本文選題：中資銀行　切入點：海外并購　出處：《西南財經(jīng)大學》2013年碩士論文

【摘要】：從19世紀末20世紀初開始,國際范圍內先后出現(xiàn)了三次銀行并購浪潮,每一次均帶來了廣泛而深遠的影響。其中,開始于20世紀90年代,由美國和日本帶領的第三次國際銀行業(yè)并購浪潮,席卷了全球大多數(shù)國家和地區(qū),改變了國際銀行業(yè)的整體格局和發(fā)展模式。進入21世紀以后,隨著經(jīng)濟金融全球化的深入,國家和地區(qū)之間的聯(lián)系更加緊密,世界經(jīng)濟更加密不可分。無論哪一個行業(yè)中的企業(yè),都必須緊跟經(jīng)濟全球化的發(fā)展趨勢,才能在競爭日益激烈的國際環(huán)境中生存下來。近年來,為了擴大規(guī)模、壯大實力,越來越多的銀行通過海外并購來入主國際市場,以適應經(jīng)濟金融全球化發(fā)展的要求。 受到國際銀行業(yè)并購浪潮的影響,我國的大型國有商業(yè)銀行和實力雄厚的股份制商業(yè)銀行,開始將視角延伸至海外,嘗試通過海外并購在國際市場上尋求更多的發(fā)展機會。然而,因為中國銀行業(yè)長期受到行政干預,市場化進程緩慢,公司治理不完善,綜合實力較差,所以,早期的銀行海外并購數(shù)量少、規(guī)模小。隨著中國經(jīng)濟的急速增長,綜合實力的不斷提高,國際話語權的增強,中國商業(yè)銀行的競爭力也隨之增強,具備了與國際發(fā)達銀行競爭的能力,開始積極地走出國門,涉足國際市場。此外,2006年開始,遵守入世承諾,我國金融市場全面對外開放,外資銀行大量涌進,意圖瓜分中國市場,中資銀行面臨前所未有的巨大競爭壓力,不得不拓寬視野,到海外尋求新的增長點。于是,這一階段,銀行業(yè)海外并購得到了迅速發(fā)展,數(shù)量增多,規(guī)模也不斷擴大。 伴隨著中國商業(yè)銀行海外并購實踐的活躍發(fā)展,學術界也開始關注和研究銀行并購活動。從上世紀90年代開始,就有中國學者開始進行相關研究,近些年更是不乏這方面的相關文章,雖然只經(jīng)歷了短短二十來年的時間,學術研究已取得了一定的成果。早前,學者們的研究主要停留在理論層面,重點探討了中國商業(yè)銀行并購的歷程、現(xiàn)狀、特點、原因及并購風險等,并為銀行并購的制度建設提供理論支撐。后來,更多的學者轉向收集商業(yè)銀行海外并購案例,嘗試通過不同的方法進行實證研究,驗證海外并購對商業(yè)銀行績效的影響,至今尚未形成統(tǒng)一的結論�，F(xiàn)有的國內外文章,引入并購案例只是為了提供佐證,對案例的分析不夠全面透徹。因此,本文希望以全新的視角,選取一個比較具有代表性的并購案例,就案例本身進行全面而系統(tǒng)地研究。把研究的重點放在案例分析上,在分析的過程中引入相關的銀行海外并購理論作為理論依據(jù),理論聯(lián)系實際,具體分析銀行海外并購原因,并購整合及并購績效等。最后,總結案例的有益啟示,以小見大,希望能對中資銀行日后進行海外并購有所裨益。 本文以中資銀行海外并購為主題,緊緊圍繞招商銀行并購永隆銀行這一案例來展開論述。首先在回顧國內外現(xiàn)有文獻的基礎上,總結學術界的研究成果,指出存在的不足,確定本文的研究重點為案例分析。接下來,選擇招商銀行并購永隆銀行作為案例,梳理并購的整個過程,重點分析并購原因、并購整合及并購績效。最后,根據(jù)理論分析和實證研究的結果,總結并購案例的有益啟示,為中資銀行海外并購提供參考。根據(jù)這樣的研究思路,本文共分成了五個部分來進行論述。 第一章為緒論,首先介紹了論文的選題背景、研究意義和研究目的；然后給出了本文所用的幾個研究方法：最后概括了文章的創(chuàng)新之處,并指出了其中的不足。 第二章為商業(yè)銀行海外并購綜述,首先對文中涉及到的重要概念進行了界定；其次詳細地回顧了國內外已有的研究文獻,總結成果,發(fā)現(xiàn)不足,確定本文的研究重點是做案例分析,理論聯(lián)系實際展開論述；再者簡要介紹了我國商業(yè)銀行海外并購的歷程及現(xiàn)狀,為接下來的研究設定背景。 第三章則對招商銀行并購永隆銀行進行了詳細地概述。首先詳細地介紹了并購雙方的情況以及并購事件的發(fā)生背景;其次重點論述了招商銀行并購永隆銀行的具體原因,包括理論動因及并購的現(xiàn)實意義；接下來則對并購的整個過程進行了概覽,并且詳細地了回顧了并購整合的過程；最后歸納總結經(jīng)過一系列整合之后所取得的初步成果。 第四章為實證研究。首先運用事件研究法,建立模型,擬合出預期收益率,進而獲得超額收益率和累計超額收益率,對招商銀行并購永隆銀行的短期績效進行了研究；其次運用會計指標法,具體選用了杜邦分析法,對并購前后的資產(chǎn)收益率及凈值收益率等會計指標進行對比分析,對并購的長期績效進行了研究。實證結果表明,并購永隆銀行提高了招商銀行的短期及長期績效。 第五章經(jīng)過前面幾章對案例的詳盡研究之后,根據(jù)理論分析及實證結論,歸納總結招商銀行并購永隆銀行的啟示,為中資銀行海外并購中對象的選擇、時機的把握和并購整合等方面提供寶貴的參考意見。 本文的主要觀點是：招商銀行并購永隆銀行,是看重了雙方在業(yè)務和網(wǎng)點設置上的互補,并購能達到優(yōu)勢互補,有利于實現(xiàn)協(xié)同效應；并購后招商銀行的短期及長期績效都有所提高,表明并購能提高銀行的盈利能力和經(jīng)營效率。這與很多學者的研究結果有所差異。多數(shù)學者認為,因并購協(xié)同效應需要經(jīng)過一段時期的整合才能充分顯現(xiàn),并購不能提高銀行的短期績效。而本文得出的結論是,并購后短時期內,招商銀行獲得了正的異常收益,并購提高了銀行短期績效。這很大程度上是因為招商銀行和永隆銀行歷史文化背景等比較相似,業(yè)務比較互補,在并購初期就顯示出了協(xié)同效應,盡管不甚明顯,但確實提高了銀行績效。 本文存在著幾點不足：只選擇了一個案例來進行分析,研究結果不具備充分的代表性,可能并不適用于其他商業(yè)銀行的海外并購活動,有一定的局限性;在進行績效的實證研究時,鑒于本人所學有限,只采用了兩種較為簡便的方法,分析停留在比較淺的層次,日后應進一步深入分析,完善這方面的研究。
[Abstract]:From the beginning of the end of nineteenth Century and early twentieth Century, the international scope has appeared in the three wave of bank mergers and acquisitions, each time brought extensive and far-reaching impact. Among them, beginning in 1990s, third international banks led by the United States and Japan swept through mergers and acquisitions, most countries and regions of the world, the overall pattern and mode of development the change of the international banking industry. After entering twenty-first Century, with the economic and financial globalization, between countries and regions more closely linked to the world economy more closely. No matter which one of the enterprises in the industry, must follow the development trend of economic globalization, in order to survive in the increasingly fierce competition in the international environment in recent years, in order to expand the scale, strength, more and more banks to enter the international market through overseas mergers and acquisitions, in order to adapt to the requirements of the development of economic and financial globalization.
Affected by the international banking MampA, China's large state-owned commercial banks and the strength of the joint-stock commercial banks, began to extend to overseas perspective, try to seek more development opportunities in the international market through overseas mergers and acquisitions. However, because Chinese banking has long been the administrative intervention, the market is slow, corporate governance not perfect, comprehensive strength is poor, so the early overseas bank mergers and acquisitions less quantity, small scale. With the rapid growth of Chinese economy, the continuous improvement of the overall strength, enhance the international discourse, the competitiveness of commercial banks Chinese also increases, the ability to compete with the international advanced banks, began to actively go abroad in the international market. In addition, the beginning of 2006, to comply with the WTO commitments, China's financial market opening, foreign banks influx, the intention to carve up the market Chinese, Chinese bank Banks face unprecedented competitive pressure and have to broaden their horizons and seek new growth points overseas. Therefore, at this stage, overseas mergers and acquisitions of banking industry has been developing rapidly, and the number is increasing and the scale is also expanding.
Along with the development of commercial banks Chinese active overseas mergers and acquisitions practice, academia began to pay attention to and study the bank merger and acquisition activities. From the beginning of the last century in 90s, there are China scholars began to conduct relevant research, in recent years, there are so many articles in this area, although experienced only a short period of 20 years, academic research has made some results. Earlier, the scholars mainly focused on the theoretical level, focusing on the process of commercial bank mergers and acquisitions China status, characteristics, causes and risks, and provide theoretical support for bank mergers and acquisitions system. Later, more and more scholars to collect cases of commercial bank mergers and acquisitions overseas, try to conduct empirical research through different methods, verification of overseas mergers and acquisitions for the performance of commercial banks, has not yet formed a unified conclusion. The existing domestic and foreign articles, in case only In order to provide evidence to the case analysis is not thorough. Therefore, we hope in a new view, select a representative case, case itself studied comprehensively and systematically. This thesis focuses on the case analysis, in the analysis process, introducing the related bank overseas merger and acquisition as the theory basis, theory and practice, the specific analysis of bank mergers and acquisitions overseas mergers and acquisitions, and mergers and acquisitions performance. Finally, the beneficial enlightenment, summed up the case for Chinese banks hope the child is father of the man, the day after the benefit of overseas mergers and acquisitions.
In this paper, Chinese banks overseas mergers and acquisitions as the theme, focus on the China Merchants Bank in the case of the acquisition of Wing Lung Bank to discuss. Firstly, based on a review of the existing literature at home and abroad, summarizes the academic research achievements, points out the existing problems, the case analysis to determine the focus of this study. Then, China Merchants Bank as the acquisition of Wing Lung Bank the whole process of combing the case, mergers and acquisitions, focuses on the analysis of mergers and acquisitions, mergers and acquisitions and mergers and acquisitions performance. Finally, according to the results of theoretical analysis and empirical research, summarizes the beneficial enlightenment of mergers and acquisitions, to provide reference for Chinese banks overseas mergers and acquisitions. According to such research, this paper is divided into five parts to discuss.
The first chapter is the introduction. First, it introduces the background, significance and purpose of the research, then gives several research methods used in this paper. Finally, it summarizes the innovation of the article and points out its shortcomings.
The second chapter is the review of mergers and acquisitions of overseas commercial banks, first of all the important concepts involved in the paper are defined; followed by a detailed review of the research literature at home and abroad, summed up the results, and found the problem, determine the focus of this study is to do the case analysis, theory and practice are discussed; and briefly introduces China's overseas business the history and current situation of bank mergers and acquisitions, set the background for the next research.
The third chapter gives a detailed overview of the Wing Lung Bank of China Merchants Bank Mergers and acquisitions. Firstly introduces in detail the situation as well as mergers and acquisitions both events background; then it focuses on the specific cause of the Wing Lung Bank China Merchants Bank Mergers and acquisitions, mergers and acquisitions including the theory of motivation and practical significance; then the whole process of mergers and acquisitions are overview. And the detailed review process of merger integration; finally summed up after a series of preliminary results obtained after integration.
The fourth chapter is the empirical research. The first model is set up by using event study method, fitting out the expected rate of return, and then obtain the abnormal return and cumulative abnormal returns, the short-term performance of the Wing Lung Bank of China Merchants Bank M & A is analyzed; secondly the accounting index method, the specific use of the DuPont analysis, accounting index of before and after merger return on assets and net profit rate compared to the long-term performance of mergers and acquisitions were studied. The empirical results show that the acquisition of Wing Lung Bank raised short-term and long-term performance of China Merchants Bank.
The fifth chapter through the previous chapters of the case after a detailed study, based on theoretical analysis and empirical conclusions, summarizes the Enlightenment of the acquisition of Wing Lung Bank of China Merchants Bank, as the object of Chinese banks overseas mergers and acquisitions choice, provide valuable reference to grasp the timing and merger integration.
The main point of this paper is: the Wing Lung Bank of China Merchants Bank Mergers and acquisitions, is the value of the two sides complement each other in the business and network setup, mergers and acquisitions can achieve complementary advantages, conducive to the realization of synergies; after the merger of China Merchants Bank short-term and long-term performance are improved, show that mergers and acquisitions boost banks' profitability and management efficiency. This research and many scholars have different results. Most scholars believe that because of merger effect need to go through a period of integration can fully show synergy, mergers and acquisitions can not improve the short-term performance of the bank. And the conclusion is that after the merger in a short period of time, China Merchants Bank obtained positive abnormal returns, bank mergers and acquisitions improve short-term performance. This is largely due to China Merchants Bank and Wing Lung Bank, historical and cultural background is quite similar, business more complementary, in the initial acquisition shows a synergistic effect, though It was not obvious, but it did improve the performance of the bank.
In this paper, there are some shortcomings: choose a case to carry on the analysis, the results do not have adequate representation, overseas mergers and acquisitions may not apply to other commercial banks, there are some limitations; in the empirical research of the performance, in view of what I have learned is limited, only by two methods simple analysis, remain in a relatively shallow level, further analysis should be improved after the research.

【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.3;F271

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