本文選題：銀行并購(gòu)策略 + 股權(quán)集中度�。� 參考：《西南財(cái)經(jīng)大學(xué)》2013年博士論文

【摘要】：自二十世紀(jì)九十年代,隨著知識(shí)經(jīng)濟(jì)的到來(lái),經(jīng)濟(jì)全球化、經(jīng)濟(jì)金融化、金融自由化的不斷深入,國(guó)際銀行業(yè)不斷掀起了并購(gòu)浪潮。此并購(gòu)浪潮始于美國(guó),逐漸波及日本、歐洲發(fā)達(dá)國(guó)家和東亞的韓國(guó)、中國(guó)香港、拉美等發(fā)展中國(guó)家和地區(qū),對(duì)全球經(jīng)濟(jì)與金融產(chǎn)生了深刻的影響。在銀行并購(gòu)活動(dòng)不斷影響下,許多跨國(guó)銀行為了追逐利潤(rùn)最大化,開(kāi)始把并購(gòu)目標(biāo)轉(zhuǎn)向中國(guó),這對(duì)于目前正處于向成熟市場(chǎng)經(jīng)濟(jì)轉(zhuǎn)型的中國(guó)而言,既是機(jī)遇也是挑戰(zhàn)；與此同時(shí),隨著中國(guó)市場(chǎng)經(jīng)濟(jì)建設(shè)的深入,金融業(yè)對(duì)外不斷開(kāi)放,中國(guó)銀行業(yè)也掀起了并購(gòu)熱潮。本文正是在上述國(guó)內(nèi)外復(fù)雜多變的宏觀背景下,基于中國(guó)上世紀(jì)90年代以來(lái)銀行業(yè)并購(gòu)重組的數(shù)據(jù),在深入闡述本文研究主要目的 -中國(guó)銀行業(yè)并購(gòu)重組策略研究這一主線之后,從中國(guó)金融改革、資本市場(chǎng)發(fā)展等多個(gè)視角詮釋了研究該問(wèn)題的重要現(xiàn)實(shí)意義；本文創(chuàng)新地發(fā)展了并購(gòu)策略的理論框架,在此基礎(chǔ)上,本文分別探討了中國(guó)銀行業(yè)并購(gòu)重組的股權(quán)集中度選擇、控股權(quán)選擇、并購(gòu)時(shí)機(jī)選擇的發(fā)展現(xiàn)狀、形成原因及存在問(wèn)題等；然后,實(shí)證對(duì)比分析了政府主導(dǎo)型、市場(chǎng)主導(dǎo)型等兩類(lèi)商業(yè)銀行并購(gòu)重組的效率,以此來(lái)考察并購(gòu)重組策略實(shí)施的效果；隨后,依據(jù)本文關(guān)于并購(gòu)重組的理論框架,以招商銀行并購(gòu)香港永隆銀行進(jìn)行個(gè)案分析；本文最后給出了未來(lái)中國(guó)銀行業(yè)并購(gòu)重組的發(fā)展趨勢(shì)及對(duì)策建議。 本論文的主要結(jié)論有： (一)中國(guó)銀行業(yè)并購(gòu)重組的理論框架的組成部分主要包括并購(gòu)重組的股權(quán)集中度選擇、并購(gòu)重組的控股權(quán)安排、并購(gòu)重組時(shí)機(jī)的選擇等三個(gè)方面。股權(quán)集中度和控股權(quán)涉及銀行治理結(jié)構(gòu),時(shí)機(jī)選擇影響到并購(gòu)成本,而銀行治理結(jié)構(gòu)及并購(gòu)成本均是影響銀行價(jià)值的重要因素。 (二)通過(guò)實(shí)證分析改革開(kāi)放以來(lái)的中國(guó)各類(lèi)銀行業(yè)并購(gòu)重組案例后,得出中國(guó)銀行業(yè)并購(gòu)重組具有如下發(fā)展現(xiàn)狀及特征： (1)不同所有制、不同規(guī)模的銀行在并購(gòu)重組的過(guò)程中,傾向于選擇不同的股權(quán)集中度；總體上,中國(guó)銀行業(yè)并購(gòu)重組后的股權(quán)呈分散的趨勢(shì),但國(guó)有商業(yè)銀行股權(quán)較集中,中小商業(yè)銀行股權(quán)呈分散化態(tài)勢(shì)。在此基礎(chǔ)上本文研究了形成這種股權(quán)集中度的原因及存在的問(wèn)題,問(wèn)題是高度集中的股權(quán)結(jié)構(gòu)不利于改善公司治理結(jié)構(gòu)、不利于金融創(chuàng)新等。 (2)總體上,國(guó)有商業(yè)銀行并購(gòu)后仍保留國(guó)有控股的性質(zhì),民營(yíng)股東和外資股東占比都非常小。中小城市銀行并購(gòu)重組存在股權(quán)性質(zhì)變更的情況：有的從國(guó)有變成了民營(yíng)或外資控股,如重慶銀行、營(yíng)口銀行、廈門(mén)銀行、齊魯銀行、南充商行、達(dá)州商行等；有的從本地財(cái)政控股變成了產(chǎn)業(yè)資本控股,如中石油收購(gòu)昆侖銀行、四川長(zhǎng)虹集團(tuán)收購(gòu)綿陽(yáng)市商業(yè)銀行；或全國(guó)性金融機(jī)構(gòu)控股,如華融資產(chǎn)收購(gòu)組建華融湘江銀行。在此基礎(chǔ)上,本文分析了形成銀行業(yè)控股權(quán)局面的原因,包括：有的是政府出于防范金融風(fēng)險(xiǎn),確保金融安全,進(jìn)而保障國(guó)家經(jīng)濟(jì)安全的考慮；有的是為了適應(yīng)世界經(jīng)濟(jì)潮流的快速發(fā)展,提高銀行業(yè)的國(guó)際競(jìng)爭(zhēng)力而采取的發(fā)展戰(zhàn)略；有的是按照市場(chǎng)化機(jī)制配置資源,推動(dòng)金融體制改革的結(jié)果；而其中引進(jìn)外資戰(zhàn)略投資者,是嘗試實(shí)現(xiàn)中國(guó)銀行業(yè)股權(quán)多元化、優(yōu)化銀行治理結(jié)構(gòu)的重要體現(xiàn)。 (3)本文認(rèn)為,在并購(gòu)時(shí)機(jī)選擇上,有以下因素共同影響著并購(gòu)重組的發(fā)生：當(dāng)時(shí)的宏觀經(jīng)濟(jì)走勢(shì)、銀行本身的經(jīng)營(yíng)業(yè)績(jī)、出售股權(quán)股東的情況及當(dāng)?shù)刎?cái)政收支情況等。具體來(lái)看,其一,并購(gòu)重組主要發(fā)生在國(guó)內(nèi)外宏觀經(jīng)濟(jì)不景氣時(shí),此時(shí)被并購(gòu)銀行出現(xiàn)了財(cái)務(wù)危機(jī),甚至有的瀕臨破產(chǎn)的局面；其二,當(dāng)并購(gòu)方的經(jīng)營(yíng)業(yè)績(jī)處于較好的發(fā)展勢(shì)頭,而被并購(gòu)銀行出現(xiàn)財(cái)務(wù)危機(jī)的局面下,此時(shí)并購(gòu)重組最為普遍；其三,時(shí)機(jī)選擇與當(dāng)?shù)卣?cái)政收支能力相關(guān),如果一個(gè)地區(qū)出現(xiàn)財(cái)政收入持續(xù)減少,而財(cái)政支出不斷增加,引致財(cái)政赤字的情況,銀行業(yè)績(jī)也會(huì)受此拖累從而表現(xiàn)不佳,甚至出現(xiàn)破產(chǎn)。此時(shí),并購(gòu)銀行時(shí)機(jī)較為成熟,政府也希望通過(guò)并購(gòu)重組實(shí)現(xiàn)財(cái)政收支平衡,阻止經(jīng)濟(jì)繼續(xù)下滑的壓力；其四,如果是善意并購(gòu),并購(gòu)銀行的并購(gòu)時(shí)機(jī)僅僅與目標(biāo)銀行相對(duì)價(jià)值有關(guān),并購(gòu)的最佳時(shí)機(jī)是在相對(duì)價(jià)值較小或者較大的時(shí)期,通過(guò)并購(gòu)能夠增加銀行價(jià)值。 (三)運(yùn)用中國(guó)1998-2008年的13家國(guó)有商業(yè)銀行、股份制商業(yè)銀行的相關(guān)金融數(shù)據(jù),采用數(shù)據(jù)包絡(luò)分析方法,本文對(duì)商業(yè)銀行的并購(gòu)效率進(jìn)行了分析。對(duì)比分析發(fā)現(xiàn),整體而言,商業(yè)銀行在并購(gòu)重組后效率均下降,隨后緩慢回升；平均來(lái)看,市場(chǎng)主導(dǎo)型的股份制銀行并購(gòu)重組的效率明顯高于政府主導(dǎo)型的國(guó)有商業(yè)銀行的并購(gòu)重組效率。這表明市場(chǎng)化主導(dǎo)的銀行并購(gòu)重組對(duì)銀行經(jīng)營(yíng)效果的作用效果要大。 (四)依據(jù)并購(gòu)重組的股權(quán)集中度選擇、控股權(quán)安排、時(shí)機(jī)選擇等理論研究框架,對(duì)招商銀行并購(gòu)香港永隆銀行的個(gè)案進(jìn)行了研究,并得出如下結(jié)論：并購(gòu)后對(duì)招商銀行股權(quán)集中度的影響不大,并購(gòu)后對(duì)香港永隆銀行實(shí)行100%的國(guó)有控股,招行并購(gòu)時(shí)機(jī)選擇恰當(dāng)。 本論文的創(chuàng)新主要體現(xiàn)在以下幾個(gè)方面： 其一,論文的理論分析框架比較新穎。本文基于中國(guó)現(xiàn)實(shí)情況,重點(diǎn)分析了股權(quán)集中度選擇、控制權(quán)安排、時(shí)機(jī)的選擇等銀行業(yè)并購(gòu)重組的三個(gè)主要方面,為研究中國(guó)銀行業(yè)并購(gòu)重組提供了重要的理論鋪墊。現(xiàn)有的文獻(xiàn)只僅僅關(guān)注本文中理論框架中的某一個(gè)方面,尚未綜合地考察中國(guó)銀行業(yè)的并購(gòu)行為。本文認(rèn)為,該理論框架視角能夠客觀地、全面地對(duì)中國(guó)銀行業(yè)并購(gòu)重組行為進(jìn)行探索,得出的結(jié)論更具有實(shí)用價(jià)值。 其二,論文的實(shí)證分析具有創(chuàng)新性。在闡述中國(guó)銀行業(yè)并購(gòu)重組的策略基礎(chǔ)上,本文以中國(guó)現(xiàn)有銀行為研究對(duì)象,實(shí)證對(duì)比分析了政府主導(dǎo)型與市場(chǎng)主導(dǎo)型的銀行業(yè)并購(gòu)重組的效率差異；本文還選用具有典型意義的銀行進(jìn)行個(gè)案分析,實(shí)證結(jié)論具有重要的現(xiàn)實(shí)意義。 其三,數(shù)據(jù)較新穎。本文盡可能地搜集了改革開(kāi)放以來(lái)中國(guó)國(guó)有商業(yè)銀行、股份制商業(yè)銀行、中小城市商業(yè)銀行等并購(gòu)重組的數(shù)據(jù),較全面地重新審視并購(gòu)重組行為,得出的結(jié)論較有說(shuō)服力。
[Abstract]:Since 1990s, with the advent of the knowledge economy, economic globalization, economic and financial liberalization and the deepening of financial liberalization, the wave of mergers and acquisitions has been set off by the international banking industry. This wave of mergers and acquisitions began in the United States, gradually spread to Japan, developed countries in Europe and South Korea in East Asia, Hongkong, Latin America and other developing countries and regions. The economy and finance of the ball have a profound influence. Under the influence of the bank merger and acquisition, many multinational banks have turned the target of merger and acquisition to China in order to maximize the profit, which is both an opportunity and a challenge for China, which is now in transition to a mature market economy. At the same time, with the construction of the Chinese market economy. In depth, the financial industry is open to the outside world, and the Chinese banking industry has set off a merger upsurge. This paper is based on the data of merger and reorganization of banking industry since 90s of last century in China.
After the study of the merger and reorganization strategy of China's banking industry, the important practical significance of the study is explained from the perspective of China's financial reform and capital market development, and the theoretical framework of M & a strategy is developed creatively. On this basis, this paper probes into the selection of equity concentration in the merger and reorganization of China's banking industry. Choosing, controlling stock option, the present situation of the timing of merger and acquisition, forming reasons and existing problems, and then comparing and analyzing the efficiency of merger and reorganization of the two types of commercial banks, such as government led and market dominated, in order to investigate the effect of the implementation of M & a strategy. A case study is made on mergers and acquisitions of Hongkong Yong long bank by commercial banks. Finally, the development trend and Countermeasures of China's banking industry in the future are given.
The main conclusions of this paper are as follows:
(1) the part of the theoretical framework of merger and reorganization of China's banking industry consists of three aspects: the choice of ownership concentration, the arrangement of the controlling rights of merger and reorganization, the choice of the timing of merger and reorganization. The ownership concentration and controlling rights involve the bank governance structure, and the timing is affected by the cost of merger and acquisition, and the bank governance structure and the The cost of purchase is an important factor affecting the value of the bank.
(two) through the empirical analysis of China's various banking mergers and acquisitions since the reform and opening up, it is concluded that the merger and reorganization of China's banking industry has the following development status and characteristics:
(1) different ownership, different scale of banks in the process of mergers and acquisitions, tend to choose different ownership concentration; in general, the share of Chinese banks after mergers and acquisitions is scattered trend, but the state-owned commercial banks are more concentrated, small and medium-sized commercial banks share a decentralized state. On this basis, this paper studies the formation of this The reasons and problems of the concentration of stock ownership are that the highly centralized ownership structure is not conducive to improving the corporate governance structure, and is not conducive to financial innovation.
(2) on the whole, the state-owned commercial banks still retain the nature of state holding after the merger and acquisition, and the proportion of private shareholders and foreign shareholders is very small. The merger and reorganization of small and medium-sized cities has a change in the nature of Equity: some have changed from state-owned to private or foreign capital, such as the Bank of Chongqing, the Bank of Yingkou, the Bank of Xiamen, the Qilu bank, and the Nanchong commercial bank. Dazhou commercial bank, etc., some have changed from local financial holding to industrial capital holding, such as the acquisition of Kunlun bank by CNPC, the acquisition of Mianyang commercial bank by Sichuan Changhong group, or the holding of national financial institutions, such as Huarong Asset Acquisition and formation of Huarong Xiangjiang bank. On this basis, this paper analyzes the reasons for the formation of the bank ownership situation. Including: some are the consideration of the government in order to prevent financial risks, ensure financial security and ensure the economic security of the country. Some are to adapt to the rapid development of the world economic tide and improve the development strategy of the international competitiveness of the banking industry; some are to allocate resources according to the market mechanism and promote the reform of the financial system. And the introduction of foreign strategic investors is an important embodiment of trying to realize the diversification of China's banking equity and optimizing the governance structure of banks.
(3) this article holds that the following factors have a common influence on the occurrence of mergers and Acquisitions: the macroeconomic trend, the performance of the bank itself, the sale of stockholder's shareholders and the local financial revenue and expenditure. Mergers and acquisitions banks have a financial crisis and even a situation on the verge of bankruptcy; secondly, when the business performance of the M & a party is in a good momentum of development, and the merger and acquisition bank has a financial crisis, the merger and reorganization is most common at this time. Third, the timing is related to the local government financial revenue and expenditure, if a region appears. The financial revenue continues to reduce, and the financial expenditure is increasing, causing the financial deficit, and the performance of the bank will be too bad, even bankruptcy. At this time, the time of the merger and acquisition bank is more mature, the government also hopes to realize the balance of revenue and expenditure through merger and acquisition, and prevent the pressure of the economy to continue to decline; and fourth, if it is The time of merger and acquisition in good faith is only related to the relative value of the target bank. The best time for M & A is to increase the value of the bank by merger and acquisition in a period of relatively small or larger relative value.
(three) using the related financial data of commercial banks in 13 countries of China for 1998-2008 years and the data envelopment analysis method, this paper analyses the efficiency of merger and acquisition of commercial banks. The efficiency of merger and reorganization of the field dominated joint-stock banks is obviously higher than that of the government led state-owned commercial banks. This shows that the effect of the market led bank merger and reorganization on the bank management effect is great.
(four) according to the theoretical research framework of the choice of ownership concentration, the arrangement of shareholding and the timing of the merger and acquisition, the case of the merger and acquisition of Hongkong Yong long bank by China Merchants Bank is studied, and the following conclusions are drawn: after the merger and acquisition, there is little influence on the concentration degree of China Merchants Bank, and 100% of the state-owned holding is carried out for the Bank of Yong long bank after the merger and acquisition. The timing of merger and acquisition is appropriate.
The innovation of this paper is mainly reflected in the following aspects:
First, the theoretical analysis framework of the thesis is new. Based on the reality of China, this paper focuses on the analysis of three main aspects, such as the choice of ownership concentration, the arrangement of control rights, the choice of timing, and so on, which provides an important theoretical basis for the study of merger and reorganization of China's banking industry. In one aspect of the theoretical framework, the merger and acquisition behavior of China's banking industry has not been comprehensively investigated. This paper holds that the theoretical framework can objectively and comprehensively explore the merger and reorganization of China's banking industry, and the conclusion is of more practical value.
Secondly, the empirical analysis of the paper is innovative. On the basis of the strategy of the merger and reorganization of China's banking industry, this paper, taking the existing banks in China as the research object, empirically contrasts and analyzes the efficiency difference between the government led and market led banking mergers and acquisitions. The empirical conclusions are of great practical significance.
Third, the data are more novel. This article has collected the data of the merger and reorganization of China's state-owned commercial banks, joint-stock commercial banks and small and medium-sized city commercial banks since the reform and opening up. The conclusion of the merger and reorganization is more convincing.

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F271;F832.3

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2 周斌;銀行并購(gòu)及其規(guī)制博弈分析[D];首都經(jīng)濟(jì)貿(mào)易大學(xué);2011年

3 孫建平;中國(guó)上市公司控股權(quán)、控制權(quán)與公司價(jià)值研究[D];復(fù)旦大學(xué);2009年

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