中资银行海外并购效率研究
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摘要
自上世纪90年代以来,银行并购在全球范围内发展迅猛,并购案例也层出不穷。因为金融全球化的影响,银行海外并购成为影响国际银行业格局的重要因素。中资银行在经过了多年的高速发展后,金融实力日趋增强。为了融入银行海外并购的大趋势,实施国际化经营扩张策略,在竞争日益激烈的国际银行业背景下,越来越多的中资银行进行了海外并购。
本文试图解答：海外并购究竟对中资银行的效率有何影响?有多少经验教训是值得中资银行从中汲取的?中资银行的海外并购应该遵从哪些原则才能做到并购效率的改进?
以往关于银行并购的研究文献,多数涉及的都是国内并购。同时也有相当比例的以引进外资战略投资者的中资银行作为研究对象的文献,而以进行海外扩张的中资银行作为研究对象的文献尚不多见。事实上,中资银行海外并购已经不是个例。在现阶段,站在整体的角度来分析海外并购对银行经营效率的影响,无论从理论还是实践上都具有很大的指导意义。
首先,本文回顾了银行并购以及银行效率的文献,归纳总结了目前在国内外运用较多的研究银行并购效率的三种方法,并简要阐述了它们的优缺点。在文献回顾的基础上,本文对银行并购的一些基本概念进行了总结,接着总结了海外并购的动因和意义,以及国际银行业并购历程和中资银行海外并购历程。
然后,本文引入了银行效率的相关概念以及三种DEA模型(Malmquist指数DEA模型、BCC-DEA模型和超效率DEA模型)的概念和具体形式。选取了2006至2010年间完成的12起中资银行海外并购案例作为研究对象。另外还选取了9家在样本考察期内未发生海外并购的国内银行作为对照样本。对样本银行进行了Malmquist指数DEA分解,在分解的相关效率中动态分析海外并购对中资银行各效率值的影响。接着分别选择BCC-DEA和超效率DEA模型,对我国15家样本商业银行在样本考察期内的效率值进行测算,在这个结果的基础上,选取相关的效率影响因素,运用Tobit模型进行实证检验,分析海外并购对中资银行效率的影响究竟如何。结果表明：海外并购对中资银行的经营绩效有明显的负面作用。这有可能是多方面的因素造成的,比如前期评估没有到位；并购时机选择有问题；整合能力不够等等。
接着,本文从相关案例中总结了中资银行海外并购的经验与教训,在上文实证研究的基础上,从五个方面提出了今后提高中资银行海外并购效率的对策建议。
Since the1990s, bank's M&A has developed at fast speed worldwidely, and there has been a lot M&A cases. Because of the financial globalization, bank's overseas M&A has become one of the crucial factors affecting the pattern of international banking industry. After years of rapid development, Chinese banks'financial strength has been more and more powerful. In order to integrate into the trend of bank's overseas M&A and implement the international business expansion strategy, more and more Chinese banks have taken part in the activities of overseas M&A.
This paper aims at how deeply is the efficiency of Chinese banks affected by the overseas M&A? How many experience and lessons worth absorbing for Chinese banks? In order to improve the M&A efficiency, which principles should Chinese banks insist on when taking part in the activities of overseas M&A.
The previous literature is mostly about the situation of domestic M&A. The extent and depth of researches on foreign banks consolidating domestic banks are also prominent, while few works address the issue of M&A in reverse direction. In fact, there are cases of overseas M&A for Chinese banks. At the present stage, analysis of how deeply does overseas M&A influence on bank efficiency is of significance in both theory and practice.
First, this paper reviews various studies on bank consolidation and bank efficiency. It summarizes the three main methods of analyzing the bank M&A efficiency, their merits and disadvantages. Based on literature review, this paper summarizes some concepts concerning bank M&A, and also summarizes motives and significance of overseas M&A and the history of M&A in International banking (including overseas M&A for Chinese banks).
Then, this paper introduces the concepts of bank efficiency and forms of three kinds of DEA models(Malmquist index-DEA-model、BCC-DEA-model and Super Efficiency-DEA-model). It summarizes12overseas M&A cases conducted by Chinese banks between2006to2010, and also selects9Chinese banks that was not taking part in the activities of overseas M&A as control group. This paper makes the Malmquist Index decomposition of the sample banks during the review period, then makes analysis that how deeply does overseas M&A affect the efficiency of Chinese banks in dynamic view. Then this paper is using the BCC-DEA-model and Super Efficiency-DEA-model to calculate the types of efficiency for15sample banks, establishes the influential factors model for bank efficiency based on Tobit-model, with M&A as a dummy variable. The test shows:overseas M&A has a significant negative effect on the operating performance of Chinese banks. This may be caused by many factors: pre-assessment working is not well done; timing of M&A is not good; lacking of ability in integration of resources, and so on.
This paper summarizes the experiences and lessons of the Chinese banks overseas M&A from the relevant cases. And provides five kinds of suggestions that can improve the efficiency of overseas M&A from the view of Chinese banks on the basis of the above empirical studies.
本文试图解答：海外并购究竟对中资银行的效率有何影响?有多少经验教训是值得中资银行从中汲取的?中资银行的海外并购应该遵从哪些原则才能做到并购效率的改进?
以往关于银行并购的研究文献,多数涉及的都是国内并购。同时也有相当比例的以引进外资战略投资者的中资银行作为研究对象的文献,而以进行海外扩张的中资银行作为研究对象的文献尚不多见。事实上,中资银行海外并购已经不是个例。在现阶段,站在整体的角度来分析海外并购对银行经营效率的影响,无论从理论还是实践上都具有很大的指导意义。
首先,本文回顾了银行并购以及银行效率的文献,归纳总结了目前在国内外运用较多的研究银行并购效率的三种方法,并简要阐述了它们的优缺点。在文献回顾的基础上,本文对银行并购的一些基本概念进行了总结,接着总结了海外并购的动因和意义,以及国际银行业并购历程和中资银行海外并购历程。
然后,本文引入了银行效率的相关概念以及三种DEA模型(Malmquist指数DEA模型、BCC-DEA模型和超效率DEA模型)的概念和具体形式。选取了2006至2010年间完成的12起中资银行海外并购案例作为研究对象。另外还选取了9家在样本考察期内未发生海外并购的国内银行作为对照样本。对样本银行进行了Malmquist指数DEA分解,在分解的相关效率中动态分析海外并购对中资银行各效率值的影响。接着分别选择BCC-DEA和超效率DEA模型,对我国15家样本商业银行在样本考察期内的效率值进行测算,在这个结果的基础上,选取相关的效率影响因素,运用Tobit模型进行实证检验,分析海外并购对中资银行效率的影响究竟如何。结果表明：海外并购对中资银行的经营绩效有明显的负面作用。这有可能是多方面的因素造成的,比如前期评估没有到位；并购时机选择有问题；整合能力不够等等。
接着,本文从相关案例中总结了中资银行海外并购的经验与教训,在上文实证研究的基础上,从五个方面提出了今后提高中资银行海外并购效率的对策建议。
Since the1990s, bank's M&A has developed at fast speed worldwidely, and there has been a lot M&A cases. Because of the financial globalization, bank's overseas M&A has become one of the crucial factors affecting the pattern of international banking industry. After years of rapid development, Chinese banks'financial strength has been more and more powerful. In order to integrate into the trend of bank's overseas M&A and implement the international business expansion strategy, more and more Chinese banks have taken part in the activities of overseas M&A.
This paper aims at how deeply is the efficiency of Chinese banks affected by the overseas M&A? How many experience and lessons worth absorbing for Chinese banks? In order to improve the M&A efficiency, which principles should Chinese banks insist on when taking part in the activities of overseas M&A.
The previous literature is mostly about the situation of domestic M&A. The extent and depth of researches on foreign banks consolidating domestic banks are also prominent, while few works address the issue of M&A in reverse direction. In fact, there are cases of overseas M&A for Chinese banks. At the present stage, analysis of how deeply does overseas M&A influence on bank efficiency is of significance in both theory and practice.
First, this paper reviews various studies on bank consolidation and bank efficiency. It summarizes the three main methods of analyzing the bank M&A efficiency, their merits and disadvantages. Based on literature review, this paper summarizes some concepts concerning bank M&A, and also summarizes motives and significance of overseas M&A and the history of M&A in International banking (including overseas M&A for Chinese banks).
Then, this paper introduces the concepts of bank efficiency and forms of three kinds of DEA models(Malmquist index-DEA-model、BCC-DEA-model and Super Efficiency-DEA-model). It summarizes12overseas M&A cases conducted by Chinese banks between2006to2010, and also selects9Chinese banks that was not taking part in the activities of overseas M&A as control group. This paper makes the Malmquist Index decomposition of the sample banks during the review period, then makes analysis that how deeply does overseas M&A affect the efficiency of Chinese banks in dynamic view. Then this paper is using the BCC-DEA-model and Super Efficiency-DEA-model to calculate the types of efficiency for15sample banks, establishes the influential factors model for bank efficiency based on Tobit-model, with M&A as a dummy variable. The test shows:overseas M&A has a significant negative effect on the operating performance of Chinese banks. This may be caused by many factors: pre-assessment working is not well done; timing of M&A is not good; lacking of ability in integration of resources, and so on.
This paper summarizes the experiences and lessons of the Chinese banks overseas M&A from the relevant cases. And provides five kinds of suggestions that can improve the efficiency of overseas M&A from the view of Chinese banks on the basis of the above empirical studies.
引文
1银行X-效率是对银行管理和内部资源配置效率的描述,反映了银行控制成本和产生收益的管理能力,可以分解为技术效率和配置效率,在本文实证部分将会有简要介绍。
2参见汤益袆：《海外并购能提高中资银行的效率么—基于随机边界分析法的实证研究》,复旦大学硕士论文,2009。
1袁晓玲,张宝山：《中国商业银行全要素生产率的影响因素研究—基于DEA模型的Malmquist指数分析》,数量经济技术经济研究,2009(04)：97。
1易丹辉：《数据分析与Eviews应用》,中国人民大学出版社,2008年第一版,第348页。
1姚晋兰,毛定祥：《基于DEA-Tobit两步法的股份制商业银行效率评价与分析》,上海大学学报(自然科学版),2009(04)。
庞瑞芝,张艳,薛伟：《中国上市银行经营效率的影响因素—基于Tobit回归模型的两阶段分析》,金融论坛,2007(10)。
2参见财政部：《金融类国有及国有控股企业绩效评价暂行办法》,2009年2月。
3汤益伟：《海外并购能提高中资银行的效率么—基于随机边界分析法的实证研究》,复旦大学硕士论文,2009。
1梁国权,米嘉,邓俊豪:《智闯海外—中资银行与跨国并购》,BCG中国银行业智库,2008(9):17。
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2参见汤益袆：《海外并购能提高中资银行的效率么—基于随机边界分析法的实证研究》,复旦大学硕士论文,2009。
1袁晓玲,张宝山：《中国商业银行全要素生产率的影响因素研究—基于DEA模型的Malmquist指数分析》,数量经济技术经济研究,2009(04)：97。
1易丹辉：《数据分析与Eviews应用》,中国人民大学出版社,2008年第一版,第348页。
1姚晋兰,毛定祥：《基于DEA-Tobit两步法的股份制商业银行效率评价与分析》,上海大学学报(自然科学版),2009(04)。
庞瑞芝,张艳,薛伟：《中国上市银行经营效率的影响因素—基于Tobit回归模型的两阶段分析》,金融论坛,2007(10)。
2参见财政部：《金融类国有及国有控股企业绩效评价暂行办法》,2009年2月。
3汤益伟：《海外并购能提高中资银行的效率么—基于随机边界分析法的实证研究》,复旦大学硕士论文,2009。
1梁国权,米嘉,邓俊豪:《智闯海外—中资银行与跨国并购》,BCG中国银行业智库,2008(9):17。
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