本文選題：并購重組　切入點：績效　出處：《華南理工大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著經(jīng)濟(jì)一體化程度的加快，企業(yè)間的并購已成為資本集聚擴(kuò)張一條主要道路，我國從1997年起，，并購重組已步入快車道，市場資源配置的最主要環(huán)節(jié)。我國的銀行業(yè)也一早就加入到了并購重組的浪潮當(dāng)中。然而這些并購重組究竟能否為銀行帶來效率是個很值得研究的問題。正因為并購重組處于如此重要的地位，所以我們更應(yīng)該正確認(rèn)識并購重組的效率，對銀行并購重組的效率進(jìn)行有效的衡量。 本文在對我國商業(yè)銀行并購重組效率的研究當(dāng)中，首先是采用前沿分析法當(dāng)中的構(gòu)建超對數(shù)成本函數(shù)，對我國7家在1996-2011年間參與過并購重組的商業(yè)銀行進(jìn)行總體性分析，計算出7家銀行在不同年份的規(guī)模經(jīng)濟(jì)效率值進(jìn)行分析。在總體性分析的基礎(chǔ)上，選取了現(xiàn)階段最具代表性的銀行間并購案例，中國平安并購深發(fā)展的案例，采用事件研究法和財務(wù)指標(biāo)分析法。事件研究法選取并購公告日前后各30日作為窗口期，對并購帶來的股價波動效應(yīng)進(jìn)行分析。財務(wù)指標(biāo)分析法則是選取并購前后各3年的財務(wù)數(shù)據(jù)進(jìn)行縱向分析，并選取4家近期未參與并購的銀行的財務(wù)指標(biāo)均值進(jìn)行橫向分析。 最后本文得到結(jié)論，整體上而言從1996年-2011年，7家樣本銀行的效率處在不斷改善的狀態(tài)，但這主要是源于金融體制改革創(chuàng)新以及銀行間日趨激烈的競爭對效率的改善。但是在并購發(fā)生的年份，規(guī)模較大的并購銀行的效率會有一個稍微停滯的現(xiàn)象，而在接下來的幾年當(dāng)中效率的改善幅度會增大。而對于規(guī)模較小的銀行來說，政府主導(dǎo)的并購行為會導(dǎo)致效率的變差，如果沒有及時消化吸收并購的話，長期來說效率都是處于比較落后的。對于深圳發(fā)展銀行來說，并購帶來的股價波動效應(yīng)是顯著的，其財務(wù)指標(biāo)在并購后是優(yōu)于并購前的。在與同行業(yè)的比較當(dāng)中，并購發(fā)生當(dāng)年的財務(wù)指標(biāo)是優(yōu)于行業(yè)基準(zhǔn)值的，但是在2011年開始其財務(wù)指標(biāo)要差于同行業(yè)，并購后的整合存在一定的問題，需要繼續(xù)改進(jìn)。
[Abstract]:With the development of economic integration between enterprises, mergers and acquisitions have become a major capital expansion path in China since 1997, mergers and acquisitions has entered the fast lane, the main part of market allocation of resources. China's banking sector has already joined the wave of mergers and acquisitions. However, whether these mergers and acquisitions for the bank to bring efficiency is a problem worthy of study. Because of mergers and acquisitions in such an important position, so we should have a correct understanding of the efficiency of merger and reorganization, the efficiency of bank merger and restructuring the effective measure.
Based on the study of recombinant efficiency of China's commercial bank mergers and acquisitions, the first is constructed by using the method of the translog cost function analysis frontier of China's 7 in 1996-2011 years involved in mergers and acquisitions of commercial banks for the overall analysis, calculate the 7 banks value analysis in the economical efficiency of scale in different years. Based on the overall analysis on the selection of the most representative of the inter bank merger case, Chinese ping an acquisition of Shenzhen development cases, using the method of event study and financial indicators analysis. Event study method and merger announcement before and after 30 days as the window period, analyze the stock price fluctuation effect of mergers and acquisitions the financial index analysis is a longitudinal analysis to select financial data in each of the 3 years before and after the merger, and selects 4 recent mergers and acquisitions did not participate in the bank's financial indicators mean horizontal analysis.
Finally come to the conclusion that the overall efficiency from 1996 -2011, 7 sample banks in the continuous improvement of the state, but this is mainly to improve the efficiency of the financial system reform and innovation in the intense competition among banks. But in the year of mergers and acquisitions, mergers and acquisitions of bank efficiency large scale will have a slightly stagnant phenomenon, and the efficiency in the next few years the improvement will increase. For smaller banks, government led mergers and acquisitions will lead to poor efficiency, if not timely digest acquisitions, the long term efficiency is relatively backward. For Shenzhen Development Bank for the stock price fluctuation effect from the merger is significant, the financial indicators are better than the pre merger after the merger. In comparison with the same industry, mergers and acquisitions in the financial index is excellent The benchmark value of the industry, but in 2011, its financial indicators should be worse than the same industry, the integration after mergers and acquisitions has some problems, and need to continue to improve.

【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.33

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