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

【摘要】：從19世紀(jì)末20世紀(jì)初開始,國際范圍內(nèi)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(yuǎn)的影響。其中,開始于20世紀(jì)90年代,由美國和日本帶領(lǐng)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(jìn)入21世紀(jì)以后,隨著經(jīng)濟(jì)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(jì)更加密不可分。無論哪一個(gè)行業(yè)中的企業(yè),都必須緊跟經(jīng)濟(jì)全球化的發(fā)展趨勢(shì),才能在競(jìng)爭(zhēng)日益激烈的國際環(huán)境中生存下來。近年來,為了擴(kuò)大規(guī)模、壯大實(shí)力,越來越多的銀行通過海外并購來入主國際市場(chǎng),以適應(yīng)經(jīng)濟(jì)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(shí)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(chǎng)上尋求更多的發(fā)展機(jī)會(huì)。然而,因?yàn)橹袊y行業(yè)長期受到行政干預(yù),市場(chǎng)化進(jìn)程緩慢,公司治理不完善,綜合實(shí)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(jì)的急速增長,綜合實(shí)力的不斷提高,國際話語權(quán)的增強(qiáng),中國商業(yè)銀行的競(jìng)爭(zhēng)力也隨之增強(qiáng),具備了與國際發(fā)達(dá)銀行競(jìng)爭(zhēng)的能力,開始積極地走出國門,涉足國際市場(chǎng)。此外,2006年開始,遵守入世承諾,我國金融市場(chǎng)全面對(duì)外開放,外資銀行大量涌進(jìn),意圖瓜分中國市場(chǎng),中資銀行面臨前所未有的巨大競(jìng)爭(zhēng)壓力,不得不拓寬視野,到海外尋求新的增長點(diǎn)。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(kuò)大。 伴隨著中國商業(yè)銀行海外并購實(shí)踐的活躍發(fā)展,學(xué)術(shù)界也開始關(guān)注和研究銀行并購活動(dòng)。從上世紀(jì)90年代開始,就有中國學(xué)者開始進(jìn)行相關(guān)研究,近些年更是不乏這方面的相關(guān)文章,雖然只經(jīng)歷了短短二十來年的時(shí)間,學(xué)術(shù)研究已取得了一定的成果。早前,學(xué)者們的研究主要停留在理論層面,重點(diǎn)探討了中國商業(yè)銀行并購的歷程、現(xiàn)狀、特點(diǎn)、原因及并購風(fēng)險(xiǎn)等,并為銀行并購的制度建設(shè)提供理論支撐。后來,更多的學(xué)者轉(zhuǎn)向收集商業(yè)銀行海外并購案例,嘗試通過不同的方法進(jìn)行實(shí)證研究,驗(yàn)證海外并購對(duì)商業(yè)銀行績效的影響,至今尚未形成統(tǒng)一的結(jié)論。現(xiàn)有的國內(nèi)外文章,引入并購案例只是為了提供佐證,對(duì)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(gè)比較具有代表性的并購案例,就案例本身進(jìn)行全面而系統(tǒng)地研究。把研究的重點(diǎn)放在案例分析上,在分析的過程中引入相關(guān)的銀行海外并購理論作為理論依據(jù),理論聯(lián)系實(shí)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(jié)案例的有益啟示,以小見大,希望能對(duì)中資銀行日后進(jìn)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(nèi)外現(xiàn)有文獻(xiàn)的基礎(chǔ)上,總結(jié)學(xué)術(shù)界的研究成果,指出存在的不足,確定本文的研究重點(diǎn)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(gè)過程,重點(diǎn)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(shí)證研究的結(jié)果,總結(jié)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(gè)部分來進(jìn)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(gè)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(duì)文中涉及到的重要概念進(jìn)行了界定；其次詳細(xì)地回顧了國內(nèi)外已有的研究文獻(xiàn),總結(jié)成果,發(fā)現(xiàn)不足,確定本文的研究重點(diǎn)是做案例分析,理論聯(lián)系實(shí)際展開論述；再者簡(jiǎn)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(shè)定背景。 第三章則對(duì)招商銀行并購永隆銀行進(jìn)行了詳細(xì)地概述。首先詳細(xì)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(diǎn)論述了招商銀行并購永隆銀行的具體原因,包括理論動(dòng)因及并購的現(xiàn)實(shí)意義；接下來則對(duì)并購的整個(gè)過程進(jìn)行了概覽,并且詳細(xì)地了回顧了并購整合的過程；最后歸納總結(jié)經(jīng)過一系列整合之后所取得的初步成果。 第四章為實(shí)證研究。首先運(yùn)用事件研究法,建立模型,擬合出預(yù)期收益率,進(jìn)而獲得超額收益率和累計(jì)超額收益率,對(duì)招商銀行并購永隆銀行的短期績效進(jìn)行了研究；其次運(yùn)用會(huì)計(jì)指標(biāo)法,具體選用了杜邦分析法,對(duì)并購前后的資產(chǎn)收益率及凈值收益率等會(huì)計(jì)指標(biāo)進(jìn)行對(duì)比分析,對(duì)并購的長期績效進(jìn)行了研究。實(shí)證結(jié)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(duì)案例的詳盡研究之后,根據(jù)理論分析及實(shí)證結(jié)論,歸納總結(jié)招商銀行并購永隆銀行的啟示,為中資銀行海外并購中對(duì)象的選擇、時(shí)機(jī)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(diǎn)是：招商銀行并購永隆銀行,是看重了雙方在業(yè)務(wù)和網(wǎng)點(diǎn)設(shè)置上的互補(bǔ),并購能達(dá)到優(yōu)勢(shì)互補(bǔ),有利于實(shí)現(xiàn)協(xié)同效應(yīng)；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(xué)者的研究結(jié)果有所差異。多數(shù)學(xué)者認(rèn)為,因并購協(xié)同效應(yīng)需要經(jīng)過一段時(shí)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(jié)論是,并購后短時(shí)期內(nèi),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?yàn)檎猩蹄y行和永隆銀行歷史文化背景等比較相似,業(yè)務(wù)比較互補(bǔ),在并購初期就顯示出了協(xié)同效應(yīng),盡管不甚明顯,但確實(shí)提高了銀行績效。 本文存在著幾點(diǎn)不足：只選擇了一個(gè)案例來進(jìn)行分析,研究結(jié)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(dòng),有一定的局限性;在進(jìn)行績效的實(shí)證研究時(shí),鑒于本人所學(xué)有限,只采用了兩種較為簡(jiǎn)便的方法,分析停留在比較淺的層次,日后應(yīng)進(jìn)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(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.3;F271

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 郭妍;;我國銀行海外并購績效及其影響因素的實(shí)證分析[J];財(cái)貿(mào)經(jīng)濟(jì);2010年11期

2 巫才林;;金融危機(jī)后中國銀行業(yè)跨國并購的機(jī)遇和挑戰(zhàn)[J];經(jīng)營管理者;2010年14期

3 羅俊;;銀行業(yè)跨國并購的動(dòng)因分析[J];金融經(jīng)濟(jì);2010年12期

4 韓繼云;發(fā)展中國家銀行業(yè)并購“熱”的原因、特點(diǎn)及我國對(duì)策[J];金融理論與實(shí)踐;1998年10期

5 陳璐;銀行并購實(shí)證研究的發(fā)展及方法論演進(jìn)[J];金融研究;2005年01期

6 丁慧;;銀行業(yè)并購后經(jīng)營業(yè)績實(shí)證研究[J];金融研究;2009年07期

7 任明;;我國銀行業(yè)跨國并購現(xiàn)狀分析和策略建議[J];金融與經(jīng)濟(jì);2008年09期

8 談佳隆;;香港永隆銀行爭(zhēng)奪戰(zhàn)[J];中國經(jīng)濟(jì)周刊;2008年16期

9 苗娜;王元月;;基于DEA的商業(yè)銀行并購效率的實(shí)證分析[J];江蘇商論;2006年11期

10 劉錦彪;美國銀行的企業(yè)兼并和風(fēng)險(xiǎn)管理[J];上海金融;1990年01期

，

本文編號(hào)：1715386