中國商業(yè)銀行對外投資戰(zhàn)略研究：動因、模式和績效
發(fā)布時間：2018-12-16 15:57
【摘要】：進入21世紀以來,中國商業(yè)銀行加快了海外投資的步伐。以往國內(nèi)對海外投資的研究一般都集中在對上市公司的研究,專門針對商業(yè)銀行的研究,尤其是針對戰(zhàn)略問題的研究相對較少。實務(wù)界則一定程度上依靠經(jīng)驗判斷進行戰(zhàn)略決策,對理論研究的需求比較迫切。 本論文嘗試對商業(yè)銀行海外投資的戰(zhàn)略問題進行系統(tǒng)研究。論文將戰(zhàn)略問題分解為三個方面,即動因、模式、績效；同時,結(jié)合理論界和實務(wù)界的最新發(fā)展,把銀行海外投資分為設(shè)立機構(gòu)、兼并收購、戰(zhàn)略聯(lián)盟三個層次(以往的分類僅分為新設(shè)和并購兩個層次)。論文的創(chuàng)新之處首先是提出了一個對海外戰(zhàn)略研究的新的分析框架；其次是對商業(yè)銀行海外新設(shè)、并購的的相關(guān)問題進行了系統(tǒng)的實證研究；第三是從戰(zhàn)略聯(lián)盟資源觀點的基本結(jié)論入手,引入博弈論的分析方法,就聯(lián)盟結(jié)構(gòu)選擇建立了模型。 方法論上,論文采取理論研究和實證分析相結(jié)合的方法。在銀行海外機構(gòu)的設(shè)立、兼并收購領(lǐng)域,由于相關(guān)的數(shù)據(jù)資料較多,主要采取實證分析的方式；在海外戰(zhàn)略聯(lián)盟領(lǐng)域,由于相關(guān)的數(shù)據(jù)、以往的研究均比較少,主要以理論模型分析為主,再結(jié)合案例分析。 本文的研究發(fā)現(xiàn),總體而言,中國商業(yè)銀行發(fā)展海外業(yè)務(wù)對其績效是有損害的。銀行決定是否到海外去投資,最主要取決于其資產(chǎn)規(guī)模,而與銀行的盈利能力和創(chuàng)新能力關(guān)系不大。商業(yè)銀行海外資產(chǎn)規(guī)模的增長,與中國對外貿(mào)易和對外投資的增長有密切關(guān)系。在區(qū)域選擇方面,經(jīng)貿(mào)關(guān)系是最主要決定因素,其次是目標(biāo)市場的風(fēng)險狀況、制度因素,目標(biāo)市場的規(guī)模則影響不大。 在海外并購的決策中,經(jīng)貿(mào)因素、地域文化因素和市場因素發(fā)揮了較重要的作用。在海外新設(shè)與收購的選擇方面,目標(biāo)國家和地區(qū)與中國的文化相似程度越高、當(dāng)?shù)劂y行業(yè)集中度越低,以并購方式進入該市場的可能性就越大。海外并購對上市公司的績效也具有明顯的破壞作用,而且交易的相對規(guī)模越大,對上市公司的績效的破壞也越大,相對而言,上市銀行海外并購對績效的破壞要小一些。 戰(zhàn)略聯(lián)盟作為商業(yè)銀行海外投資的新方式,預(yù)計未來將發(fā)揮越來越重要的作用。戰(zhàn)略聯(lián)盟采取合資方式或是少數(shù)股權(quán)方式,主要取決于哪種結(jié)構(gòu)下雙方的共同價值最大,而與雙方最初擁有的討價還價的籌碼(即談判力)無關(guān)。談判力只能決定在聯(lián)盟結(jié)構(gòu)確定后哪一方需要向另一方進行轉(zhuǎn)移支付,以及轉(zhuǎn)移支付的大小。 在以上研究的基礎(chǔ)上,本文對中國商業(yè)銀行如何加速海外發(fā)展提出了建議。針對監(jiān)管機構(gòu),本文建議在整體規(guī)劃的基礎(chǔ)上,考慮各家銀行的不同情況,實行一行一策、差別對待,不能搞一刀切；盡快取消銀行海外業(yè)務(wù)“準出”的數(shù)量和區(qū)域限制,允許商業(yè)銀行在總體戰(zhàn)略框架下自主決策、自擔(dān)責(zé)任；同時在考核評價、與國外監(jiān)管溝通協(xié)調(diào)方面為商業(yè)銀行提供支持。針對商業(yè)銀行,本文就制定整體戰(zhàn)略和區(qū)域戰(zhàn)略、推進落地經(jīng)營、把握并購時機、發(fā)揮聯(lián)盟優(yōu)勢、加強人才儲備等方面提出了具體建議。
[Abstract]:Since the 21st century, Chinese commercial banks have accelerated the pace of overseas investment. In the past, the research on overseas investment is generally focused on the research of the listed companies, and the research on the commercial banks, especially the research of the strategic problems, is relatively small. In practice, it is necessary to rely on empirical judgment to make strategic decision, and the demand of theoretical research is more urgent. This paper tries to carry on the systematic research on the strategic problem of the commercial bank's overseas investment The paper divides the strategic problem into three aspects, namely, the motivation, the model and the performance; at the same time, combining the latest development of the theoretical and practical circles, the overseas investment of the bank is divided into three levels of establishment, merger and acquisition, strategic alliance (the past classification is divided into two levels of new establishment and acquisition only) The first part of the thesis is to put forward a new analysis framework for overseas strategic research, and the second is the empirical study on the related problems of the new and the M & A in the commercial bank, and the third is the basic conclusion from the strategic alliance resource point of view. The method of the game theory is introduced, and the mode of the alliance structure selection is established. On the methodology, the paper adopts the combination of the theoretical research and the empirical analysis In the field of overseas strategic alliance, in the field of overseas strategic alliance, due to the related data, the previous studies have been less, mainly based on the theoretical model, and then combined with the case The study of this paper has found that, in general, China's commercial banks are developing overseas business to improve their performance It is damaging. The bank's decision to invest abroad is the most dependent on the size of its assets, and the profitability and innovation of the bank The growth of the scale of overseas assets of commercial banks and the growth of foreign trade and foreign investment in China In terms of regional selection, economic and trade relations are the most important determinants, followed by the risk of the target market, the institutional factors and the scale of the target market. the influence is not large. In the decision-making of the overseas M & A, the economic and trade factors, the regional cultural factors and the market factors play a role The higher the degree of cultural similarity between the target country and the region and China, the lower the concentration of local banking, the lower the local banking concentration, and the way of M & A to enter the market. The greater the possibility of the overseas M & A on the listed companies, the larger the relative scale of the transactions, the greater the damage to the performance of the listed companies, and the relative performance of the overseas M & A of the listed banks. The destruction of the strategic alliance as a new way of the overseas investment of commercial banks is expected to be developed in the future A more and more important role. The strategic alliance takes a joint venture or a minority stake, depending on which structure the mutual value of the two parties is the largest and the bargaining power initially owned by the two parties the code (i. e., the negotiation force) is irrelevant. the negotiation force can only decide which party to transfer payment to the other party after the alliance structure is determined, and the size of the transfer payment. On the basis of the above research, the article is about how China's commercial banks In order to accelerate the development of overseas development, it is suggested that, on the basis of the overall planning, this paper proposes to take into account the different conditions of each bank, to implement one line of policy and to deal with it differently, and to eliminate the bank's overseas business as soon as possible. "quasi-output" allow the commercial bank to make self-decision and self-responsibility under the overall strategic framework; and at the same time, in the assessment and coordination with the foreign supervision and communication In view of the commercial banks, this paper sets out the overall strategy and regional strategy, promotes the land management, grasps the timing of the merger and acquisition, plays the advantage of the alliance, and strengthens the talent storage.
【學(xué)位授予單位】：南開大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2014
【分類號】：F832.33
本文編號：2382652
[Abstract]:Since the 21st century, Chinese commercial banks have accelerated the pace of overseas investment. In the past, the research on overseas investment is generally focused on the research of the listed companies, and the research on the commercial banks, especially the research of the strategic problems, is relatively small. In practice, it is necessary to rely on empirical judgment to make strategic decision, and the demand of theoretical research is more urgent. This paper tries to carry on the systematic research on the strategic problem of the commercial bank's overseas investment The paper divides the strategic problem into three aspects, namely, the motivation, the model and the performance; at the same time, combining the latest development of the theoretical and practical circles, the overseas investment of the bank is divided into three levels of establishment, merger and acquisition, strategic alliance (the past classification is divided into two levels of new establishment and acquisition only) The first part of the thesis is to put forward a new analysis framework for overseas strategic research, and the second is the empirical study on the related problems of the new and the M & A in the commercial bank, and the third is the basic conclusion from the strategic alliance resource point of view. The method of the game theory is introduced, and the mode of the alliance structure selection is established. On the methodology, the paper adopts the combination of the theoretical research and the empirical analysis In the field of overseas strategic alliance, in the field of overseas strategic alliance, due to the related data, the previous studies have been less, mainly based on the theoretical model, and then combined with the case The study of this paper has found that, in general, China's commercial banks are developing overseas business to improve their performance It is damaging. The bank's decision to invest abroad is the most dependent on the size of its assets, and the profitability and innovation of the bank The growth of the scale of overseas assets of commercial banks and the growth of foreign trade and foreign investment in China In terms of regional selection, economic and trade relations are the most important determinants, followed by the risk of the target market, the institutional factors and the scale of the target market. the influence is not large. In the decision-making of the overseas M & A, the economic and trade factors, the regional cultural factors and the market factors play a role The higher the degree of cultural similarity between the target country and the region and China, the lower the concentration of local banking, the lower the local banking concentration, and the way of M & A to enter the market. The greater the possibility of the overseas M & A on the listed companies, the larger the relative scale of the transactions, the greater the damage to the performance of the listed companies, and the relative performance of the overseas M & A of the listed banks. The destruction of the strategic alliance as a new way of the overseas investment of commercial banks is expected to be developed in the future A more and more important role. The strategic alliance takes a joint venture or a minority stake, depending on which structure the mutual value of the two parties is the largest and the bargaining power initially owned by the two parties the code (i. e., the negotiation force) is irrelevant. the negotiation force can only decide which party to transfer payment to the other party after the alliance structure is determined, and the size of the transfer payment. On the basis of the above research, the article is about how China's commercial banks In order to accelerate the development of overseas development, it is suggested that, on the basis of the overall planning, this paper proposes to take into account the different conditions of each bank, to implement one line of policy and to deal with it differently, and to eliminate the bank's overseas business as soon as possible. "quasi-output" allow the commercial bank to make self-decision and self-responsibility under the overall strategic framework; and at the same time, in the assessment and coordination with the foreign supervision and communication In view of the commercial banks, this paper sets out the overall strategy and regional strategy, promotes the land management, grasps the timing of the merger and acquisition, plays the advantage of the alliance, and strengthens the talent storage.
【學(xué)位授予單位】：南開大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2014
【分類號】：F832.33
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