银行并购创值悖及对中国银行业的启示.pdfVIP

摘 要 二十世纪九十年代以来，金融业在全球范围内掀起了并购重组浪潮。银行作为金 融业的重要部门和载体机构，其并购活动也在如火如荼地进行，且并购数量日益增多， 涉及金额越来越大。银行并购已经成为现代银行业实现规模扩张、增强自身竞争力、 提升自身价值等经济目标的重要战略手段。在理论方面，尽管国内外专家学者们采集 了大量的样本，运用不同的方法对银行并购是否创造价值进行了深入研究，得出了许 多有见解的结论，但至今仍没有一个较为广泛接受性的结论。从银行并购绩效实证检 验来说，并购并未给银行带来价值甚至多数情况下降低了银行经营效率。这种银行积 极实施并购活动的现实与其未创造价值甚至降低银行价值的理论之间的矛盾就构成了 “银行并购创值悖论”。 本文从分析国际、国内银行业并购现状及趋势出发，阐述了并购绩效理论研究的 进展情况，提出了银行并购创值悖论问题并主要从银行并购动机、并购决策与效应角 度对这一悖论做出了综合分析和解释。同时，银行并购创值悖论给中国银行业的发展 带来了很多的启示，提供了积极的帮助。在此基础上，本文的最后给出了国内外两个 经典的银行并购案例，并简要分析了他们对中国银行业发展的启示，以期对我国银行 业未来的并购有所借鉴。 关键词：银行并购；创值悖论；并购绩效 I ABSTRACT Since the 1990s, the finance industry has raised a wave of mergers and acquisitions in the global scope. And the bank takes the finance industry integral part and carrier organization, it carries on mergers and acquisitions activities like a raging fire. The quantity increases day by day and the amount of money involved the activities become more and more big. Bank mergers and acquisitions already becomes an important strategic method for modern banking industry to realize their economic targets such as expanding the scale, strengthening their competitive ability, promoting own value and so on. In theory aspect, the domestic and foreign experts have gathered the massive samples and utilized different methods to study the problem whether bank mergers and acquisitions creates value or not, they also obtained some creative conclusions, but until now there still didn’t have a more widespread acceptable conclusion. And many real diagnosis examinations have proved that bank mergers and acquisitions didn’t bright value for banks, even reduced the bank management efficiency. The contradiction