银行并购问题研究
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摘要
当前,经济全球化趋势进一步加强,世界金融业的发展达到一个新高度,资本运作 的国际化和多元化发展,使重组和并购已成为银行迅速发展的必然态势。银行重组有力 地促进了资本的合理流动,推动银行资本和经营的多元化发展,有效降低和化解银行风 险,提高银行的经营效益。我国国有商业银行应顺时求变,抓住“入世”的有利时机, 借鉴发达国家银行重组和并购的成功经验,深化产权制度改革,以市场为导向进行银行 资本的优化整合,增强综合竞争能力,为我国经济腾飞保驾护航。
本文在探讨国际国内银行重组的经验教训基础上进行实证分析,提出了我国商业银 行重组的理论和实践方案。本文认为加快我国银行业并购重组的市场环境建设,探索由 分业经营向混业经营过渡的途径,建立金融控股集团是民族银行业的发展的出路。中国 银行业要改变原有计划经济体制下的银行结构模式,实现向现代金融体制的转变,必须: 充分发挥市场机制的作用,实行高效率的并购重组。在并购重组的过程中,必须明确政. 府的职能,政府应该是并购的引导者和市场监督者。同时,政府应制定相关的法律、法 规规范并购市场,提供一种激励兼容的制度安排。银行重组是深化我国国有商业银行改 革、有效整合银行资源的有效途径。
At present, there has been a distinct tendency towards globalization in the world's economy and a rapid development in the world's financial systems. The trend of bank restructures and mergers has been occurred all over the countries which can accelerate the reasonable flow of capital to meet the scientific and epoch development. Bank mergers is a viable way to reduce or remove risk and to promote operational benefits by forcing the rational flow of capital and pushing forward the diversified ownership of banks. By seizing the opportunities of entering the WTO and borrowing from the successful experience of developed countries' banking restructures, the commercial banks in our country should take the time to make advancements by strengthening the reforms of the property rights system and optimize the reorganization of bank assets under the guidance of the market economy system, improving the comprehensive competitive ability, assisting in the improvement in our country's economy.
Presenting substantial evidence and analyzing on the basis of exploring the mergers, experiences and lessons of international banks and domestic banks, this article is presenting the theory and the practical program of the commercial bank restructures in our country. This article states that the market-oriented or the so-called market-impetus merger is the ideal stage, for it is the best way of distributing resources. It also holds on the point that the process of marketable bank M&A should be taken in China. Government should also help perfect the market economy and ensure the equality of market competition. Capital reconstruction and financial holding companies are best solutions to Chinas' banking industry. Bank restructures is the basic solution to reform of state-owned commercial banks and to the efficient reorganization of bank assets.
本文在探讨国际国内银行重组的经验教训基础上进行实证分析,提出了我国商业银 行重组的理论和实践方案。本文认为加快我国银行业并购重组的市场环境建设,探索由 分业经营向混业经营过渡的途径,建立金融控股集团是民族银行业的发展的出路。中国 银行业要改变原有计划经济体制下的银行结构模式,实现向现代金融体制的转变,必须: 充分发挥市场机制的作用,实行高效率的并购重组。在并购重组的过程中,必须明确政. 府的职能,政府应该是并购的引导者和市场监督者。同时,政府应制定相关的法律、法 规规范并购市场,提供一种激励兼容的制度安排。银行重组是深化我国国有商业银行改 革、有效整合银行资源的有效途径。
At present, there has been a distinct tendency towards globalization in the world's economy and a rapid development in the world's financial systems. The trend of bank restructures and mergers has been occurred all over the countries which can accelerate the reasonable flow of capital to meet the scientific and epoch development. Bank mergers is a viable way to reduce or remove risk and to promote operational benefits by forcing the rational flow of capital and pushing forward the diversified ownership of banks. By seizing the opportunities of entering the WTO and borrowing from the successful experience of developed countries' banking restructures, the commercial banks in our country should take the time to make advancements by strengthening the reforms of the property rights system and optimize the reorganization of bank assets under the guidance of the market economy system, improving the comprehensive competitive ability, assisting in the improvement in our country's economy.
Presenting substantial evidence and analyzing on the basis of exploring the mergers, experiences and lessons of international banks and domestic banks, this article is presenting the theory and the practical program of the commercial bank restructures in our country. This article states that the market-oriented or the so-called market-impetus merger is the ideal stage, for it is the best way of distributing resources. It also holds on the point that the process of marketable bank M&A should be taken in China. Government should also help perfect the market economy and ensure the equality of market competition. Capital reconstruction and financial holding companies are best solutions to Chinas' banking industry. Bank restructures is the basic solution to reform of state-owned commercial banks and to the efficient reorganization of bank assets.
引文
[1]Berger, Allen N., "the Efficiency Ettects of Bank Mergers and Acquisitions:A Preliminary Look at the 1990s Data", Bank Mergers and Acquisitions,Kluwer Academic Publishers, 1998,p67-69
[2]Auerbach: "Merger and Acquisition", University of Chicago Press, 1998,p167-173
[3]Charles Hadlock, Joel Houston, Michael Ryngaert, The role of managerial incentives in bank acquisitions, Journal of Banking and Finance 23, 1999.
[4]T.T.Milbourn, Arnoud W A.Boot,Anjan V Thakor, Mega merger and expanded scope:Theories of bank size, Journal of Banking and Finance23,1999.
[5]Janet Guyon: "How Deutsche Lost Dresdner: The Emperor and the Investment Bankers". The Banker. May 5, 2000.
[6]Mary Watkins: "Financial services M&A massing", Financial Times, Oct. 9, 2001
[7]Joe Ortiz:"HSBC says needs to grow in U.S.", http://www.online.reuters.com Sept. 25, 2000.
[8]Michael Blanden: "Accounting for diverse interests", The Banker, Sept. 20, 2002.
[9]Editorial: "Mega-merger mania continues apace but the jury is still out on the real value the deals create.", The banker, Feb. 2003
[10]World Bank:World Development Report, 2002/2003.
[11]孔永新,《迎接全球银行并购浪潮》,中国金融出版社,2000
[12]金晓斌,《银行并购论》,上海财经大学出版社,1999
[13]干春晖,《并购经济学》,清华大学出版社,2004
[14]王巍,《中国并购报告》,人民邮电出版社,2003
[15]吕国胜,《金融战略整合》,企业管理出版社,2001
[16][美]米什金,《货币金融学》,中国人民大学出版社,1999
[17]陈炳才,维恩,“国际金融兼并的非理性色彩及中国银行业的选择”,中国外汇管理 ,2001.2 P18-19
[18]洪锡熙,沈艺峰,“公司并购与目标公司股东收益的实证分析”,金融研究 ,2001.3, P26-33
[19]杨国平,“中外银行并购的现状、原因及比较分析”,上海金融 ,2001.5 P11-13
[20]吕敬文,向志容,“关于新兴商业银行并购的探讨”,吉林财税高等专科学校学报 ,2002.1 P23-26
[21]金宏,“银行并购是中国银行业发展的战略选择”,农村金融研究 ,2002.6 P33-35
[22]罗建,“工商银行并购友联银行对国有商业银行改制的启示”,西南金融 ,2002.4 P12-15
[23]邱兆祥,“对我已国有银行实行股份制改革的思考”,金融科学—中国金触学院学报 ,2001.2 P19-23
[24]吴华,“国际银行并购与中国银行发展”,中南政法财经大学学报 ,2002.4 P34-36
[25]张宗益,吴俊“,银行效率研究中的前沿分析方法及其比较”,经济学动态 ,2003.4 P7-9
[26]刘旦,“我国银行业并购战略”,经营与管理 ,2003.6 P15-18
[27]黄天目,谭春枝,“从西方银行业的并购浪潮中看中国银行业的并购”,广西金融研究 ,2003.7 P18-21
[28]樊永勤,“从国外银行业并购看我国银行业未来并购趋势”,经济问题摘要 ,2004.3 P17-23
[29]曲慧敏,“中国银行业并购的实施设想”,山东省青年管理干部学院学报 ,2004.4 P17-19
[30]陈映申,“美国银行业并购再起波澜”,新金融,2004.4 ,P23-25
[2]Auerbach: "Merger and Acquisition", University of Chicago Press, 1998,p167-173
[3]Charles Hadlock, Joel Houston, Michael Ryngaert, The role of managerial incentives in bank acquisitions, Journal of Banking and Finance 23, 1999.
[4]T.T.Milbourn, Arnoud W A.Boot,Anjan V Thakor, Mega merger and expanded scope:Theories of bank size, Journal of Banking and Finance23,1999.
[5]Janet Guyon: "How Deutsche Lost Dresdner: The Emperor and the Investment Bankers". The Banker. May 5, 2000.
[6]Mary Watkins: "Financial services M&A massing", Financial Times, Oct. 9, 2001
[7]Joe Ortiz:"HSBC says needs to grow in U.S.", http://www.online.reuters.com Sept. 25, 2000.
[8]Michael Blanden: "Accounting for diverse interests", The Banker, Sept. 20, 2002.
[9]Editorial: "Mega-merger mania continues apace but the jury is still out on the real value the deals create.", The banker, Feb. 2003
[10]World Bank:World Development Report, 2002/2003.
[11]孔永新,《迎接全球银行并购浪潮》,中国金融出版社,2000
[12]金晓斌,《银行并购论》,上海财经大学出版社,1999
[13]干春晖,《并购经济学》,清华大学出版社,2004
[14]王巍,《中国并购报告》,人民邮电出版社,2003
[15]吕国胜,《金融战略整合》,企业管理出版社,2001
[16][美]米什金,《货币金融学》,中国人民大学出版社,1999
[17]陈炳才,维恩,“国际金融兼并的非理性色彩及中国银行业的选择”,中国外汇管理 ,2001.2 P18-19
[18]洪锡熙,沈艺峰,“公司并购与目标公司股东收益的实证分析”,金融研究 ,2001.3, P26-33
[19]杨国平,“中外银行并购的现状、原因及比较分析”,上海金融 ,2001.5 P11-13
[20]吕敬文,向志容,“关于新兴商业银行并购的探讨”,吉林财税高等专科学校学报 ,2002.1 P23-26
[21]金宏,“银行并购是中国银行业发展的战略选择”,农村金融研究 ,2002.6 P33-35
[22]罗建,“工商银行并购友联银行对国有商业银行改制的启示”,西南金融 ,2002.4 P12-15
[23]邱兆祥,“对我已国有银行实行股份制改革的思考”,金融科学—中国金触学院学报 ,2001.2 P19-23
[24]吴华,“国际银行并购与中国银行发展”,中南政法财经大学学报 ,2002.4 P34-36
[25]张宗益,吴俊“,银行效率研究中的前沿分析方法及其比较”,经济学动态 ,2003.4 P7-9
[26]刘旦,“我国银行业并购战略”,经营与管理 ,2003.6 P15-18
[27]黄天目,谭春枝,“从西方银行业的并购浪潮中看中国银行业的并购”,广西金融研究 ,2003.7 P18-21
[28]樊永勤,“从国外银行业并购看我国银行业未来并购趋势”,经济问题摘要 ,2004.3 P17-23
[29]曲慧敏,“中国银行业并购的实施设想”,山东省青年管理干部学院学报 ,2004.4 P17-19
[30]陈映申,“美国银行业并购再起波澜”,新金融,2004.4 ,P23-25