本文關(guān)鍵詞： 銀行并購 股東價值 實證研究 案例研究　出處：《東華大學》2012年碩士論文　論文類型：學位論文

【摘要】：在以金融業(yè)為主導的全球第五次并購浪潮和股東價值最大化導向的經(jīng)營管理背景下,并購作為迅速擴大市場占有率和增強資本實力的一個方式,吸引著我國銀行開始了一系列的并購嘗試。因此,銀行的并購是否能促進股東價值的提升也就成為一個值得研究的問題。 本文基于股東價值提升的視角對銀行并購進行了研究。首先,從趨勢和特征出發(fā),分析我國銀行并購的基本情況；接著就股東價值的界定和衡量標準做逐一分析,通過研究并購對股東價值產(chǎn)生的效應,分析銀行并購對股東價值的影響路徑,作為本文的理論基礎。立足股東的視角,根據(jù)一定的指標選取原則,選擇11個表征股東價值的財務指標和比率,創(chuàng)新性搭建起評價股東價值的綜合指標體系。通過構(gòu)建股東價值評價模型,使用因子分析法對本文選取的2002至2010年的數(shù)據(jù)進行了研究,利用SPSS聚合出來的股東價值主要影響因子構(gòu)建股東價值綜合評價模型。利用模型得到16家上市銀行的所有股東價值綜合評價結(jié)果,并在此基礎上對我國16加上市銀行的競爭力水平進行了排序。研究發(fā)現(xiàn)我國的股份制商業(yè)銀行在股東價值,未來發(fā)展能力等方面明顯優(yōu)于大型國有銀行。本文選取4個代表性并購案例作為樣本,通過細致的分析,研究并購前后銀行自身股東價值的變動情況,進一步證實了并購對銀行股東價值的影響。結(jié)果發(fā)現(xiàn)：并購為銀行帶來了股東價值和經(jīng)營水平的提升。在并購后的第一年,銀行在盈利、經(jīng)營和股東價值水平并未體現(xiàn)明顯上升,甚至略有下降,但并購后第二年起,各方面的指標都逐漸回升,從并購后的經(jīng)營范圍和水平上看,我國銀行并購對股東價值有提升作用。最后,在實證分析的基礎上,以股東價值的提高為目的,針對我國銀行的未來并購提出了指導性措施和建議。
[Abstract]:Under the background of the 5th M & A wave of the world dominated by the financial industry and the maximization of shareholder value, M & A is a way to expand the market share and strengthen the capital strength rapidly. It has attracted Chinese banks to start a series of mergers and acquisitions. Therefore, whether the bank M & A can promote the value of shareholders has become a question worth studying. In this paper, the bank M & A is studied from the perspective of shareholder value enhancement. Firstly, the basic situation of bank M & A in China is analyzed from the perspective of trend and characteristics. Then the definition and measurement of shareholder value is analyzed one by one, and the impact of bank M & A on shareholder value is analyzed by studying the effect of M & A on shareholder value. As the theoretical basis of this paper, based on the perspective of shareholders, according to the principle of selecting certain indicators, select 11 financial indicators and ratios to represent the value of shareholders. Innovatively set up a comprehensive index system to evaluate shareholder value. Through the construction of shareholder value evaluation model, using factor analysis method to select the data from 2002 to 2010 were studied. The comprehensive evaluation model of shareholder value is constructed by using the main influencing factors of shareholder value aggregated by SPSS, and the comprehensive evaluation results of all shareholders of 16 listed banks are obtained by using the model. And on this basis, the competitiveness of 16 + listed banks in China is ranked. The study found that the joint-stock commercial banks in the shareholder value. The future development ability is obviously superior to the large state-owned banks. This paper selects four representative M & A cases as samples and studies the changes of bank's own shareholder value before and after M & A through careful analysis. The results show that M & A brings the shareholder value and management level to the bank. In the first year after M & A, the bank is making profit. The level of management and shareholder value has not obviously increased, or even decreased slightly, but since the second year after M & A, the indicators in all aspects have gradually recovered, from the perspective of the scope and level of management after M & A. Finally, on the basis of empirical analysis, aiming at the improvement of shareholder value, the paper puts forward some guiding measures and suggestions for the future M & A of Chinese banks.
【學位授予單位】：東華大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.3;F832.51

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