摘要
改革开放以来,我国的经济规模和实力发生了巨大变化。但是伴随着经济的发展,我国产业结构不合理,产业集中度过低的问题也凸现出来。全球金融危机的爆发,使得国内外的市场环境进入寒冬,全球资本市场低迷,资产价格下跌,为我国企业通过重组并购完成产业集中和升级提供了难得的机遇。国家相关政策的支持又进一步推动了并购市场的繁荣。并购需要大量资金,单纯靠企业内部积累一般很难实现,这为商业银行介入并购业务提供了良好的契机。同时,我国商业银行正面临着两大困境：一是随着我国金融市场全面对外开放,我国商业银行的市场空间不断受到外资全能银行的挤压；二是随着国内资本市场的不断发展与完善,我国商业银行传统业务的发展越来越受到“金融脱媒”的制约。
繁荣的并购市场、外资银行的竞争再加上金融脱媒的制约,催生了并购贷款这一信贷产品,它的产生一方面推动了企业并购交易的发展,一方面成为了商业银行新的赢利点。并购贷款业务在美国等资本市场比较发达的国家中产生较早,较为普遍。但在我国出于降低银行业风险的考虑,并购贷款业务原则上被禁止,直到2008年银监会发布《商业银行并购贷款风险管理指引》(以下简称指《引》),商业银行并购贷款业务才真正得以开展。
《指引》颁布以后,国内才开始有关于并购贷款的研究,所以到目前为止成果非常有限,且相关研究主要集中于并购贷款风险管理方面,缺乏关于我国商业银行并购贷款业务整体发展战略的研究。因此,本文通过对战略管理理论的引入,对我国商业银行开展并购贷款业务的内外部环境进行了理论研究,论证了我国商业银行开展并购贷款业务有充分的必要性和可行性,得出我国商业银行完全可以很好的开展并购贷款业务的结论。并对商业银行开展并购贷款业务的障碍、成本和风险进行了分析,在此基础之上,针对商业银行发展并购贷款业务过程中存在的一些问题提出了建议,以期对我国商业银行今后的并购贷款业务发展和制度完善有所裨益。
本文主要从五个章节对我国商业银行开展并购贷款业务进行理论分析与政策研究：
第一章描述了我国商业银行开展并购贷款业务的背景及重大意义。
第二章论述了商业银行开展并购贷款业务的理论基础。并进一步分析了并购贷款业务对银行、企业的价值。
第三章分析了我国商业银行开展并购贷款业务的内外部环境：外部巨大的市场潜力为并购贷款的开展提供了广阔的空间；内部商业银行所具有的资源使得并购贷款的开展具有了现实可行性。开展并购贷款业务,从外部环境看,外资银行的竞争和混业经营趋势迫切要求金融创新,巨大的市场需求和宏观政策的支持,创造了机遇和前提；从内部条件看,商业银行存在人才和经验等方面的劣势,但其在资本、信誉、客户资源、信息资源、地域文化等方面的优势是开展并购贷款业务的内部保障。
第四章阐述了我国商业银行发展并购贷款业务的现状,从中可以看出商业银行在实际操作过程中主要存在缺乏开展并购贷款业务的战略规划、目标企业选择不科学、风险管理水平和经验不足、专业人才匮乏等问题。分析了宏观环境中开展并购贷款业务所存在的障碍像不完善的产权制度、低程度的并购市场化以及不完善的法规政策等。并进一步分析了开展并购贷款所必须的成本和风险因素,我们认为只有正确评估了开展并购贷款的成本和风险,才能找出控制成本、防范风险的措施。
第五章在上面几章分析的基础上,提出了如何积极拓展并购贷款业务的策略及建议。并购贷款业务的运作需站在战略的高度,科学的组织和实施,在“长期发展、差异化战略、战略联盟、注重人才”的经营战略方针指导下,建立健全业务实施的组织体系,同时强化并购贷款业务的风险管理。
Since the reform and opening up, China's economic size and strength has changed dramatically. But, along with the economic development, our country's irrational industrial structure and low industrial concentration stand out. The outbreak of the global financial crisis makes the domestic and international market environment into the winter. Weak global capital market and low asset prices provide an opportunity for our business to complete industrial concentration through reorganization and acquisition. The support of relevant national policies is a further boost to the prosperity of M&A market. M&A business requires a lot of money which rely on their internal accumulation is generally difficult to achieve. This provides a good opportunity for commercial banks to involve in M&A loan business. At the same time, Chinese commercial banks are facing two major difficulties:First, with the full opening of Chinese financial markets, market belongs to Chinese commercial banks is squeezed by foreign banks; Second, the domestic capital market with the sustainable development and improvement, traditional business of banking is constrained by financial "disintermediation" phenomenon.
Booming M&A market, competition from foreign banks coupled with the constraints of financial disintermediation provide commercial banks with a motivation to develop M&A loan business. On the one hand, M&A loans promoted the development of M&A transactions; on the other hand, it brings a new profit point to commercial banks. The M&A loans stem from the Unit States and other more developed countries and has more common market. But in China, considering slashes the risk of banks, M&A loans business is prohibited in principle. Until Chinese Banking Regulation Committee issued "guideline of risk management of commercial banks M&A loans" in year of 2008, the M&A loan business has really developed.
After the issues of "guideline of risk management of commercial banks M&A loans", our Researchers began to study about the M&A loans. So far the results have been limited, and most relevant research has focused on risk management of M&A loans, little has focused on the overall development strategy of the M&A loan business of commercial banks. So, this thesis has studied about the internal and external environment of Commercial Banks'M&A loan business, by introducing strategic management theory and has analyzed the obstacles, costs and risks of Commercial Banks'M&A loan business. At the same time, this thesis has demonstrated the necessity and feasibility of China's commercial banks'M&A loan business in theory and practice. Commercial banks can carry out M&A loan business very well. But, there are also many problems during the actual operation. This thesis put forward the concrete proposals, which benefit the development of domestic Commercial Banks'M&A loan business.
This paper is divided into five chapters, the main contents are as follows:
The first chapter describes the background and significance of Commercial Banks'M&A loan business.
The second chapter discusses the theoretical basis of domestic commercial banks'M&A loan business, and further analysis the value of M & A loans to banks or corporations.
The third chapter analyzes the internal and external environment of domestic commercial banks'M&A loan business:huge external market provided a broad space for the M&A loans; the resources that commercial banks have make the development of M&A loans with the real possibility. From the external environment, competition from foreign banks and mixed trend in banks make financial innovation urgent, huge demand and macro-policy support create opportunities and premise for the M&A loans; See from the internal conditions, commercial bank has not enough talent and experience for the M&A loans, but commercial banks have advantage in the capital, reputation, customer resources, information resources, geography and culture, Which are the internal securities for the M&A loans.
The fourth chapter describes the current development of commercial banks' M&A loan business. Through the analysis of domestic commercial banks'M&A loan business, the author gets the conclusions that there are many problems during the actual operation. For example, there is lack of strategic planning, the ways of choosing target companies are unscientific, the level of risk management is low, and there is a shortage of talent and experience, the system of property rights, regulations and policies are not imperfect, and so on. Then, further analysis of the cost of and risk factors of M&A loans is marked, because we think only the correct assessment of the costs and risks of the M & A loans can lead to good methods.
The V Chapter discusses how to actively expand the M&A loan business on the basis of the above analysis. Running M&A loan business require commercial bank sit itself at a strategic position, performing and organizing activities in a scientific way, led by principle of long-term development, differentiation strategy, cooperation, competent personal, then to establish a healthy and practical operating system. It also needs commercial banks to strengthen the control of risks.
引文
①资料来源：互联网
②陈舜键,中国的并购债务融资,第9页
③陈舜键,中国的并购债务融资,第9页
④资料来源： 《贷款通则》
①中国银行业监督管理委员会： 《商业银行并购贷款风险管理指引》,第一章(总则),第四条。
①中国银行业监督管理委员会： 《商业银行并购贷款风险管理指引》,第三章(风险管理)
①中国银行业监督管理委员会： 《商业银行并购贷款风险管理指引》,第三章(风险管理)
①中国注册会计师协会： 《公司战略与风险管理》,第11页到第15页
①中国注册会计师协会： 《公司战略与风险管理》,第16页
①郑宇婴, 《海南金融》,2009年8期
②《中华人民共和国商业银行法》,第42条
①中国注册会计师协会： 《战略分析与风险管理》,第23页
①《中华人民共和国证券法(修订)》,第二章,第16条
②《中华人民共和国证券法(修订)》,第二章
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