五大國有商業(yè)銀行“走出去”動因及路徑選擇探析
發(fā)布時間：2018-07-15 16:52
【摘要】：企業(yè)的國際化經(jīng)營是在世界經(jīng)濟(jì)快速發(fā)展、各國經(jīng)濟(jì)聯(lián)系日益緊密,實(shí)體經(jīng)濟(jì)產(chǎn)業(yè)在全球范圍內(nèi)的再組織與再分工的大背景下產(chǎn)生的,銀行作為企業(yè)的一種表現(xiàn)形式,其從事國際化經(jīng)營是金融領(lǐng)域全球化步伐加快的必然結(jié)果。伴隨中國經(jīng)濟(jì)改革開放程度的深入,中國企業(yè)“走出去”步伐提速,國有商業(yè)銀行跟隨中資企業(yè)“走出去”、服務(wù)于中資企業(yè)和自身出于開辟新市場,實(shí)現(xiàn)規(guī)模化經(jīng)營的需要,其從事跨國經(jīng)營的步伐也大大加快。銀行從事國際化經(jīng)營的路徑有新設(shè)投資和跨國并購兩種,如何在這兩種路徑之間進(jìn)行合理選擇?西方學(xué)者主要是從銀行自身?xiàng)l件以及動因這兩個角度去分析這個問題,并形成一系列的理論框架。本文試圖根據(jù)近年(2005年—2010年)五大國有商業(yè)銀行“走出去”步伐加快、路徑選擇差異化的現(xiàn)狀,從動因角度去研究和分析五大國有商業(yè)銀行“走出去”的兩種路徑選擇問題。 文章第一部分首先介紹研究背景,并提出問題：工商銀行為什么較其他四大國有商業(yè)銀行更多地采用跨國并購方式? 第二部分界定新設(shè)投資和跨國并購兩種路徑的概念,并從銀行自身?xiàng)l件和動因兩個角度介紹關(guān)于兩種路徑選擇的國內(nèi)外研究理論。 第三部分介紹五大國有商業(yè)銀行“走出去”的背景和概況。 第四部分概括出五大國有商業(yè)銀行“走出去”路徑中關(guān)于新設(shè)投資的動因和跨國并購的動因,并選取2006—2010年期間具有代表性的9起新設(shè)投資和6起跨國并購案例進(jìn)行分析。 第五部分對五大國有商業(yè)銀行2006—2010年期間新設(shè)投資和跨國并購進(jìn)行績效比較分析,得出結(jié)論：跨國并購在績效方面優(yōu)于新設(shè)投資。 第六部分歸納總結(jié)本文研究結(jié)論：一、五大國有商業(yè)銀行在“走出去”過程中,因動因不同導(dǎo)致路徑選擇不同：1、出于“服務(wù)中國經(jīng)濟(jì)、貿(mào)易及對外投資高速增長”、“跟隨中資企業(yè)‘走出去’,提供金融服務(wù)”、“拓展海外市場、提升盈利能力”以及“國際化經(jīng)營和全球戰(zhàn)略布局需要”等一般動因,采用新設(shè)投資的方式。2、出于“實(shí)現(xiàn)規(guī)模經(jīng)濟(jì)和利潤最大化”、“實(shí)現(xiàn)范圍經(jīng)濟(jì)”、“獲得經(jīng)營牌照,降低準(zhǔn)入門檻”、“快速獲得當(dāng)?shù)乜蛻糍Y源,提升市場份額”和“改善財務(wù)報表”等特殊動因,采用跨國并購的方式。這與現(xiàn)有關(guān)于跨國并購動因研究的多緯度理論框架相符。二、實(shí)現(xiàn)“規(guī)模效應(yīng)和利潤最大化”是跨國并購最重要的動因之一,由于跨國并購在實(shí)現(xiàn)績效方面優(yōu)于新設(shè)投資,因此,五大國有商業(yè)銀行在“走出去”戰(zhàn)略實(shí)施過程中應(yīng)逐步轉(zhuǎn)變?yōu)椴捎谩靶略O(shè)投資和跨國并購并舉”的方式,這是未來中資銀行“走出去”戰(zhàn)略路徑選擇的發(fā)展趨勢和發(fā)展方向。
[Abstract]:The internationalization management of enterprises is produced under the background of the rapid development of the world economy, the increasingly close economic ties between various countries, the reorganization and redivision of the real economy industry in the global scope, and the bank as a form of expression of the enterprise. Its international operation is the inevitable result of accelerating the pace of globalization in the financial field. With the deepening of China's economic reform and opening up, the pace of "going out" of Chinese enterprises has increased, and state-owned commercial banks have followed Chinese enterprises to "go out," serving the needs of Chinese enterprises and themselves to open up new markets and realize large-scale operations. The pace of its multinational operation has also been greatly accelerated. There are two ways for banks to engage in international operation: new investment and cross-border M & A. How to make a reasonable choice between these two paths? Western scholars mainly analyze this problem from the perspective of the bank's own condition and motivation, and form a series of theoretical framework. According to the current situation of "going out" of five state-owned commercial banks in recent years (2005-2010) and the differentiation of path selection, this paper attempts to study and analyze the two kinds of path choice problems of the five state-owned commercial banks from the angle of motivation. The first part of the article introduces the background of the research and puts forward the following questions: why ICBC adopts cross-border M & A more than the other four state-owned commercial banks? The second part defines the concepts of new investment and cross-border M & A, and introduces the domestic and foreign research theories on the choice of the two paths from the perspective of banks' own conditions and motivations. The third part introduces the background and general situation of five state-owned commercial banks. The fourth part summarizes the motivation of new investment and transnational M & A in the "going out" path of five state-owned commercial banks, and analyzes 9 new investment and 6 transnational M & A cases which are representative in 2006-2010. The fifth part compares the performance of new investment and transnational merger between 2006 and 2010 of five state-owned commercial banks, and concludes that the performance of cross-border M & A is better than that of new investment. The sixth part summarizes the conclusions of this paper: 1. In the process of "going out", the five state-owned commercial banks choose different paths because of different reasons, because of "serving China's economy, trade and rapid growth of foreign investment". "go out with Chinese enterprises to provide financial services", "expand overseas markets, enhance profitability" and "internationalize operations and global strategic layout needs" and other general motivations, Using the new investment approach. 2, for "maximizing economies of scale and profits", "achieving economies of scope", "obtaining operating licences, lowering entry barriers", "quick access to local customer resources," Increase market share "and" improve financial statements "and other special motivations, using cross-border mergers and acquisitions. This is consistent with the existing multi-latitude theoretical framework of the research on the motivation of transnational mergers and acquisitions. Second, the realization of "scale effect and profit maximization" is one of the most important motivations for cross-border mergers and acquisitions. In the process of implementing the "going out" strategy, the five state-owned commercial banks should gradually change to adopt the way of "new investment and transnational merger and acquisition", which is the development trend and development direction of the strategic path choice of "going out" for Chinese banks in the future.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.2
本文編號：2124742
[Abstract]:The internationalization management of enterprises is produced under the background of the rapid development of the world economy, the increasingly close economic ties between various countries, the reorganization and redivision of the real economy industry in the global scope, and the bank as a form of expression of the enterprise. Its international operation is the inevitable result of accelerating the pace of globalization in the financial field. With the deepening of China's economic reform and opening up, the pace of "going out" of Chinese enterprises has increased, and state-owned commercial banks have followed Chinese enterprises to "go out," serving the needs of Chinese enterprises and themselves to open up new markets and realize large-scale operations. The pace of its multinational operation has also been greatly accelerated. There are two ways for banks to engage in international operation: new investment and cross-border M & A. How to make a reasonable choice between these two paths? Western scholars mainly analyze this problem from the perspective of the bank's own condition and motivation, and form a series of theoretical framework. According to the current situation of "going out" of five state-owned commercial banks in recent years (2005-2010) and the differentiation of path selection, this paper attempts to study and analyze the two kinds of path choice problems of the five state-owned commercial banks from the angle of motivation. The first part of the article introduces the background of the research and puts forward the following questions: why ICBC adopts cross-border M & A more than the other four state-owned commercial banks? The second part defines the concepts of new investment and cross-border M & A, and introduces the domestic and foreign research theories on the choice of the two paths from the perspective of banks' own conditions and motivations. The third part introduces the background and general situation of five state-owned commercial banks. The fourth part summarizes the motivation of new investment and transnational M & A in the "going out" path of five state-owned commercial banks, and analyzes 9 new investment and 6 transnational M & A cases which are representative in 2006-2010. The fifth part compares the performance of new investment and transnational merger between 2006 and 2010 of five state-owned commercial banks, and concludes that the performance of cross-border M & A is better than that of new investment. The sixth part summarizes the conclusions of this paper: 1. In the process of "going out", the five state-owned commercial banks choose different paths because of different reasons, because of "serving China's economy, trade and rapid growth of foreign investment". "go out with Chinese enterprises to provide financial services", "expand overseas markets, enhance profitability" and "internationalize operations and global strategic layout needs" and other general motivations, Using the new investment approach. 2, for "maximizing economies of scale and profits", "achieving economies of scope", "obtaining operating licences, lowering entry barriers", "quick access to local customer resources," Increase market share "and" improve financial statements "and other special motivations, using cross-border mergers and acquisitions. This is consistent with the existing multi-latitude theoretical framework of the research on the motivation of transnational mergers and acquisitions. Second, the realization of "scale effect and profit maximization" is one of the most important motivations for cross-border mergers and acquisitions. In the process of implementing the "going out" strategy, the five state-owned commercial banks should gradually change to adopt the way of "new investment and transnational merger and acquisition", which is the development trend and development direction of the strategic path choice of "going out" for Chinese banks in the future.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.2
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