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ABSTRACT
Since the refoITn and opening up tO the outside world，market ．
system has been built and the contr01 over banks has been loosened．In
addition tO the commercialization of state．owned banks，many new
joint—stock banks have been set up．111e energy and competition in the
financial market have strongly promoted the rapid development of
economy
At present．banks in China are being faced wi也the challenge
brought by the entry to WTO and the extemal pressure of M＆A of
global banks．Onee the intemal financial market is opened up，the
banks will be faced with extremely vehement competition．So it’S very
necessary to step up the reform in our banks to raise their ability．The
most effective way to reach the goal in a short time iS M＆A．So，in
this article 1 will Stall from the history ofMA of international banks
and briefly introduce the situation、characteristics and reasons．After
understanding the phenomenon，1 will turn tO theories to investigate
the essence of M＆A between banks．1 will introduce most of the
popular theories about fiuancial M＆A．such as，Transaction Costs 、
Theory，Market Power Theory．UnderⅧuation nleory，Scale
Economy Theory。Motecule．Denominator Countermeasure 11把ory，
and s0 on．Emciency Thcory also includes SOme sub．theories，such as
Different Efficiency Theory，Pure Diversification n把ory，and SO on．
Aflerwards。aecording to the real situations in our banks，I extract five
representative banks based on their aSsets．By making models which
are widely used by internation，I empirically verifr the scale economy
jn 012／banks and analyze the suitabi]ity of MA to olnbanks．The
empirical resuh shows that large—sealed banks owned by state have
scale economy。while small．SCaled banks haven’t．It implies that the
policy of MA iS suitable to the latter rather than the former．At the
end ofthe article．toward the problems and IeSSOEIS produced bv MA
between intemational banks．I put forward several suggestions for our
banks’M＆A．
Key Words：M＆A Scale Economy Bank Monoply
。
Concentration De
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