招商銀行并購永隆銀行運(yùn)營風(fēng)險(xiǎn)管理問題的探討
發(fā)布時(shí)間：2018-07-13 13:54
【摘要】：進(jìn)入20世紀(jì)以后,隨著我國商業(yè)銀行自身實(shí)力的增強(qiáng)和全球化戰(zhàn)略的推進(jìn),中資銀行也逐漸意識到“走出去”的必要性。隨著經(jīng)濟(jì)一體化的進(jìn)程加快,我國諸多家銀行都逐步邁出了國際化的步伐,紛紛進(jìn)行海外擴(kuò)張,以便實(shí)施全球化戰(zhàn)略。商業(yè)銀行實(shí)行海外并購,有利于打開境外市場和挖掘潛在大客戶,同時(shí)還可以在全球范圍內(nèi)實(shí)現(xiàn)資源的有效利用,共同聯(lián)合降低風(fēng)險(xiǎn)。然而,目前整體情況不榮樂觀,我國銀行在海外并購還存在相當(dāng)高的風(fēng)險(xiǎn)和隱患,可以說并購效果不如預(yù)期多是由于對并購?fù)瓿珊箫L(fēng)險(xiǎn)管控能力的低下。早期的海外并購的特征呈現(xiàn)出規(guī)模小、公司治理方面存在缺陷以及并購效果并不明顯。但2006年以來,隨著政策的全面開放,市場被大批涌入的境外銀行瓜分之勢越演越烈,并購效果有了一定程度的改善,并購規(guī)模也越來越大。在這一背景下,如何應(yīng)對并購所帶來的運(yùn)營風(fēng)險(xiǎn)以及并購?fù)瓿珊笕绾芜M(jìn)行運(yùn)營風(fēng)險(xiǎn)管理,成為并購話題中必不可少的研究方向。在我國,受國際銀行業(yè)并購熱潮的影響,我國實(shí)力雄厚和規(guī)模較大的銀行開始嘗試踏入國際市場,我國商業(yè)銀行意識到占領(lǐng)海外市場迫在眉睫。招商銀行是我國商業(yè)銀行的領(lǐng)頭羊,于2008年對香港的永隆銀行進(jìn)行了首次海外并購,從并購后五年公司績效和財(cái)務(wù)報(bào)表來看,招商銀行走出了海外并購的第一步,具有很高的借鑒價(jià)值。本文主要采取理論概述和案例分析相結(jié)合的方法,在查閱大量參考文獻(xiàn)的基礎(chǔ)上,對招商銀行的這一特殊案例進(jìn)行具體分析。本文運(yùn)用歸納總結(jié)的方法,先闡述了海外并購的概念、并購風(fēng)險(xiǎn)的概念以及相關(guān)基礎(chǔ)理論。在案例分析部分,通過分析招商銀行并購帶來的運(yùn)營風(fēng)險(xiǎn)和應(yīng)對措施,在一定現(xiàn)象基礎(chǔ)上分析出了招商銀行風(fēng)險(xiǎn)管理措施的不足以及原因,進(jìn)而對招商銀行在風(fēng)險(xiǎn)管理上提出切實(shí)可行的建議本文正文部分通過五大章對招商銀行的運(yùn)營風(fēng)險(xiǎn)管理進(jìn)行了探討。第一章是引言:介紹了本文選題的意義和背景,通過對國內(nèi)外研究文獻(xiàn)進(jìn)行綜述后,論述本文研究思路和方法,從而梳理出本文的研究方向;第二章闡述了海外并購的運(yùn)營風(fēng)險(xiǎn)基礎(chǔ)理論:首先歸納出海外并購概念與特征、海外并購運(yùn)營風(fēng)險(xiǎn)的概念和特征以及類型、以及最后提出關(guān)于并購的兩大基本理論基礎(chǔ),即風(fēng)險(xiǎn)管理理論和協(xié)同效應(yīng)理論。第三章開始進(jìn)入案例分析部分:首先,介紹了招商銀行和永隆銀行的大概情況,分為發(fā)展歷史和營業(yè)業(yè)績兩個(gè)方向;其次,介紹了并購前招商銀行的籌備措施、并購過程以及并購?fù)瓿珊笳猩蹄y行的整合舉措;再次,分析了招商銀行并購永隆銀行的動(dòng)機(jī),包括追求協(xié)同效應(yīng)、擴(kuò)大市場規(guī)模、突破行業(yè)壁壘和抵御市場風(fēng)險(xiǎn);最后,對并購的運(yùn)營風(fēng)險(xiǎn)進(jìn)行了分析,包括國際結(jié)算風(fēng)險(xiǎn)、未來盈利能力的風(fēng)險(xiǎn)、國際化經(jīng)營的風(fēng)險(xiǎn)和文化融合的風(fēng)險(xiǎn)。第四章是對招商銀行運(yùn)營風(fēng)險(xiǎn)舉措及不足的具體分析。首先,通過財(cái)務(wù)報(bào)表,分析了招商銀行風(fēng)險(xiǎn)管理的舉措以及成效;然后,對招商銀行運(yùn)營風(fēng)險(xiǎn)管理的不足之處進(jìn)行分析,包括風(fēng)險(xiǎn)管理系統(tǒng)不完善、國際經(jīng)營人才缺乏和抵御金融海嘯能力不足;最后,分析了運(yùn)營風(fēng)險(xiǎn)管理不足之處的原因,有國際經(jīng)營經(jīng)驗(yàn)的缺乏、市場匯率變化頻繁和人才結(jié)構(gòu)的不合理。文章的第五章對招商銀行并購?fù)瓿珊蟮倪\(yùn)營風(fēng)險(xiǎn)管理提出了幾點(diǎn)了建議。為了管控風(fēng)險(xiǎn),招行應(yīng)該要繼續(xù)完善運(yùn)營風(fēng)險(xiǎn)體系的建立,提高政治風(fēng)險(xiǎn)防范意識和進(jìn)一步降低外匯風(fēng)險(xiǎn)。文章最后得出結(jié)論:總的來說雖然招商銀行雖然對潛在運(yùn)營風(fēng)險(xiǎn)管理措施仍存在不足,但在商業(yè)銀行海外并購的歷史中,算得上是一成功的案例,對此后的銀行并購提供了參考。在國際化的大背景下,如何審時(shí)度勢,科學(xué)地、積極穩(wěn)妥地推進(jìn)海外兼并活動(dòng),在整合期如何合理控制和防范海外運(yùn)營風(fēng)險(xiǎn),是實(shí)施海外戰(zhàn)略銀行亟待解決的問題。當(dāng)然,就目前而言,商業(yè)銀行海外并購的運(yùn)營風(fēng)險(xiǎn)管理能力還在改進(jìn)和完善階段,僅僅以招商銀行并購這一事例分析的問題和結(jié)論也不具備普適性,還需要積累大量成功的經(jīng)驗(yàn),同時(shí)借鑒成功的并購案例,才能使得我國商業(yè)銀行并購的運(yùn)營風(fēng)險(xiǎn)管理能力得以提高和完善。
[Abstract]:After twentieth Century, with the enhancement of the strength of our commercial banks and the promotion of the strategy of globalization, the Chinese banks have gradually realized the necessity of "going out". With the acceleration of the process of economic integration, many domestic banks have stepped out of internationalization step by step, in order to carry out the strategy of globalization in succession in order to implement the strategy of globalization. The commercial banks' overseas merger and acquisition will help open the overseas market and excavate the potential large customers. At the same time, it can also realize the effective utilization of resources and jointly reduce the risk in the world. However, the overall situation is not so optimistic at present. There are still quite high risks and hidden dangers in the overseas merger and acquisition of China's banks, which can be said to be less effective. It is expected that the ability of risk control after the completion of mergers and acquisitions is low. The characteristics of early overseas mergers and acquisitions are small, corporate governance is defective and the effect of mergers and acquisitions is not obvious. But since 2006, with the comprehensive policy opening up, the market has been flooded with a large number of overseas banks, the effect of merger and acquisition has become more and more intense. In this context, how to deal with the operational risks caused by M & A and how to manage the operational risk after the completion of M & A have become a necessary research direction in this context. In China, China has a strong and large scale influenced by the merger upsurge of international banking industry. The bank began to try to enter the international market. China's commercial banks are aware of the imminent occupation of the overseas market. China Merchants Bank is the leader of China's commercial banks. In 2008, China Merchants Bank made the first overseas merger and acquisition of Hongkong's Yong long bank. From the five years' company performance and financial statements after the merger, China Merchants Bank has stepped out of the first overseas merger and acquisition. On the basis of consulting a large number of references, this paper makes a specific analysis on this special case of China Merchants Bank. This paper first expounds the concept of overseas merger and purchase, the concept of merger risk and the related basis. In the case analysis part, through the analysis of the operational risks and Countermeasures brought by China Merchants Bank M & A, the deficiencies and reasons of the risk management measures of China Merchants Bank are analyzed on the basis of certain phenomena, and then the practical Moto Wenjungwen part of China Merchants Bank in risk management is put forward to China Merchants Bank through five chapters. The first chapter is introduction: Introduction: introducing the significance and background of this topic, after reviewing the research literature at home and abroad, discussing the ideas and methods of this paper, then combing the research direction of this article; the second chapter expounds the basic theory of operating risk of overseas merger and acquisition: first, sum up overseas merger and acquisition. Concept and characteristics, the concept, characteristics and types of overseas M & A operation risk, and finally put forward two basic theoretical foundations of merger and acquisition, namely, risk management theory and synergy effect theory. The third chapter begins to enter the case analysis part. First, it introduces the general situation of China Merchants Bank and Yong long bank, which is divided into the development history and business. The results are two directions. Secondly, it introduces the preparatory measures, the process of merger and acquisition and the integration measures of China Merchants Bank after the merger and acquisition. Thirdly, it analyzes the motives of China Merchants Bank's merger and acquisition of Yong long bank, including the pursuit of synergy, the expansion of the market scale, the breakthrough of industry barriers and the resistance to market risks; finally, the operation of mergers and acquisitions. The risk is analyzed, including the risk of international settlement, the risk of future profitability, the risk of international operation and the risk of cultural integration. The fourth chapter is the specific analysis of the measures and shortcomings of China Merchants Bank's operational risk. First, through the financial statements, it analyses the measures and results of China Merchants Bank's wind insurance management. The shortcomings of the operation risk management are analyzed, including the imperfect risk management system, the lack of international operating personnel and the ability to resist the financial tsunami. Finally, the reasons for the shortage of operational risk management are analyzed, the lack of international business experience, the frequent changes in the market exchange rate and the irrational structure of the talents. The fifth chapter of the article is on In order to control the risk, the bank should continue to improve the establishment of the operational risk system, improve the awareness of the political risk prevention and further reduce the risk of foreign exchange. In the history of commercial banks' overseas mergers and acquisitions, it is a successful case, which provides a reference for the bank merger and acquisition. In the context of internationalization, how to review the situation, scientifically, actively and steadily promote the overseas mergers and acquisitions, how to control and prevent overseas operation risks in the period of integration is implemented. Of course, at present, the operational risk management ability of commercial banks' overseas M & A is still improved and perfected. Only the problems and conclusions of China Merchants Bank M & A analysis are not universally applicable, and we need to accumulate a large amount of successful experience and learn from successful merger and acquisition cases. Only in this way can China's commercial banks' operation risk management ability be improved and perfected.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F271;F832.33
本文編號：2119591
[Abstract]:After twentieth Century, with the enhancement of the strength of our commercial banks and the promotion of the strategy of globalization, the Chinese banks have gradually realized the necessity of "going out". With the acceleration of the process of economic integration, many domestic banks have stepped out of internationalization step by step, in order to carry out the strategy of globalization in succession in order to implement the strategy of globalization. The commercial banks' overseas merger and acquisition will help open the overseas market and excavate the potential large customers. At the same time, it can also realize the effective utilization of resources and jointly reduce the risk in the world. However, the overall situation is not so optimistic at present. There are still quite high risks and hidden dangers in the overseas merger and acquisition of China's banks, which can be said to be less effective. It is expected that the ability of risk control after the completion of mergers and acquisitions is low. The characteristics of early overseas mergers and acquisitions are small, corporate governance is defective and the effect of mergers and acquisitions is not obvious. But since 2006, with the comprehensive policy opening up, the market has been flooded with a large number of overseas banks, the effect of merger and acquisition has become more and more intense. In this context, how to deal with the operational risks caused by M & A and how to manage the operational risk after the completion of M & A have become a necessary research direction in this context. In China, China has a strong and large scale influenced by the merger upsurge of international banking industry. The bank began to try to enter the international market. China's commercial banks are aware of the imminent occupation of the overseas market. China Merchants Bank is the leader of China's commercial banks. In 2008, China Merchants Bank made the first overseas merger and acquisition of Hongkong's Yong long bank. From the five years' company performance and financial statements after the merger, China Merchants Bank has stepped out of the first overseas merger and acquisition. On the basis of consulting a large number of references, this paper makes a specific analysis on this special case of China Merchants Bank. This paper first expounds the concept of overseas merger and purchase, the concept of merger risk and the related basis. In the case analysis part, through the analysis of the operational risks and Countermeasures brought by China Merchants Bank M & A, the deficiencies and reasons of the risk management measures of China Merchants Bank are analyzed on the basis of certain phenomena, and then the practical Moto Wenjungwen part of China Merchants Bank in risk management is put forward to China Merchants Bank through five chapters. The first chapter is introduction: Introduction: introducing the significance and background of this topic, after reviewing the research literature at home and abroad, discussing the ideas and methods of this paper, then combing the research direction of this article; the second chapter expounds the basic theory of operating risk of overseas merger and acquisition: first, sum up overseas merger and acquisition. Concept and characteristics, the concept, characteristics and types of overseas M & A operation risk, and finally put forward two basic theoretical foundations of merger and acquisition, namely, risk management theory and synergy effect theory. The third chapter begins to enter the case analysis part. First, it introduces the general situation of China Merchants Bank and Yong long bank, which is divided into the development history and business. The results are two directions. Secondly, it introduces the preparatory measures, the process of merger and acquisition and the integration measures of China Merchants Bank after the merger and acquisition. Thirdly, it analyzes the motives of China Merchants Bank's merger and acquisition of Yong long bank, including the pursuit of synergy, the expansion of the market scale, the breakthrough of industry barriers and the resistance to market risks; finally, the operation of mergers and acquisitions. The risk is analyzed, including the risk of international settlement, the risk of future profitability, the risk of international operation and the risk of cultural integration. The fourth chapter is the specific analysis of the measures and shortcomings of China Merchants Bank's operational risk. First, through the financial statements, it analyses the measures and results of China Merchants Bank's wind insurance management. The shortcomings of the operation risk management are analyzed, including the imperfect risk management system, the lack of international operating personnel and the ability to resist the financial tsunami. Finally, the reasons for the shortage of operational risk management are analyzed, the lack of international business experience, the frequent changes in the market exchange rate and the irrational structure of the talents. The fifth chapter of the article is on In order to control the risk, the bank should continue to improve the establishment of the operational risk system, improve the awareness of the political risk prevention and further reduce the risk of foreign exchange. In the history of commercial banks' overseas mergers and acquisitions, it is a successful case, which provides a reference for the bank merger and acquisition. In the context of internationalization, how to review the situation, scientifically, actively and steadily promote the overseas mergers and acquisitions, how to control and prevent overseas operation risks in the period of integration is implemented. Of course, at present, the operational risk management ability of commercial banks' overseas M & A is still improved and perfected. Only the problems and conclusions of China Merchants Bank M & A analysis are not universally applicable, and we need to accumulate a large amount of successful experience and learn from successful merger and acquisition cases. Only in this way can China's commercial banks' operation risk management ability be improved and perfected.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F271;F832.33
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