本文選題：商業(yè)銀行 + 跨國(guó)并購(gòu)　； 參考：《廈門大學(xué)》2014年碩士論文

【摘要】：20世紀(jì)80年代以來(lái),隨著全球金融市場(chǎng)一體化不斷深入,各國(guó)金融主體紛紛通過(guò)實(shí)施國(guó)際化戰(zhàn)略,以期在全球市場(chǎng)上尋找機(jī)遇。近年來(lái),中資銀行也加快了國(guó)際化步伐,實(shí)施了一系列的跨國(guó)并購(gòu)。一方面,中國(guó)銀行業(yè)改革極大提高了中資銀行整體資本實(shí)力和經(jīng)營(yíng)效益,為跨國(guó)并購(gòu)奠定了基礎(chǔ)；另一方面,國(guó)際國(guó)內(nèi)環(huán)境要求中資銀行通過(guò)跨國(guó)并購(gòu)來(lái)提高綜合經(jīng)營(yíng)水平以應(yīng)對(duì)國(guó)際競(jìng)爭(zhēng)。那么,跨國(guó)并購(gòu)是否是中資銀行促進(jìn)效率獲利、提升國(guó)際競(jìng)爭(zhēng)力的有效途徑呢?本文通過(guò)對(duì)中資銀行跨國(guó)并購(gòu)效率的實(shí)證研究,總結(jié)前階段并購(gòu)活動(dòng)成果的同時(shí),為將來(lái)制定更有效的并購(gòu)戰(zhàn)略提供重要的參考依據(jù),具有較強(qiáng)的理論和現(xiàn)實(shí)意義。 本文的研究框架如下：第一部分是導(dǎo)論,介紹研究背景和意義,引入銀行跨國(guó)并購(gòu)的相關(guān)概念,并對(duì)國(guó)內(nèi)外研究現(xiàn)狀作了歸納總結(jié),進(jìn)而提出自己的研究思路；第二部分介紹了銀行跨國(guó)并購(gòu)理論,分別基于新古典經(jīng)濟(jì)學(xué)、新制度經(jīng)濟(jì)學(xué)、FDI理論、企業(yè)能力等視角進(jìn)行詳細(xì)的闡述；第三部分在回顧中資銀行跨國(guó)并購(gòu)的歷程和特征的基礎(chǔ)上,探討了中資銀行跨國(guó)并購(gòu)的內(nèi)外部動(dòng)因及其面臨的挑戰(zhàn)；第四部分采用三階段DEA模型對(duì)中資銀行2000-2012年間中資銀行跨國(guó)并購(gòu)效率進(jìn)行實(shí)證分析,研究結(jié)果表明：(1)大部分銀行在并購(gòu)后效率得到了提高,但是并購(gòu)發(fā)生的前后幾年效率的波動(dòng)性比較大；(2)發(fā)生在大中華區(qū)的銀行以及與中國(guó)經(jīng)貿(mào)關(guān)系較為密切的新興市場(chǎng)經(jīng)濟(jì)體的并購(gòu)效率提高幅度相對(duì)更大；(3)2006年之前的并購(gòu)效率提高幅度比較大,而2006之后的并購(gòu)案中部分銀行的并購(gòu)前后效率持平,偶有下降的案例。(4)環(huán)境調(diào)整是必要的。經(jīng)環(huán)境因素調(diào)整的三階段DEA并購(gòu)效率比未經(jīng)調(diào)整的一階段DEA并購(gòu)效率更為準(zhǔn)確。第五部分是研究結(jié)論和政策建議,在研究結(jié)論的基礎(chǔ)上給出相關(guān)政策和建議。 本文的創(chuàng)新之處在于：一是以被并購(gòu)方銀行的效率作為考核對(duì)象,它比以并購(gòu)方作為研究對(duì)象更為合適；二是采用了可以剔除環(huán)境因素和隨機(jī)干擾的三階段DEA模型,對(duì)跨國(guó)并購(gòu)活動(dòng)效率的測(cè)度更為準(zhǔn)確。
[Abstract]:Since the 1980s, with the deepening of the integration of the global financial market, the financial entities of various countries have adopted the internationalization strategy in order to find opportunities in the global market. In recent years, Chinese banks have also accelerated the pace of internationalization, implementing a series of cross-border mergers and acquisitions. On the one hand, China's banking reform has greatly improved the overall capital strength and operating efficiency of Chinese banks, laying the foundation for cross-border mergers and acquisitions; on the other hand, The international and domestic environment requires Chinese banks to improve their comprehensive management level through cross-border mergers and acquisitions in order to cope with international competition. So, is cross-border M & A an effective way for Chinese banks to promote efficiency and enhance international competitiveness? Through the empirical research on the efficiency of cross-border M & A of Chinese banks, this paper summarizes the achievements of M & A activities in the former stage, and provides an important reference basis for formulating more effective M & A strategies in the future, which has strong theoretical and practical significance. The research framework of this paper is as follows: the first part is an introduction, introducing the background and significance of the research, introducing the relevant concepts of cross-border mergers and acquisitions of banks, and summarized the current research situation at home and abroad, and then put forward their own research ideas; The second part introduces the theory of cross-border mergers and acquisitions of banks, respectively, based on the new classical economics, new institutional economics, FDI theory, enterprise capacity and other perspectives to elaborate in detail; On the basis of reviewing the history and characteristics of cross-border M & A of Chinese banks, the third part discusses the internal and external causes of cross-border M & A of Chinese banks and the challenges they face. The fourth part uses the three-stage DEA model to analyze the efficiency of cross-border mergers and acquisitions of Chinese banks from 2000 to 2012. The results show that: (1) most banks have improved their efficiency after mergers and acquisitions. However, the efficiency of M & A is fluctuating in several years before and after M & A. (2) the efficiency of M & A in the banks in Greater China and the emerging market economies which have close economic and trade relationship with China has been improved by a greater extent. (3) before 2006, the efficiency of M & A has been improved greatly, but in the merger and acquisition cases after 2006, the efficiency of some banks before and after M & A is equal, and there are occasional cases of decline. (4) Environmental adjustment is necessary. The efficiency of three-stage DEA mergers and acquisitions adjusted by environmental factors is more accurate than that of unadjusted one-stage DEA mergers and acquisitions. The fifth part is the research conclusions and policy recommendations. The innovation of this paper lies in: first, taking the efficiency of the acquired bank as the assessment object, which is more suitable than the M & A party as the research object; second, adopting the three-stage DEA model, which can eliminate environmental factors and random interference. The measurement of the efficiency of cross-border M & A activities is more accurate.
【學(xué)位授予單位】：廈門大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.33;F271;F224

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