本文選題：中國銀行業(yè)　切入點：海外并購　出處：《吉林大學》2017年碩士論文　論文類型：學位論文

【摘要】：自二十世紀末以來,隨著科學技術的發(fā)展,經濟全球化遍布于世界各個角落。為了順應趨勢,無論是被迫還是自愿各個國家都參與了國際貿易、國際金融和跨國投資等領域的競爭與合作。眾所周知,金融是虛擬經濟中最重要的組成部分,金融全球化更是經濟全球化的重要角色。因此,越來越多的金融機構通過跨國經營這種新方式,不斷地豐富金融全球化的內涵。其中,銀行業(yè)作為金融領域中最基礎也是最關鍵的組成部分,不斷地去完善國際金融布局從而豐富金融全球化的內涵。面對日益激烈的行業(yè)競爭,我國銀行也在不斷的尋求自身的發(fā)展,積極主動穩(wěn)步地推進海外并購活動。本文首先梳理了銀行海外并購的基本概念,介紹了銀行并購績效的概念以及并購績效的相關理論。其次,通過回顧我國銀行業(yè)近十年的發(fā)展歷程,總結了我國現(xiàn)階段銀行業(yè)海外并購的特點和并購新動因。同時,介紹了評價銀行并購績效的三種主要方法,分別是事件研究法、財務比率法以及參數(shù)和非參數(shù)法。通過比較各種方法的優(yōu)點和缺點從而選擇隨機前沿法作為評價我國銀行海外并購績效的主要研究方法。其次,本文以2006年—2015年為樣本區(qū)間,研究對象選取了這十年內我國銀行業(yè)進行海外并購的19起案例。在測算隨機前沿面時,除了選擇涉及海外并購的六家銀行,同時選取了沒有進行海外并購活動的國內規(guī)模最大的八家銀行一起進行測算。另外,在投入產出指標選取方面,本文在比較生產法、中介法和資產法的基礎上,根據(jù)我國銀行業(yè)海外并購動因:一是發(fā)展國際業(yè)務擴大國際市場份額;二是學習先進技術并提升管理水平。因此,決定選用中介法。分別把代表傳統(tǒng)業(yè)務收入來源的凈貸款和利息收入以及代表中間業(yè)務收入的非利息收入作為產出指標,固定資產凈值、利息支出、業(yè)務及管理費作為投入指標。進一步,運用Frontier4.1軟件測量14個銀行這10年的技術效率值,發(fā)現(xiàn)成功的海外并購在很大程度上都能提高技術效率和資源的配置效率,但是這種正的效應都需要一段時期的整合才能顯現(xiàn)出來;同時本文輔之分析三個經典并購案例發(fā)現(xiàn)失敗的并購會對銀行產生負效應。因此,針對提高我國銀行業(yè)海外并購績效水平這個問題,提出了四點建議:第一,把握最佳的并購時機;第二,選擇合適的并購區(qū)域;第三,謹慎選擇并購對象;第四,加大并購后的整合力度。
[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.
【學位授予單位】：吉林大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832;F271

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本文編號：1648985