,分为发展历史和营业业绩两个方向;其次,介绍了并购前招商银行的筹备措施、并购过程以及并购完成后招商银行的整合举措;再次,分析了招商银行并购永隆银行的动机,包括追求协同效应、扩大市场规模、突破行业壁垒和抵御市场风险;最后,对并购的运营风险进行了分析,包括国际结算风险、未来盈利能力的风险、国际化经营的风险和文化融合的风险。第四章是对招商银行运营风险举措及不足的具体分析。首先,通过财务报表,分析了招商银行风险管理的举措以及成效;然后,对招商银行运营风险管理的不足之处进行分析,包括风险管理系统不完善、国际经营人才缺乏和抵御金融海啸能力不足;最后,分析了运营风险管理不足之处的原因,有国际经营经验的缺乏、市场汇率变化频繁和人才结构的不合理。文章的第五章对招商银行并购完成后的运营风险管理提出了几点了建议。为了管控风险,招行应该要继续完善运营风险体系的建立,提高政治风险防范意识和进一步降低外汇风险。文章最后得出结论:总的来说虽然招商银行虽然对潜在运营风险管理措施仍存在不足,但在商业银行海外并购的历史中,算得上是一成功的案例,对此后的银行并购提供了参考。在国际化的大背景下,如何审时度势,科学地、积极稳妥地推进海外兼并活动,在整合期如何合理控制和防范海外运营风险,是实施海外战略银行亟待解决的问题。当然,就目前而言,商业银行海外并购的运营风险管理能力还在改进和完善阶段,仅仅以招商银行并购这一事例分析的问题和结论也不具备普适性,还需要积累大量成功的经验,同时借鉴成功的并购案例,才能使得我国商业银行并购的运营风险管理能力得以提高和完善。
[Abstract]:After twentieth Century, with the enhancement of the strength of our commercial banks and the promotion of the strategy of globalization, the Chinese banks have gradually realized the necessity of "going out". With the acceleration of the process of economic integration, many domestic banks have stepped out of internationalization step by step, in order to carry out the strategy of globalization in succession in order to implement the strategy of globalization. The commercial banks' overseas merger and acquisition will help open the overseas market and excavate the potential large customers. At the same time, it can also realize the effective utilization of resources and jointly reduce the risk in the world. However, the overall situation is not so optimistic at present. There are still quite high risks and hidden dangers in the overseas merger and acquisition of China's banks, which can be said to be less effective. It is expected that the ability of risk control after the completion of mergers and acquisitions is low. The characteristics of early overseas mergers and acquisitions are small, corporate governance is defective and the effect of mergers and acquisitions is not obvious. But since 2006, with the comprehensive policy opening up, the market has been flooded with a large number of overseas banks, the effect of merger and acquisition has become more and more intense. In this context, how to deal with the operational risks caused by M & A and how to manage the operational risk after the completion of M & A have become a necessary research direction in this context. In China, China has a strong and large scale influenced by the merger upsurge of international banking industry. The bank began to try to enter the international market. China's commercial banks are aware of the imminent occupation of the overseas market. China Merchants Bank is the leader of China's commercial banks. In 2008, China Merchants Bank made the first overseas merger and acquisition of Hongkong's Yong long bank. From the five years' company performance and financial statements after the merger, China Merchants Bank has stepped out of the first overseas merger and acquisition. On the basis of consulting a large number of references, this paper makes a specific analysis on this special case of China Merchants Bank. This paper first expounds the concept of overseas merger and purchase, the concept of merger risk and the related basis. In the case analysis part, through the analysis of the operational risks and Countermeasures brought by China Merchants Bank M & A, the deficiencies and reasons of the risk management measures of China Merchants Bank are analyzed on the basis of certain phenomena, and then the practical Moto Wenjungwen part of China Merchants Bank in risk management is put forward to China Merchants Bank through five chapters. The first chapter is introduction: Introduction: introducing the significance and background of this topic, after reviewing the research literature at home and abroad, discussing the ideas and methods of this paper, then combing the research direction of this article; the second chapter expounds the basic theory of operating risk of overseas merger and acquisition: first, sum up overseas merger and acquisition. Concept and characteristics, the concept, characteristics and types of overseas M & A operation risk, and finally put forward two basic theoretical foundations of merger and acquisition, namely, risk management theory and synergy effect theory. The third chapter begins to enter the case analysis part. First, it introduces the general situation of China Merchants Bank and Yong long bank, which is divided into the development history and business. The results are two directions. Secondly, it introduces the preparatory measures, the process of merger and acquisition and the integration measures of China Merchants Bank after the merger and acquisition. Thirdly, it analyzes the motives of China Merchants Bank's merger and acquisition of Yong long bank, including the pursuit of synergy, the expansion of the market scale, the breakthrough of industry barriers and the resistance to market risks; finally, the operation of mergers and acquisitions. The risk is analyzed, including the risk of international settlement, the risk of future profitability, the risk of international operation and the risk of cultural integration. The fourth chapter is the specific analysis of the measures and shortcomings of China Merchants Bank's operational risk. First, through the financial statements, it analyses the measures and results of China Merchants Bank's wind insurance management. The shortcomings of the operation risk management are analyzed, including the imperfect risk management system, the lack of international operating personnel and the ability to resist the financial tsunami. Finally, the reasons for the shortage of operational risk management are analyzed, the lack of international business experience, the frequent changes in the market exchange rate and the irrational structure of the talents. The fifth chapter of the article is on In order to control the risk, the bank should continue to improve the establishment of the operational risk system, improve the awareness of the political risk prevention and further reduce the risk of foreign exchange. In the history of commercial banks' overseas mergers and acquisitions, it is a successful case, which provides a reference for the bank merger and acquisition. In the context of internationalization, how to review the situation, scientifically, actively and steadily promote the overseas mergers and acquisitions, how to control and prevent overseas operation risks in the period of integration is implemented. Of course, at present, the operational risk management ability of commercial banks' overseas M & A is still improved and perfected. Only the problems and conclusions of China Merchants Bank M & A analysis are not universally applicable, and we need to accumulate a large amount of successful experience and learn from successful merger and acquisition cases. Only in this way can China's commercial banks' operation risk management ability be improved and perfected.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F271;F832.33

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