【摘要】：隨著我國金融體制的改革和與國際金融界越來越深入的接觸,我國金融市場受到的全球系統(tǒng)的影響已經(jīng)越發(fā)明顯。全球范圍內(nèi)始于20世紀(jì)90年代的第三次銀行業(yè)并購浪潮也使得我國的銀行并購由政府主導(dǎo)并購階段到市場化商業(yè)并購階段的跨越,特別是加入入WTO后,中國銀行業(yè)的并購呈現(xiàn)迅速發(fā)展態(tài)勢。 平安銀行并購案例是我國國內(nèi)首例被并購方也是上市銀行的并購案例,在我國銀行業(yè)并購史上具有劃時(shí)代的意義。本文通過對(duì)前人研究的分析,發(fā)現(xiàn)其都存在簡化并購事件過程的通病,由于研究樣本量大,對(duì)于單個(gè)并購事件僅以第一次并購信息發(fā)布前后的股價(jià)波動(dòng)來衡量市場反應(yīng)。銀行并購信息的披露在很多情況下是分段披露的,后續(xù)的市場反應(yīng)在這樣的樣本選擇中就被忽略了,不僅如此,如果并購最終并沒有成功,此時(shí)市場的反應(yīng)與第一次信息披露后的市場反應(yīng)存在差異的可能性極大。因此本文在案例分析時(shí)首先對(duì)于在公告中披露的信息都進(jìn)行了整理,選取其中可能產(chǎn)生劇烈市場反應(yīng)的公告,并在此基礎(chǔ)上把并購過程劃分為五個(gè)階段。在五個(gè)階段劃分的基礎(chǔ)上首先采用CAMP模型對(duì)公告發(fā)布的前后進(jìn)行回歸分析,通過比較p系數(shù)的變化程度選出市場反應(yīng)較大的三次作為研究樣本。采用事件分析法對(duì)三個(gè)樣本進(jìn)行研究,分別得出每一次信息發(fā)布后的超常收益率,并得到了三次的超常收益率都為正的實(shí)證結(jié)果,在實(shí)證分析的基礎(chǔ)上提出了我國商業(yè)銀行并購的建議,并就銀行間并購存在的障礙提出了相應(yīng)政策建議。
[Abstract]:With the reform of China's financial system and more contacts with the international financial circles, the global financial market of our country has been affected more and more obviously. The third wave of banking M & A in the world, which began in the 1990s, also makes the banking M & A of our country leap from the stage of government-led M & A to the stage of market-oriented commercial M & A, especially after China's entry into WTO. The M & A of China's banking industry is developing rapidly. Ping an Bank M & A case is the first M & A case of listed banks in China, which is of epoch-making significance in the history of banking M & A in China. Through the analysis of previous studies, it is found that there is a common problem in simplifying the process of M & A events. Because of the large amount of research samples, the market reaction is only measured by the stock price fluctuations before and after the first M & A information release for a single M & A event. The disclosure of bank M & A information is in many cases piecewise disclosed, and subsequent market reactions are ignored in such a sample selection, not only that, but not only if the merger does not succeed in the end, There is a great possibility that the market reaction is different from that after the first information disclosure. Therefore, in the case analysis, the information disclosed in the announcement is sorted out first, and the announcement that may produce violent market reaction is selected, and on this basis, the M & A process is divided into five stages. On the basis of the five stages division, the CAMP model is used for regression analysis before and after the announcement, and the three times of market response are selected as the research samples by comparing the change degree of p coefficient. Using the event analysis method to study the three samples, get the abnormal rate of return after each information release, and get the empirical result that the abnormal return rate of three times is positive. On the basis of the empirical analysis, this paper puts forward some suggestions on the merger and acquisition of commercial banks in China, and puts forward corresponding policy suggestions on the obstacles existing in the mergers and acquisitions between banks.
【學(xué)位授予單位】：南京農(nóng)業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.33;F271

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