国际银行业并购与竞争力的关系分析
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摘要
从19世纪初期以来,世界金融市场经历了五大银行业并购的浪潮,银行业的发展模式呈现出由分业经营到混业经营,再由混业经营到全能银行的发展阶段。在此期间,银行业经历了规模巨大的跨国并购,使得银行业的内部结构和布局也渐趋合理。然而,随着全球经济一体化的深度和广度不断加深,利润的驱动使国际资本出现了大规模的流动,出现了许多流动性过剩的问题,已成为一些金融机构,特别是银行业产生危机的一大隐患。而国际银行业的跨国并购作为当今资本输出的主要形式,对于稳定国际金融市场,加强战略合作具有重要意义。
本文从分析银行业并购所产生的效率入手,着重分析了银行业并购后的效率对银行业竞争力所产生的影响。利用影响银行业的基础竞争力和核心竞争力的指标,分析银行业并购对其竞争力的诸多指标的影响,进而阐述了对银行竞争力的影响。从当前的国际银行业并购大体趋势和状况出发,具体分析银行业跨国并购的区域性差异以及银行业并购浪潮对银行业竞争力的影响。同时分析了我国银行业并购和竞争力的现状、我国银行业并购和发展所必须要坚持的原则和立场,以及我国商业银行应如何利用银行业并购的效率来提升自身的竞争力。
Commercial banks are profit-making purposes, the profit-driven commercial banks will broaden sales channels and expand the extent of opening up, which is an inevitable result of banking Mergers and Acquisitions. If commercial banks want to expand its own scale and enter the financial market of other countries, it is imperative to use a variety of ways and means to achieve cross-border mergers and acquisitions. Therefore, the banking mergers and acquisitions, both from a strategic point of view or from the perspective of market dominance, the ultimate goal and motivation is to obtain the maximum profit
Looking at the ranking list of international banks with total assets of the top 100 banks, many banks have experienced domestic and international banking mergers and acquisitions, which in turn increased competitiveness of commercial banks. In particular, under the late 20th century, the banking industry has experienced an international wave of mergers and acquisitions, resulting in a number of large financial consortia, such as JP Morgan Chase, Citigroup, Mizuho Bank. Intense competition in the banking industry resulted in mergers and acquisitions, to promote the emergence of the financial carrier, thus further exacerbated international competition in the banking industry.
Into the 21st century, China's successful accession to the WTO, which makes China's commodity market and capital market continue to open up. In order to fulfill our WTO agreements, promises turn into reality in 2006, RMB business of foreign banks relative to fully open, so that China's banking industry is facing unprecedented competition bureau. In order to cope with the impact of international financial capital flow, China's commercial banks had taken a series of reform measures, such as encouraging joint-stock banks listed in China and abroad , promoting the joint-stock reform of state-owned commercial banks, the introduction of strategic investors. The implementation of such policies is also reflected in China's transformation from planned economy to a market economy. This is a major initiative, the state-owned commercial banks through the transformation of governance, makes its internal systems and external risk-defense system very efficient, and gradually advanced with foreign commercial banks into line, thus improve profit and competitiveness of the banking sector
Under the new era, especially the international financial crisis, triggered by the U.S. sub-prime mortgage crisis, the development of the international banking industry had been heavily affected. Many large U.S. investment banks had been restructured, bankrupted or be acquired, a number of small and medium banks, due to restrictions on the size of their capital, have been closed. Several major banks had also accepted state funding and the nationalization of control. The commercial banks of European facing the international financial crisis also accepted the government injecting capital and mergers and acquisitions. Which brings China's commercial banks not only the opportunity but also challenge. China's commercial banks, despite their system's shortcomings, they can seize the opportunity of the strategic adjustment of advanced foreign banks, and make great efforts to implement institutional reforms to accelerate the transformation of the banking merger and reorganization , thus enhancing their overall quality and competitiveness, so that it better adapt to China's socialist economic development. However, China's commercial banks have excellent opportunities as well as enormous challenges. China's commercial banks are subject to serious constraints in the past planned economy; state-owned commercial bank capital adequacy ratio is generally not high, non-performing loans and a larger proportion of bank bad debts. Which not only affect the reform process of China's state-owned commercial banks, but hampered international competitiveness of commercial banks. In order to enhance competitiveness, China's commercial banks must carry out reasonable state restructurings and merger and reorganization. Therefore, if the state-owned commercial banks want to go abroad to enhance its international status and competitiveness, it is imperative for them to use mergers and acquisitions and restructuring.
In this international background, this paper mainly takes research on the banking Merger and Acquisitions and explains how M & A affects the competitiveness of banks. This essay is to provide some reference and suggestion on the M&A act of our banking industry
The beginning part of this paper describes the theory about the banking M & A and its competitiveness. First analyzes the definition and classification of banking mergers and acquisitions. And then select a market advantage theory, efficiency theory, economies of scale and core competitiveness theory to analyze the relationship between banking mergers and acquisitions and banking Competitiveness.
The second part of this essay is to analyze the relationship between banking mergers and acquisitions and banking Competitive. First, analyze how the vertical mergers, horizontal mergers and mix merger affect the competitiveness of banks. then use a variety of ways to improve competitive effectiveness. Second, introduce the international M & A trends in the banking industry and its causes, and then analyze effectiveness of banking M & A in improving the banking business efficiency and competitiveness effects. Finally, sum up the impact of the world's five major banking mergers and acquisitions wave upon international banking, which inspires in the future development path of mergers and acquisitions patterns of China's commercial banks.
The third part of this essay is mainly to introduce the current situation about M & A mode and the international competitiveness of china’s commercial banks. Under different times, we take various acquisition modes, and then analyze how to achieve a strategic "three-step" principle. Introduce China's commercial banks, as well as its current international status of and analyze the difficult and hardship facing in cross-border banking business operations.
The fourth part of this essay is mainly to analyze how to use the effectiveness arising from the mergers and acquisitions to achieve the efficiency of joint-stock restructuring, accelerate the pace of mergers and acquisitions to achieve competitive effectiveness in international financial market. Simultaneously, analyze the basic principles that we should adhere to in the process of international banking merger and acquisition. This part also looks ahead the development of china’s banks and the modes of merger and acquisition
The final part of this essay is to summarize and conclude the whole essay.
本文从分析银行业并购所产生的效率入手,着重分析了银行业并购后的效率对银行业竞争力所产生的影响。利用影响银行业的基础竞争力和核心竞争力的指标,分析银行业并购对其竞争力的诸多指标的影响,进而阐述了对银行竞争力的影响。从当前的国际银行业并购大体趋势和状况出发,具体分析银行业跨国并购的区域性差异以及银行业并购浪潮对银行业竞争力的影响。同时分析了我国银行业并购和竞争力的现状、我国银行业并购和发展所必须要坚持的原则和立场,以及我国商业银行应如何利用银行业并购的效率来提升自身的竞争力。
Commercial banks are profit-making purposes, the profit-driven commercial banks will broaden sales channels and expand the extent of opening up, which is an inevitable result of banking Mergers and Acquisitions. If commercial banks want to expand its own scale and enter the financial market of other countries, it is imperative to use a variety of ways and means to achieve cross-border mergers and acquisitions. Therefore, the banking mergers and acquisitions, both from a strategic point of view or from the perspective of market dominance, the ultimate goal and motivation is to obtain the maximum profit
Looking at the ranking list of international banks with total assets of the top 100 banks, many banks have experienced domestic and international banking mergers and acquisitions, which in turn increased competitiveness of commercial banks. In particular, under the late 20th century, the banking industry has experienced an international wave of mergers and acquisitions, resulting in a number of large financial consortia, such as JP Morgan Chase, Citigroup, Mizuho Bank. Intense competition in the banking industry resulted in mergers and acquisitions, to promote the emergence of the financial carrier, thus further exacerbated international competition in the banking industry.
Into the 21st century, China's successful accession to the WTO, which makes China's commodity market and capital market continue to open up. In order to fulfill our WTO agreements, promises turn into reality in 2006, RMB business of foreign banks relative to fully open, so that China's banking industry is facing unprecedented competition bureau. In order to cope with the impact of international financial capital flow, China's commercial banks had taken a series of reform measures, such as encouraging joint-stock banks listed in China and abroad , promoting the joint-stock reform of state-owned commercial banks, the introduction of strategic investors. The implementation of such policies is also reflected in China's transformation from planned economy to a market economy. This is a major initiative, the state-owned commercial banks through the transformation of governance, makes its internal systems and external risk-defense system very efficient, and gradually advanced with foreign commercial banks into line, thus improve profit and competitiveness of the banking sector
Under the new era, especially the international financial crisis, triggered by the U.S. sub-prime mortgage crisis, the development of the international banking industry had been heavily affected. Many large U.S. investment banks had been restructured, bankrupted or be acquired, a number of small and medium banks, due to restrictions on the size of their capital, have been closed. Several major banks had also accepted state funding and the nationalization of control. The commercial banks of European facing the international financial crisis also accepted the government injecting capital and mergers and acquisitions. Which brings China's commercial banks not only the opportunity but also challenge. China's commercial banks, despite their system's shortcomings, they can seize the opportunity of the strategic adjustment of advanced foreign banks, and make great efforts to implement institutional reforms to accelerate the transformation of the banking merger and reorganization , thus enhancing their overall quality and competitiveness, so that it better adapt to China's socialist economic development. However, China's commercial banks have excellent opportunities as well as enormous challenges. China's commercial banks are subject to serious constraints in the past planned economy; state-owned commercial bank capital adequacy ratio is generally not high, non-performing loans and a larger proportion of bank bad debts. Which not only affect the reform process of China's state-owned commercial banks, but hampered international competitiveness of commercial banks. In order to enhance competitiveness, China's commercial banks must carry out reasonable state restructurings and merger and reorganization. Therefore, if the state-owned commercial banks want to go abroad to enhance its international status and competitiveness, it is imperative for them to use mergers and acquisitions and restructuring.
In this international background, this paper mainly takes research on the banking Merger and Acquisitions and explains how M & A affects the competitiveness of banks. This essay is to provide some reference and suggestion on the M&A act of our banking industry
The beginning part of this paper describes the theory about the banking M & A and its competitiveness. First analyzes the definition and classification of banking mergers and acquisitions. And then select a market advantage theory, efficiency theory, economies of scale and core competitiveness theory to analyze the relationship between banking mergers and acquisitions and banking Competitiveness.
The second part of this essay is to analyze the relationship between banking mergers and acquisitions and banking Competitive. First, analyze how the vertical mergers, horizontal mergers and mix merger affect the competitiveness of banks. then use a variety of ways to improve competitive effectiveness. Second, introduce the international M & A trends in the banking industry and its causes, and then analyze effectiveness of banking M & A in improving the banking business efficiency and competitiveness effects. Finally, sum up the impact of the world's five major banking mergers and acquisitions wave upon international banking, which inspires in the future development path of mergers and acquisitions patterns of China's commercial banks.
The third part of this essay is mainly to introduce the current situation about M & A mode and the international competitiveness of china’s commercial banks. Under different times, we take various acquisition modes, and then analyze how to achieve a strategic "three-step" principle. Introduce China's commercial banks, as well as its current international status of and analyze the difficult and hardship facing in cross-border banking business operations.
The fourth part of this essay is mainly to analyze how to use the effectiveness arising from the mergers and acquisitions to achieve the efficiency of joint-stock restructuring, accelerate the pace of mergers and acquisitions to achieve competitive effectiveness in international financial market. Simultaneously, analyze the basic principles that we should adhere to in the process of international banking merger and acquisition. This part also looks ahead the development of china’s banks and the modes of merger and acquisition
The final part of this essay is to summarize and conclude the whole essay.
引文
[1] Dymski,, G.A (1999), The Bank Merger Wave: the economic causes and social consequences of financial consolidation Armonk/London: M.E. sharpe
[2] Saunders, Anthony, and Ingo Walters, Universal Banking for the US, Oxford University Press, 1994
[3]许晓峰,《公司并购实务》,北京大学出版社,2002年,第39页
[4]李文军:《商业银行的效率与竞争力》,经济管理出版社,2008年1月第1版,第1页
[5]林凌:《企业从组理论与实务》,国家经贸委经济干部培训中心,1997年,第59页
[6]威斯通,《兼并、重组与公司控制》,经济科学出版社,2004年,第36页
[7]金晓斌,《银行并购论》,上海财经出版社, 1999年,第67页
[8]孙黎,《公司收购战略》,中国经济出版社, 2000年,第49页
[9]胡峰:《银行跨国并购:理论、实证与政策协调》,中国财政经济出版社,2005.6,第94页
[10] Farrell, M.J., The measurement of productive efficiency, Journal of Royal Statistical Society A, Cxx,253-81
[11] Stephen A.Rhoades(1998),The Efficiency Effects of Research Past, Present, and Future, Journal of Banking &Finance, 17:221-49
[12]李文军:《商业银行的效率与竞争力》,经济管理出版社,2008.1,第115页
[13]魏春旗,朱枫:《商业银行竞争力》,中国金融出版社, 2004.3 ,第48页
[14]李文军:《商业银行的效率与竞争力》,经济管理出版社,2008.1,第134页
[15]魏春旗,朱枫:《商业银行竞争力》,中国金融出版社, 2004.3 ,第59页
[16]瞿卫东:《银行市场结构理论研究》,中国金融出版社,2006.6,第65页
[17]瞿卫东:《银行市场结构理论研究》中国金融出版社2006.6第68页
[18] [美]查理W赫尔特曼,邱建良等译,《国际银行业-环境分析》,中国经济出版社,1992,第7页
[19]道琼斯:《远眺华尔街:大规模并购时代趋向终结》,《国际金融报》2002年6月26日
[20]戴晓芙:《日本的银行间并与经营》复旦大学出版社2008.7第222页
[21]孔永新,岳留昌:《全球银行业并购浪潮》、《资本市场杂志》2000年第6期,第57页
[22] http://blog.19lou.com/13189350/viewspace-3187292
[1] Nielsen J.F.,Melicher R.W. A Financial Analysis of Acquisition and Merger Premium[J]. Journal of Financial and Quantitative Analysis. 1973.08.
[2] Manne Henry G. Mergers and Market of Corporate Control[J]. Journal of Economy. 1965.04.
[3] Rhoades S.A. A Summary of Merger Performance Studies in Banking, 1980-93, and an Assessment of the 'Operating Performance' and 'Event Study' Methodologies [J].Board of Governors of the Federal Reserve System Staff Studies Paper.1994.07.
[4] [4] Van Roojin. Bank mergers, banking efficiency, and economics of scale and scope:a review of empirical literature[J]. Research Memorandum WO&E. 1997.
[5] Vennet Vander. The effect of M&A on the Efficiency and Profitability of EC Credit Institutions[J]. Journal of Banking and Finance. 1996.
[6] Cybo-Ottone A., Murgia M. Mergers and Shareholder Wealth in European Banking[J]. Journal of Banking and Finance. 2000.24.
[7] Pratten C.F. Economies of Scale in Manufacturing Industry. Cambridge: Cambridge University Press. 1997.
[8] Dymski,G.A, The bank merge wave: the economic causes and social consequences of financial consolidation, Armonk/London: M.E sharpe.1999.
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[2] Saunders, Anthony, and Ingo Walters, Universal Banking for the US, Oxford University Press, 1994
[3]许晓峰,《公司并购实务》,北京大学出版社,2002年,第39页
[4]李文军:《商业银行的效率与竞争力》,经济管理出版社,2008年1月第1版,第1页
[5]林凌:《企业从组理论与实务》,国家经贸委经济干部培训中心,1997年,第59页
[6]威斯通,《兼并、重组与公司控制》,经济科学出版社,2004年,第36页
[7]金晓斌,《银行并购论》,上海财经出版社, 1999年,第67页
[8]孙黎,《公司收购战略》,中国经济出版社, 2000年,第49页
[9]胡峰:《银行跨国并购:理论、实证与政策协调》,中国财政经济出版社,2005.6,第94页
[10] Farrell, M.J., The measurement of productive efficiency, Journal of Royal Statistical Society A, Cxx,253-81
[11] Stephen A.Rhoades(1998),The Efficiency Effects of Research Past, Present, and Future, Journal of Banking &Finance, 17:221-49
[12]李文军:《商业银行的效率与竞争力》,经济管理出版社,2008.1,第115页
[13]魏春旗,朱枫:《商业银行竞争力》,中国金融出版社, 2004.3 ,第48页
[14]李文军:《商业银行的效率与竞争力》,经济管理出版社,2008.1,第134页
[15]魏春旗,朱枫:《商业银行竞争力》,中国金融出版社, 2004.3 ,第59页
[16]瞿卫东:《银行市场结构理论研究》,中国金融出版社,2006.6,第65页
[17]瞿卫东:《银行市场结构理论研究》中国金融出版社2006.6第68页
[18] [美]查理W赫尔特曼,邱建良等译,《国际银行业-环境分析》,中国经济出版社,1992,第7页
[19]道琼斯:《远眺华尔街:大规模并购时代趋向终结》,《国际金融报》2002年6月26日
[20]戴晓芙:《日本的银行间并与经营》复旦大学出版社2008.7第222页
[21]孔永新,岳留昌:《全球银行业并购浪潮》、《资本市场杂志》2000年第6期,第57页
[22] http://blog.19lou.com/13189350/viewspace-3187292
[1] Nielsen J.F.,Melicher R.W. A Financial Analysis of Acquisition and Merger Premium[J]. Journal of Financial and Quantitative Analysis. 1973.08.
[2] Manne Henry G. Mergers and Market of Corporate Control[J]. Journal of Economy. 1965.04.
[3] Rhoades S.A. A Summary of Merger Performance Studies in Banking, 1980-93, and an Assessment of the 'Operating Performance' and 'Event Study' Methodologies [J].Board of Governors of the Federal Reserve System Staff Studies Paper.1994.07.
[4] [4] Van Roojin. Bank mergers, banking efficiency, and economics of scale and scope:a review of empirical literature[J]. Research Memorandum WO&E. 1997.
[5] Vennet Vander. The effect of M&A on the Efficiency and Profitability of EC Credit Institutions[J]. Journal of Banking and Finance. 1996.
[6] Cybo-Ottone A., Murgia M. Mergers and Shareholder Wealth in European Banking[J]. Journal of Banking and Finance. 2000.24.
[7] Pratten C.F. Economies of Scale in Manufacturing Industry. Cambridge: Cambridge University Press. 1997.
[8] Dymski,G.A, The bank merge wave: the economic causes and social consequences of financial consolidation, Armonk/London: M.E sharpe.1999.
[9] Saunders, Anthony, and Ingo Walters, Universal Banking for the US, Oxford University Press, 1994.
[10]范如国.企业并购理论[M].武汉大学出版社, 2003.10.
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