中外银行并购比较研究
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摘要
2008年以来这场由美国次贷危机引发的国际金融危机,让全球银行业在经受严峻考验的同时受到不少诟病。华尔街的蜕变,不仅暴露了银行业的脆弱性,也引发了有关未来银行经营模式与转型方向的思考。尽管当前欧债危机仍在发酵,金融危机的负面影响仍在持续,全球经济的复苏和金融市场的持续向好仍然缺乏强有力支撑,但总的看,危机发生后,那些经营范围狭窄、资产规模偏小的银行,抗风险能力和逆周期经营能力也相对较弱,而长期以来坚持走综合化、国际化经营道路的大银行,虽然在危机中也遭受了一定损失,但生存发展能力普遍较强。
可见,与小银行相比,大银行往往具有较高的安全性和可持续发展能力。而要成为一家大银行,既可以通过内源积累的方式逐步成长,也可以通过并购等途径快速做强。根据汇丰、花旗等国际先进银行的经验,但凡能最终成为大银行的,既要重视内源积累,也应不失时机地通过并购跨越赶超。为此我们认为,在当前和未来一个时期,虽然类似“银行并购到底创造多少价值”的讨论不会完全停止,但银行并购显然仍是一个极具理论探讨和实践意义的重要课题。
所以,本文的出发点就是以提升中国银行竞争力为目标,以深化金融改革为主线,以银行并购为研究对象,运用现代经济学相关理论,剖析银行并购这一经济现象的内在本质,对银行并购的动因、绩效及绩效的动因模式等问题进行研究探讨。在研究过程中我们发现,国内外特别是国际上对银行并购的研究已经取得大量成果,特别是针对银行并购的动因,概括提炼了包括提高经营效率、降低交易费用、降低风险动因、获得协同效应等在内的一系列观点；同时对并购绩效的研究,既有理论探讨,也有实证分析,为本文的研究提供了较高起点和诸多有利条件。为此,本文的研究主要是踩在巨人的肩膀上,通过精心选取“中外比较研究”这一新的视角,即通过比较中外银行业并购在动因、绩效及绩效的动因模式等方面的差异,更进一步分析产生这种差异的内在原因,力图为中国银行业实施并购活动提供一些参考借鉴。
概括起来,本文提出了这样几个初步结论：一是强调国际金融危机没有改变国际银行业发展的基本模式,并购仍是中国银行业做大做强、追赶先进的重要途径,应当继续鼓励、大胆实践；二是强调银行并购必须坚持开放姿态和全球视野,不局限于国内,不排斥外部力量,在平等互惠的前提下与境外战略投资者加强全方位合作,在引资的基础上做好引智、引制等工作,用他山之石攻克己玉,提升发展能力；三是强调政府部门应积极作为,进一步完善法律体系和监管规则,为我国银行业并购创造良好环境,提供政策支持；特别是,要在坚持效率、安全、适度规模等前提下,尝试推动银行与非银行金融机构之间的并购、金融机构与部分工商企业之间的渗透,努力在中国金融中心城市打造若干个真正具有综合竞争实力的“金融旗舰”,支撑中国银行业在日趋激烈的全球角逐中扩大话语权,赢得新优势。
全文共分为六章,具体结构安排如下：
第一章为绪论。从本文选题的背景和研究意义出发,对并购的相关概念做了界定,对国内外有关并购的研究成果做了综述,对本文的研究思路、方法以及全文的结构安排做了介绍。
第二章为中外银行并购比较的理论分析框架。提出了构成全文分析框架的三大视角：动因视角、绩效视角以及绩效的动因模式视角；总结了宏微观两大类动因,提出了财务及生产率(规模、技术)两大绩效评价指标,并分析了并购绩效的动因模式类型,就并购绩效的动因模式初步提出了两个假说,为后面章节的比较分析奠定了理论分析框架。
第三章为中外银行并购的动因比较。通过对近百年来并购历程的回顾,着重分析了国内外银行业在不同阶段实施并购的主要动因及其变化；概括了不同并购动因的基本特点,为今后国内银行的并购行为提供理论借鉴。
第四章为中外典型银行并购的绩效比较。介绍了国内外银行并购的典型案例,并对典型案例进行了比较分析；主要对花旗银行与工商银行、汇丰银行与浦发银行曾经实施的并购行为进行绩效分析与比较,分别采用财务指标因素分解法、数据包络分析法(Date Envelopment Analysis,简称DEA)进行分析,得出绩效比较的综合结论。
第五章为银行并购绩效之动因模式的中外比较。通过选取若干变量,基于DEA测度值,并就纯技术效率与规模效率进行计量回归分析,在数理统计意义上揭示中外银行业并购绩效动因模式的不同特征,从而为下一步推动我国银行业并购良性发展提供有价值的参考。同时,通过计量分析,在经验上部分验证了本文第二章提出的两个理论假说。
第六章为推动我国银行业并购活动健康开展的政策建议。分析了国际银行业未来发展趋势,以及我国银行业并购的障碍与困难；结合前面章节的研究结论,有针对性地提出了我国银行业实施并购的政策建议。
本文在借鉴已有研究成果的基础上锐意创新：一是着重对银行并购进行全面的“中外比较”,并从并购动因、并购绩效、并购绩效的动因模式“三位一体”的视角,构建了并购比较研究的理论分析框架。应该说,单一对动因或绩效进行分析比较的研究并不鲜见,但将动因和绩效结合起来,对“绩效的动因模式”进行论证,具有一定的创新性,某种程度上揭示了国内银行业并购绩效与国外存在差距的体制性原因。二是搜集、整理、汇总国内外典型银行的大量年报,用“中外比较”的方式和科学的研究方法做了案例分析。本文重点收集了自2000年以来工行、中行、建行等三大国有银行,招商、浦发、兴业等三家股份制银行,以及摩根大通、花旗、美银、汇丰、渣打、日本三菱东京FJT等六家国外银行的年报数据作为分析样本,进行DEA(数据包络)分析与回归分析,得出了上述银行并购的绩效比对结论。本文在第五章引入参数分析方法,基于Ricardo Correa(2008)的回归模型,将“纯技术效率”与“规模效率”两大指标设为DEA分析的测度值,分析了宏观动因与微观动因对并购绩效的不同影响,提出并验证了本文第二章提出的两个“理论假说”。(假说一：在宏观动因模式下,宏观动因对银行并购绩效的规模效率必然在统计上显著,而对其纯技术效率不一定在统计上显著；当且仅当宏观动因属于内涵式跨国并购时,其对并购的纯技术效率在统计上也为显著。假说二：出于微观动因的银行并购,其内涵式增长动因对纯技术效率在统计上显著,其外延式增长动因对规模效率在统计上显著。详见第二章。)应该说,一直以来,有关银行并购绩效的研究绝大多数使用DEA测度方法与财务指标因素分析法,较少使用参数方法进行计量回归,而本文在这方面进行了积极创新。三是用比较充分的理论分析与实证研究,综合经验判断与数据支撑,提出了中国银行业实施并购战略的政策建议与具体策略。本文在第六章提出了六种并购模式,并建议金融监管部门应在有效防范风险的前提下支持国内有条件的银行在国际国内两个市场不失时机实施并购,用微观动因(市场机制)主导下的并购行为,同时满足政府鼓励并购的宏观动因(稳定中国金融体系、提高对外竞争力)与银行实施并购的最终目标(提高“纯技术效率”与“规模效率”两大指标),做到政府与银行双赢。本文的研究局限在于,一是因为国内银行并购仍然处于发展初期阶段,特别是未发生过类似花旗银行并购旅行者公司这样的“强强并购”,力量悬殊的“强弱并购”不足以说明并购方通过并购带来的业绩影响,所以对并购绩效的分析能说明问题,但缺乏精确度(当然,2010年8月中国平安以其持有的平安银行90.75%的股份以及部分现金认购深发展52%的股权,交易金额达到291亿元,并于2012年1月份宣布即将把深发展A(SZ000001)正式更名为“平安银行”,可以作为今后研究国内“强强并购”的典型案例)。二是本文说理较为充分,能够揭示一些趋势和规律,但搜集的统计样本和数据仍然偏少,难以对并购绩效进行充分深入的定量分析,降低了本文分析过程与所得结论的严密性。这两方面将是本课题今后研究的重要方向。
Since2008, the global financial crisis caused by U.S. subprime mortgage crisis severely tested the global banking industry and lots of criticism. The transformation of Wall Street not only exposed the fragility of the banking industry, also led to thinking about direction of the transformation and business models of bank in the future. Although the current debt crisis is not still in fermentation, the negative impact of the financial crisis continues, recovery of the global economic and financial market is still a lack of strong support. But, overall, after the crisis, for the banks of narrow scope of business, small assets, their anti-risk capability and viability of the reverse cycle is relatively weak. While the large banks which keep on the way of adherence comprehensive and international operations in long-term have the strong viability although they suffered some losses during the crisis.
So, large banks have high security and sustainable development capacity. To become a large bank, it is practical to develop gradually through the accumulation of endogenous approaches, or expands quickly through mergers and acquisitions and so on. According to the experience of HSBC, Citibank and other advanced international Bank. All the large banks eventually pay attention to the accumulation of endogenous and seize the opportunity moment to leap through acquisitions. To this end we believe that, in the current and future period, although the similar discussion of "how much value the mergers and acquisitions of bank can create in the end," will not stop, the issue of the mergers and acquisitions of bank is both theoretical and practical.
Therefore, the basic purpose of this paper is to enhance the competitiveness of bank of China, the principle is to deepen the financial reform, to study the mergers and acquisitions of bank. With the relevant modern economics theory, analysis the intrinsic nature of this economic phenomenon about the mergers and acquisitions of bank, study and discuss the issues on the motives for the mergers and acquisitions of bank and the performance and the motivation patterns of performance and so on. During the study, we found that the study at home and abroad on mergers and acquisitions of bank have made great progress, particularly the study on abroad. As to the motivation for mergers and acquisitions of bank, the study sum up a series of ideas, including improving the operational efficiency, reducing the transaction costs and the risk dynamics, obtaining synergies, etc.; Meanwhile, the research on M&A performance with theoretical discussion and empirical analysis provides a high starting point and many favorable conditions for the study of this paper. Of course, this study is based on the research result of giants and reference to the new perspective of" Domestic and Foreign Comparative Study", By comparing the difference between motivation and performance&motivation model of performance of the banks of China and Foreign Countries, analyze deeply the underlying causes of the difference, try to provide valuable reference for how to implement the correct theory of Bank M&A activity in our country.
In Summary, this paper puts forward such several preliminary conclusions: firstly, it is emphasized that the global financial crisis did not alter the development trend of international banking. M&A are still an important way for China's banking to be bigger and stronger and to catch up with the advanced. They should be encouraged continually, put into practice bravely. Secondly, it is emphasized that bank M&A must adhere to the posture of opening up and global vision, that is to say, neither limited in domestic, nor refuse of the external forces. Stones from other hills may serve to polish the jade of this one. Bank M&A must strengthen all-round cooperation with foreign strategic investors under the prerequisite of the equality and mutual benefit, and introduce good system on the basic of introducing the foreign capital to enhance the development ability. Thirdly it is emphasized that the government should act actively. The legal system and regulatory rules need to be further improved in order to create good environment and provide policy support which can speed up our bank M&A. Especially, on condition that persist in efficiency, safety, moderate scale, try to promote the M&A between banks and non-bank financial institutions, between financial institutions and part of the industry and commerce. And try to build several truly comprehensive and competitive "financial flagship" in the city China's financial center, so as to win new advantage and dominant position for China's banking sector in future global Competitive market.
Text is divided into six chapters, the specific structure as follows:
Chapter One:Introduction. Defining the concept of merger-related from the background and significance of research; reviewing the research on mergers and acquisitions at home and abroad; describing the ideas, methods and structure arrangements of the full text.
Chapter Two:Theoretical analytical framework of Comparison of Bank M&A between China and Foreign Countries. Propose the three perspectives which form the analytical framework of the full text:motivation perspective, performance perspective and perspective of the dynamics model of performance; Summarizing the two micro-macro motivation. Proposing financial and two performance evaluation index of productivity (size, technology), and analyzing the type of motivation model of the M&A performance. Proposing two hypotheses based on motivation model of the M&A performance and the motivation model of the M&A performance, and establishing the theoretical analysis framework for the comparative of the later chapters.
Chapter Three:The comparison on the motivation of Bank M&A between China and Foreign Countries. Through carding the M&A process, Introducing motivation of foreign and domestic bank mergers and acquisitions and changing in the process. Summing up the different characteristics of banking M&A between China and Foreign Countries, providing a theoretical reference for China's banking industry M&A in the future.
Chapter Four:The comparison on performance of typical Bank M&A between China and Foreign Countries. Introducing a typical case of bank M&A at home and abroad, analyzing and comprising the typical case. Analysis and comprise the performance of typical abroad commercial banks and typical domestic commercial banks by Factor Decomposition of Financial Indicators and Date Envelopment Analysis, such as Citibank and Industrial Commercial Bank, HSBC and Shanghai Pudong Development Bank. And then, General conclusions are drawn by comparing the performance.
Chapter Five:The comparison of motivation mode of Bank M&A performance between China and Foreign Countries. Through the selection of a number of variables, regression analyzing pure technical efficiency and scale efficiency measure base on DEA Measurements, revealing the different characteristics of motivation mode of Bank M&A performance between China and Foreign Countries base on Mathematical Statistics. This can provide valuable reference to development of China's banking industry mergers and acquisitions. At the same time, through quantitative analysis, verifying the two theoretical hypotheses in the second chapter.
Chapter Six:The policy recommendation of promoting the healthy development of China's banking industry mergers and acquisitions. Analyzing the development trend of international banking in the future and obstacles and difficulties of China's banking industry mergers and acquisitions. Combined with the previous findings, proposing some policy recommendation of promoting the healthy development of China's banking industry mergers and acquisitions.
The innovation of this paper:First, On the basis of existing research, it creatively takes "the comparison of domestic and foreign" which is about the bank mergers and acquisitions. Through the "Trinity" perspective of motivation model which includes motivation, performance, and motivation mode of performance, it builds a theoretical framework which is about Comparative study of mergers and acquisitions. Currently, analysis and comparison of motivation and performance singly is not uncommon. But, to demonstrate the "motivation model of the performance", combining motivation and performance, it has a certain innovation t. it reveal the performance gap of the bank mergers and acquisitions in structural causes. Second, this study do a case analysis which about the comparison of domestic and foreign, Through collecting and summering a large number of typical domestic and foreign banks'annual reports, which from three major state-owned banks such as ICBC, Bank of China, Construction Bank; joint-stock banks such as Shanghai Pudong Development bank, Industrial development bank; six foreign Bank such as JP Morgan Chase, Citigroup, Bank of America, HSBC, Standard Chartered, Japan's Mitsubishi Tokyo FJT since2000. This study Come to the conclusion that comparative performance of bank mergers and acquisitions by taking DEA efficiency measures and regression analysis. Especially, this paper introduces the parametric analysis. Basing on Ricardo Correa (2008) regression model, where it set the two indicators which are "pure technical efficiency" and "scale efficiency" as the measure of DEA, anglicizing the different effects of mergers and acquisitions performancewhich cased by macro-and micro-motivation motivation. Proposing and verifying two theoretical hypotheses (Hypothesis one: the size efficiency of bank M&A performance cased by macroscopic motivation is significant inevitably, but the pure technical efficiency is not necessarily significant; If and only if the macroscopic motivation are content-type cross-border mergers and acquisitions, the acquisition is also statistically significant. Hypothesis two:under the micro-motivation, the pure technical efficiency cased by Content-type growth motivation is statistically significant; the scale efficiency cased by epitaxial growth motivation is also statistically significant. See Chapter two). The Study on bank M&A performance is mostly using DEA measurement methods financial indicators analysis, but the measured regression by parametric analysis is few. It is an innovation in this paper. Third, Based on the theoretical analysis and empirical research, Experience determine and data support, the study propose six M&A model, then, it also propose some suggestion, that in the premise of preventing risk effectively, financial regulators should support M&A of domestic banks in domestic and foreign markets. Government and the banks achieve a win-win, though the M&A cased by micro-motivation(market mechanism),macroscopic motivation(stabilize financial syste、enhance external competitiveness) and ultimate goal of the Bank(upgrade "pure technical efficiency" and "scale efficiency").The limitations of this study have two sides. First, due to our bank mergers and acquisitions market is still in its infancy, and particularly it did not occur the "strong and strong merged" like Citibank acquired Travelers, it can not reflect the performance impact caused by mergers and acquisitions, so, it can illustrate the problem to the analysis of M&A performance, but the lack of precision(In August2010,Ping An of China held90.75%stake of Ping An Bank and subscribe for52%shares of Shenzhen Development Bank.the transaction amounted to29.1billion.it is a typical study case of "strong and strong merged" in china in the future study. Second, the limitations of this study is that the lack of adequate statistical data. It is difficult to quantify the full performance of M&A, to reduce the rigor of the paper analyzes' process and the conclusions. And these two sides will be the important direction of the future research.
可见,与小银行相比,大银行往往具有较高的安全性和可持续发展能力。而要成为一家大银行,既可以通过内源积累的方式逐步成长,也可以通过并购等途径快速做强。根据汇丰、花旗等国际先进银行的经验,但凡能最终成为大银行的,既要重视内源积累,也应不失时机地通过并购跨越赶超。为此我们认为,在当前和未来一个时期,虽然类似“银行并购到底创造多少价值”的讨论不会完全停止,但银行并购显然仍是一个极具理论探讨和实践意义的重要课题。
所以,本文的出发点就是以提升中国银行竞争力为目标,以深化金融改革为主线,以银行并购为研究对象,运用现代经济学相关理论,剖析银行并购这一经济现象的内在本质,对银行并购的动因、绩效及绩效的动因模式等问题进行研究探讨。在研究过程中我们发现,国内外特别是国际上对银行并购的研究已经取得大量成果,特别是针对银行并购的动因,概括提炼了包括提高经营效率、降低交易费用、降低风险动因、获得协同效应等在内的一系列观点；同时对并购绩效的研究,既有理论探讨,也有实证分析,为本文的研究提供了较高起点和诸多有利条件。为此,本文的研究主要是踩在巨人的肩膀上,通过精心选取“中外比较研究”这一新的视角,即通过比较中外银行业并购在动因、绩效及绩效的动因模式等方面的差异,更进一步分析产生这种差异的内在原因,力图为中国银行业实施并购活动提供一些参考借鉴。
概括起来,本文提出了这样几个初步结论：一是强调国际金融危机没有改变国际银行业发展的基本模式,并购仍是中国银行业做大做强、追赶先进的重要途径,应当继续鼓励、大胆实践；二是强调银行并购必须坚持开放姿态和全球视野,不局限于国内,不排斥外部力量,在平等互惠的前提下与境外战略投资者加强全方位合作,在引资的基础上做好引智、引制等工作,用他山之石攻克己玉,提升发展能力；三是强调政府部门应积极作为,进一步完善法律体系和监管规则,为我国银行业并购创造良好环境,提供政策支持；特别是,要在坚持效率、安全、适度规模等前提下,尝试推动银行与非银行金融机构之间的并购、金融机构与部分工商企业之间的渗透,努力在中国金融中心城市打造若干个真正具有综合竞争实力的“金融旗舰”,支撑中国银行业在日趋激烈的全球角逐中扩大话语权,赢得新优势。
全文共分为六章,具体结构安排如下：
第一章为绪论。从本文选题的背景和研究意义出发,对并购的相关概念做了界定,对国内外有关并购的研究成果做了综述,对本文的研究思路、方法以及全文的结构安排做了介绍。
第二章为中外银行并购比较的理论分析框架。提出了构成全文分析框架的三大视角：动因视角、绩效视角以及绩效的动因模式视角；总结了宏微观两大类动因,提出了财务及生产率(规模、技术)两大绩效评价指标,并分析了并购绩效的动因模式类型,就并购绩效的动因模式初步提出了两个假说,为后面章节的比较分析奠定了理论分析框架。
第三章为中外银行并购的动因比较。通过对近百年来并购历程的回顾,着重分析了国内外银行业在不同阶段实施并购的主要动因及其变化；概括了不同并购动因的基本特点,为今后国内银行的并购行为提供理论借鉴。
第四章为中外典型银行并购的绩效比较。介绍了国内外银行并购的典型案例,并对典型案例进行了比较分析；主要对花旗银行与工商银行、汇丰银行与浦发银行曾经实施的并购行为进行绩效分析与比较,分别采用财务指标因素分解法、数据包络分析法(Date Envelopment Analysis,简称DEA)进行分析,得出绩效比较的综合结论。
第五章为银行并购绩效之动因模式的中外比较。通过选取若干变量,基于DEA测度值,并就纯技术效率与规模效率进行计量回归分析,在数理统计意义上揭示中外银行业并购绩效动因模式的不同特征,从而为下一步推动我国银行业并购良性发展提供有价值的参考。同时,通过计量分析,在经验上部分验证了本文第二章提出的两个理论假说。
第六章为推动我国银行业并购活动健康开展的政策建议。分析了国际银行业未来发展趋势,以及我国银行业并购的障碍与困难；结合前面章节的研究结论,有针对性地提出了我国银行业实施并购的政策建议。
本文在借鉴已有研究成果的基础上锐意创新：一是着重对银行并购进行全面的“中外比较”,并从并购动因、并购绩效、并购绩效的动因模式“三位一体”的视角,构建了并购比较研究的理论分析框架。应该说,单一对动因或绩效进行分析比较的研究并不鲜见,但将动因和绩效结合起来,对“绩效的动因模式”进行论证,具有一定的创新性,某种程度上揭示了国内银行业并购绩效与国外存在差距的体制性原因。二是搜集、整理、汇总国内外典型银行的大量年报,用“中外比较”的方式和科学的研究方法做了案例分析。本文重点收集了自2000年以来工行、中行、建行等三大国有银行,招商、浦发、兴业等三家股份制银行,以及摩根大通、花旗、美银、汇丰、渣打、日本三菱东京FJT等六家国外银行的年报数据作为分析样本,进行DEA(数据包络)分析与回归分析,得出了上述银行并购的绩效比对结论。本文在第五章引入参数分析方法,基于Ricardo Correa(2008)的回归模型,将“纯技术效率”与“规模效率”两大指标设为DEA分析的测度值,分析了宏观动因与微观动因对并购绩效的不同影响,提出并验证了本文第二章提出的两个“理论假说”。(假说一：在宏观动因模式下,宏观动因对银行并购绩效的规模效率必然在统计上显著,而对其纯技术效率不一定在统计上显著；当且仅当宏观动因属于内涵式跨国并购时,其对并购的纯技术效率在统计上也为显著。假说二：出于微观动因的银行并购,其内涵式增长动因对纯技术效率在统计上显著,其外延式增长动因对规模效率在统计上显著。详见第二章。)应该说,一直以来,有关银行并购绩效的研究绝大多数使用DEA测度方法与财务指标因素分析法,较少使用参数方法进行计量回归,而本文在这方面进行了积极创新。三是用比较充分的理论分析与实证研究,综合经验判断与数据支撑,提出了中国银行业实施并购战略的政策建议与具体策略。本文在第六章提出了六种并购模式,并建议金融监管部门应在有效防范风险的前提下支持国内有条件的银行在国际国内两个市场不失时机实施并购,用微观动因(市场机制)主导下的并购行为,同时满足政府鼓励并购的宏观动因(稳定中国金融体系、提高对外竞争力)与银行实施并购的最终目标(提高“纯技术效率”与“规模效率”两大指标),做到政府与银行双赢。本文的研究局限在于,一是因为国内银行并购仍然处于发展初期阶段,特别是未发生过类似花旗银行并购旅行者公司这样的“强强并购”,力量悬殊的“强弱并购”不足以说明并购方通过并购带来的业绩影响,所以对并购绩效的分析能说明问题,但缺乏精确度(当然,2010年8月中国平安以其持有的平安银行90.75%的股份以及部分现金认购深发展52%的股权,交易金额达到291亿元,并于2012年1月份宣布即将把深发展A(SZ000001)正式更名为“平安银行”,可以作为今后研究国内“强强并购”的典型案例)。二是本文说理较为充分,能够揭示一些趋势和规律,但搜集的统计样本和数据仍然偏少,难以对并购绩效进行充分深入的定量分析,降低了本文分析过程与所得结论的严密性。这两方面将是本课题今后研究的重要方向。
Since2008, the global financial crisis caused by U.S. subprime mortgage crisis severely tested the global banking industry and lots of criticism. The transformation of Wall Street not only exposed the fragility of the banking industry, also led to thinking about direction of the transformation and business models of bank in the future. Although the current debt crisis is not still in fermentation, the negative impact of the financial crisis continues, recovery of the global economic and financial market is still a lack of strong support. But, overall, after the crisis, for the banks of narrow scope of business, small assets, their anti-risk capability and viability of the reverse cycle is relatively weak. While the large banks which keep on the way of adherence comprehensive and international operations in long-term have the strong viability although they suffered some losses during the crisis.
So, large banks have high security and sustainable development capacity. To become a large bank, it is practical to develop gradually through the accumulation of endogenous approaches, or expands quickly through mergers and acquisitions and so on. According to the experience of HSBC, Citibank and other advanced international Bank. All the large banks eventually pay attention to the accumulation of endogenous and seize the opportunity moment to leap through acquisitions. To this end we believe that, in the current and future period, although the similar discussion of "how much value the mergers and acquisitions of bank can create in the end," will not stop, the issue of the mergers and acquisitions of bank is both theoretical and practical.
Therefore, the basic purpose of this paper is to enhance the competitiveness of bank of China, the principle is to deepen the financial reform, to study the mergers and acquisitions of bank. With the relevant modern economics theory, analysis the intrinsic nature of this economic phenomenon about the mergers and acquisitions of bank, study and discuss the issues on the motives for the mergers and acquisitions of bank and the performance and the motivation patterns of performance and so on. During the study, we found that the study at home and abroad on mergers and acquisitions of bank have made great progress, particularly the study on abroad. As to the motivation for mergers and acquisitions of bank, the study sum up a series of ideas, including improving the operational efficiency, reducing the transaction costs and the risk dynamics, obtaining synergies, etc.; Meanwhile, the research on M&A performance with theoretical discussion and empirical analysis provides a high starting point and many favorable conditions for the study of this paper. Of course, this study is based on the research result of giants and reference to the new perspective of" Domestic and Foreign Comparative Study", By comparing the difference between motivation and performance&motivation model of performance of the banks of China and Foreign Countries, analyze deeply the underlying causes of the difference, try to provide valuable reference for how to implement the correct theory of Bank M&A activity in our country.
In Summary, this paper puts forward such several preliminary conclusions: firstly, it is emphasized that the global financial crisis did not alter the development trend of international banking. M&A are still an important way for China's banking to be bigger and stronger and to catch up with the advanced. They should be encouraged continually, put into practice bravely. Secondly, it is emphasized that bank M&A must adhere to the posture of opening up and global vision, that is to say, neither limited in domestic, nor refuse of the external forces. Stones from other hills may serve to polish the jade of this one. Bank M&A must strengthen all-round cooperation with foreign strategic investors under the prerequisite of the equality and mutual benefit, and introduce good system on the basic of introducing the foreign capital to enhance the development ability. Thirdly it is emphasized that the government should act actively. The legal system and regulatory rules need to be further improved in order to create good environment and provide policy support which can speed up our bank M&A. Especially, on condition that persist in efficiency, safety, moderate scale, try to promote the M&A between banks and non-bank financial institutions, between financial institutions and part of the industry and commerce. And try to build several truly comprehensive and competitive "financial flagship" in the city China's financial center, so as to win new advantage and dominant position for China's banking sector in future global Competitive market.
Text is divided into six chapters, the specific structure as follows:
Chapter One:Introduction. Defining the concept of merger-related from the background and significance of research; reviewing the research on mergers and acquisitions at home and abroad; describing the ideas, methods and structure arrangements of the full text.
Chapter Two:Theoretical analytical framework of Comparison of Bank M&A between China and Foreign Countries. Propose the three perspectives which form the analytical framework of the full text:motivation perspective, performance perspective and perspective of the dynamics model of performance; Summarizing the two micro-macro motivation. Proposing financial and two performance evaluation index of productivity (size, technology), and analyzing the type of motivation model of the M&A performance. Proposing two hypotheses based on motivation model of the M&A performance and the motivation model of the M&A performance, and establishing the theoretical analysis framework for the comparative of the later chapters.
Chapter Three:The comparison on the motivation of Bank M&A between China and Foreign Countries. Through carding the M&A process, Introducing motivation of foreign and domestic bank mergers and acquisitions and changing in the process. Summing up the different characteristics of banking M&A between China and Foreign Countries, providing a theoretical reference for China's banking industry M&A in the future.
Chapter Four:The comparison on performance of typical Bank M&A between China and Foreign Countries. Introducing a typical case of bank M&A at home and abroad, analyzing and comprising the typical case. Analysis and comprise the performance of typical abroad commercial banks and typical domestic commercial banks by Factor Decomposition of Financial Indicators and Date Envelopment Analysis, such as Citibank and Industrial Commercial Bank, HSBC and Shanghai Pudong Development Bank. And then, General conclusions are drawn by comparing the performance.
Chapter Five:The comparison of motivation mode of Bank M&A performance between China and Foreign Countries. Through the selection of a number of variables, regression analyzing pure technical efficiency and scale efficiency measure base on DEA Measurements, revealing the different characteristics of motivation mode of Bank M&A performance between China and Foreign Countries base on Mathematical Statistics. This can provide valuable reference to development of China's banking industry mergers and acquisitions. At the same time, through quantitative analysis, verifying the two theoretical hypotheses in the second chapter.
Chapter Six:The policy recommendation of promoting the healthy development of China's banking industry mergers and acquisitions. Analyzing the development trend of international banking in the future and obstacles and difficulties of China's banking industry mergers and acquisitions. Combined with the previous findings, proposing some policy recommendation of promoting the healthy development of China's banking industry mergers and acquisitions.
The innovation of this paper:First, On the basis of existing research, it creatively takes "the comparison of domestic and foreign" which is about the bank mergers and acquisitions. Through the "Trinity" perspective of motivation model which includes motivation, performance, and motivation mode of performance, it builds a theoretical framework which is about Comparative study of mergers and acquisitions. Currently, analysis and comparison of motivation and performance singly is not uncommon. But, to demonstrate the "motivation model of the performance", combining motivation and performance, it has a certain innovation t. it reveal the performance gap of the bank mergers and acquisitions in structural causes. Second, this study do a case analysis which about the comparison of domestic and foreign, Through collecting and summering a large number of typical domestic and foreign banks'annual reports, which from three major state-owned banks such as ICBC, Bank of China, Construction Bank; joint-stock banks such as Shanghai Pudong Development bank, Industrial development bank; six foreign Bank such as JP Morgan Chase, Citigroup, Bank of America, HSBC, Standard Chartered, Japan's Mitsubishi Tokyo FJT since2000. This study Come to the conclusion that comparative performance of bank mergers and acquisitions by taking DEA efficiency measures and regression analysis. Especially, this paper introduces the parametric analysis. Basing on Ricardo Correa (2008) regression model, where it set the two indicators which are "pure technical efficiency" and "scale efficiency" as the measure of DEA, anglicizing the different effects of mergers and acquisitions performancewhich cased by macro-and micro-motivation motivation. Proposing and verifying two theoretical hypotheses (Hypothesis one: the size efficiency of bank M&A performance cased by macroscopic motivation is significant inevitably, but the pure technical efficiency is not necessarily significant; If and only if the macroscopic motivation are content-type cross-border mergers and acquisitions, the acquisition is also statistically significant. Hypothesis two:under the micro-motivation, the pure technical efficiency cased by Content-type growth motivation is statistically significant; the scale efficiency cased by epitaxial growth motivation is also statistically significant. See Chapter two). The Study on bank M&A performance is mostly using DEA measurement methods financial indicators analysis, but the measured regression by parametric analysis is few. It is an innovation in this paper. Third, Based on the theoretical analysis and empirical research, Experience determine and data support, the study propose six M&A model, then, it also propose some suggestion, that in the premise of preventing risk effectively, financial regulators should support M&A of domestic banks in domestic and foreign markets. Government and the banks achieve a win-win, though the M&A cased by micro-motivation(market mechanism),macroscopic motivation(stabilize financial syste、enhance external competitiveness) and ultimate goal of the Bank(upgrade "pure technical efficiency" and "scale efficiency").The limitations of this study have two sides. First, due to our bank mergers and acquisitions market is still in its infancy, and particularly it did not occur the "strong and strong merged" like Citibank acquired Travelers, it can not reflect the performance impact caused by mergers and acquisitions, so, it can illustrate the problem to the analysis of M&A performance, but the lack of precision(In August2010,Ping An of China held90.75%stake of Ping An Bank and subscribe for52%shares of Shenzhen Development Bank.the transaction amounted to29.1billion.it is a typical study case of "strong and strong merged" in china in the future study. Second, the limitations of this study is that the lack of adequate statistical data. It is difficult to quantify the full performance of M&A, to reduce the rigor of the paper analyzes' process and the conclusions. And these two sides will be the important direction of the future research.
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①所谓交易费用,是指企业利用市场机制时所需支付的费用,包括为寻找交易对象而支付的信息费用,为谈判、签约而支付的签约费用,为监督执行合约而支付的履约费用等。交易费用可以降低,但不可能完全消除,其费用水平取决于资产专用性程度、市场不确定性以及交易频率。这一理论把交易作为经济分析的细胞,并在有限理性,机会主义动机,不确定性和市场不完全等几个假设的基础上展开。它认为市场运作的复杂性会导致交易的完成要付出高昂的交易费用。为了节约交易费用,可以用新的交易形式—企业来代替市场交易。通过企业并购重组和内部化可以节约交易费用。
②弗雷德.威斯通等：《兼并、重组与公司控制》,经济科学出版社,1998年版,第135-176页。
①童文俊.《中国银行业并购的动因与战略研究》,复旦大学博士论文,2005年
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②长期平均成本曲线LAC是短期成本曲线(SAC1、SAC2和SAC3)的包络线,只有达到规模经济,LAC正好与代表最优规模的短期平均成本曲线相切于两者最低点。
③庄乾志,《银行发展：市场化和国际化》,北京大学出版社,2001年7月第一版,p358
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①跨国公司在华并购战略及对策研究[D].
②q比率是1981年诺贝尔经济学奖获得者托宾(James Tobin)于1969年提出,它是某个股票市场的总市值与该股票市场所有上市公司总的挣资产值之比,即：q=股票市场的总市值/股票市场上市企业总资产值。
①经验曲线效应是指通过并购获得原有银行或非银行金融机构的各种资产的同时,还获得了原有银行或非银行金融机构的经营管理经验,从而提高经营水平。
②资料来源：吴庆德、邓荣霖主编：《企业兼并问题研究》,中国人民大学出版社,1992年版,P155。
①J.弗雷德.威斯通(J.Fred Weston)等著,唐旭等译：《兼并、重组与公司控制》[M]；；经济科学出版社,1998,118-146
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①王果：《银行跨国并购：动因、绩效与政策协调》,上海社科院2008年博士论文,P49
①银行的“非正常收益”,又称“超常收益”,根据资本市场定价模型,可以用公式表示:ARit= Rit-(ai+biRmt) Rit为银行股票i在时间t的实际收益,Rmt为银行股票的市场组合在时间t的实际收益。
② Stephen A. Rhoades.A summary of merger performance studies in banking,1980-93, and an assessment of the "operating performance" and "event study" methodologies.Board of Governors of the Federal ReserveSystem,Staff Study 167,1994
③ Houston,Joel F.,Ryngaert,Michael D.,The overall gains from large bank mergers,Journal of Banking&Finance, Volume 18, Number 6, December 1994, pp.1155-1176(22)
④ Cybo-Ottone A.;Murgia M, Mergers and shareholder wealth in European banking,Journal of Banking&Finance, Volume 24,Number 6,June 2000,pp.831-859(29)
⑤ Cybo-Ottone A.;Murgia M,Mergers and shareholder wealth in European banking.Journal of Banking& Finance,Volume 24,Number 6,June 2000,pp.831-859(29)
①转引童文俊.9822中国银行业并购的动因与战略研究[D]
②胡峰,《银行跨国并购：理论、实证与政策协调》,北京：中国财政经济出版社,2005：160-164
③转引银行跨国并购对效率影响：理论研究与欧洲实践
①转引自陈璐.银行并购实证研究的发展及方法论演进.金融研究,2005,(!)。
②银行X效率是银行核心竞争力的前提和从础。X效率的概念是利本斯川(Leibenstein,1966)提出来的,它指的是企业而不是市场有效率地配置资源以及选择具有技术效率的生产计划的能力。它代表的是来源不明的非配置效率(罗杰弗朗茨,1993年)。如果这种效率存在,就称之为X效率,如果不存在,则称之为x低效率。
③ Linder,J.,Crane, what is takes tobank mergerspay[J].AluerieanBanker, 1992,22(7):4-9.
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⑤ Spindt,P.A., (1992),Are there synergies in bank mergers?,workingpaper,Tulane University,New Orleans,LA.
⑥ Y.Amihadand G Miller Bank Mergers and Aequisitions,1998
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⑧ Berger, A.N.The efficiency effects of bank mergers and acquisitions:A preliminary look at the 1990s data.Kluwer Academic Publishers,1998:79-111(XX)
①马红霞,欧盟银行业并购的特点及其绩效分析,《世界经济》,2004(5)：34-41.
②转引马红霞.欧盟银行业并购的特点及其绩效分析.世界经济,2004(5)：34-41
③ Berger, Hunter, Timme, "The Efficiency of Financial Institutions:A Review and Preview of Research Past, Present and Future", Journal of Banking and Finance,1993, vol.17, pp.221-249.
④ Farrell, M.J., The measurement of productive efficiency, Journal of the Royal Statistical Society,1957 serious A, CXX,253-81
⑤刘小剑.我国银行业并购效应的理论分析和实证研究,长沙,湖南大学2002年,第20-22页.
① Berger, Hunter, Timme, "The Efficiency of Financial Institutions:A Review and Preview of Research Past, Presentand Future", Journal of Banking and Finance,1993, vol.17, pp.221-249.
Dennis J.F,Kimberly D.Z,"An Index Number Approach to Measuring Bank Efficiency:An Application to Mergers", Journal of Banking and Finance,1993,p.65.
① Harold O.Fried,C.A.Knox Lovell,Suthathip Yaisauamg,"The Impact of Mergers on Credit Union Service Provision",Journal of Banking and Finance,1999, vol.23,pp.367-389.
②李晴：《中国商业银行并购效率问题研究》,沈阳.东北财经大学,2007年,第29-36页.
③向力力、李斌：《银行并购与银行效率的分析方法与实证研究》,载《上海金融》2003年第12期,第24-25页。
④ Berger, A.N.The efficiency effects of bank mergers and acquisitions:A preliminary look at the 1990s data.Kluwer Academic Publishers,1998:79-111 (XX)
⑤ Aruna Srinvasan, Larry D.Wall.Cost savings associated with bank mergers.Federal Reserve Bank of Atlanta, Working Paper 92-2,1992
⑥ Rudi Vander Vennet, "The Effect of Mergers and Acquisitions on the Efficiency and Profitability of EU Credit Institution", Journal of Banking and Finance,1996, p.67.
⑦ Vennet,"Cross-border Mergers in European Banking and Banking Efficiency", Working paper,2002,p.12.
⑧ Stephen AR,"Efficiency Effects of Horizontal(in market)Bank Mergers",Journal of banking and Finance, 1993,p.98.
①林炳文,银行并购与效率之分析：SFC与DEA方法之比较,《产业经济研究》,2004(1)：17-27
②注册会计师协会编：《财务成本管理》,中国财政经济出版社,2010年第一版,第63-65页。
①魏权龄：《数据包络分析》,科学出版社,2004年第一版,第75-76页。
① Banker,Charnes,Cooper.some models for estimating technical and scale inefficiencies in data envelopment analysis[J].Management Science 1984,(30):1078-1092
①胡峰.银行跨国并购：理论、实证与政策协调[M].北京：中国财政经济出版社,2005。
①刘逖：《跨国银行与金融深化》,上海.上海远东出版社,1998年版,第22页。
①该法案实施效果明显：1995-1997年美国银行并购总金额逐年升高,一度衰落的美国银行业的国际地位迅速回升,1996年的国际银行资本排序,全球50家大银行中,美国的银行从1992年的3家上升到10家。---陈欣烨：《金融混业经营的国际发展趋势分析》,上海财经大学国际工商管理学院http://61.138.111.246/xxzx/pages/pagelist.jsp?id=8450,2006-03-21.
②董保芸,胡峰,论并购在跨国银行成长中的作用——以汇丰银行为例[J],河南财政税务高等专科学校学报,2006年02月。
①蒋默然：《浅议银行并购动因》,《合作经济与科技》2008年2月号下期,第105-106页。
①刘特、王雪梅：《国外跨国银行并购中国商业银行的动因及影响》,《科技咨讯》2008年第25期,第195-196页。
①董祥海：《银行并购与中国银行业整合研究》,广西大学2006年硕士学位论文,第33-34页
①本部分参考童文俊：《中国银行业并购的动因与战略研究》,复旦大学博士论文,2005年,第32-38页
①张渠：《银行国际化并购与绩效研究》,对外经济贸易大学博士论文,2007年,第73-75页
①张渠：《银行国际化并购与绩效研究》,对外经济贸易大学博士论文,2007年,第71-72页
①本表根据《银行国际化并购与绩效研究》数据重新计算调整得出。张渠：《银行国际化并购与绩效研究》,对外经济贸易大学博士论文,2007年,第80页。
②刘晓剑.《我国银行业并效应的理论分析与实证研究.湖南大学博士论文》,2006年,30-35页
①本表数据来源：刘晓剑.《我国银行业并效应的理论分析与实证研究》湖南大学博士论文,2006年,30-35页
②前文我们提到了ROA、ROE,这里又提到ROAA、ROAE。两组指标说明的是同样的问题,只是在计算方式上略有区别,后者增加了“年化”、“全年平均”的概念,但不影响分析的过程和结果。
①Ricardo Correa.Cross-Border Bank Acquisitions:Is there a Performance Effect? Journal of Financial Services Research (2008),Volume:36, Issue:2001, Pages:169-197
②苏舟：《银行跨国并购效率及其决定因素研究：欧盟经验》,华东师范大学博士毕业论文,2010年版,P64
③一般而言,选择进入自身原先不涉足的领域,则意味着现有生产技术可能获得突破,实现微观上的内涵式增长动因。
①张渠：《银行国际化并购与绩效研究》,对外经贸大学2007年博士论文,P67-P69
①http://www.forumcn.com/inews/html/gjcjlw_2/zqjr_17/yhhb_63/2004-09/1094393608.php
①[英]斯蒂芬·I.戴维斯：“银行并购：经验与教训”,中国金融出版社,2003.12
③③[张振辉、达庆利：“灰色系统理论在企业并购风险识别中的应用”,《经济管理》,2003.11
④胥朝阳：“企业并购风险的因素识别与模糊度量”,《商业时代》,2004第15期
⑤美国控制论专家、数学家查德：《模糊集合》,1965年
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①所谓交易费用,是指企业利用市场机制时所需支付的费用,包括为寻找交易对象而支付的信息费用,为谈判、签约而支付的签约费用,为监督执行合约而支付的履约费用等。交易费用可以降低,但不可能完全消除,其费用水平取决于资产专用性程度、市场不确定性以及交易频率。这一理论把交易作为经济分析的细胞,并在有限理性,机会主义动机,不确定性和市场不完全等几个假设的基础上展开。它认为市场运作的复杂性会导致交易的完成要付出高昂的交易费用。为了节约交易费用,可以用新的交易形式—企业来代替市场交易。通过企业并购重组和内部化可以节约交易费用。
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②长期平均成本曲线LAC是短期成本曲线(SAC1、SAC2和SAC3)的包络线,只有达到规模经济,LAC正好与代表最优规模的短期平均成本曲线相切于两者最低点。
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②q比率是1981年诺贝尔经济学奖获得者托宾(James Tobin)于1969年提出,它是某个股票市场的总市值与该股票市场所有上市公司总的挣资产值之比,即：q=股票市场的总市值/股票市场上市企业总资产值。
①经验曲线效应是指通过并购获得原有银行或非银行金融机构的各种资产的同时,还获得了原有银行或非银行金融机构的经营管理经验,从而提高经营水平。
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①银行的“非正常收益”,又称“超常收益”,根据资本市场定价模型,可以用公式表示:ARit= Rit-(ai+biRmt) Rit为银行股票i在时间t的实际收益,Rmt为银行股票的市场组合在时间t的实际收益。
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③转引银行跨国并购对效率影响：理论研究与欧洲实践
①转引自陈璐.银行并购实证研究的发展及方法论演进.金融研究,2005,(!)。
②银行X效率是银行核心竞争力的前提和从础。X效率的概念是利本斯川(Leibenstein,1966)提出来的,它指的是企业而不是市场有效率地配置资源以及选择具有技术效率的生产计划的能力。它代表的是来源不明的非配置效率(罗杰弗朗茨,1993年)。如果这种效率存在,就称之为X效率,如果不存在,则称之为x低效率。
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①该法案实施效果明显：1995-1997年美国银行并购总金额逐年升高,一度衰落的美国银行业的国际地位迅速回升,1996年的国际银行资本排序,全球50家大银行中,美国的银行从1992年的3家上升到10家。---陈欣烨：《金融混业经营的国际发展趋势分析》,上海财经大学国际工商管理学院http://61.138.111.246/xxzx/pages/pagelist.jsp?id=8450,2006-03-21.
②董保芸,胡峰,论并购在跨国银行成长中的作用——以汇丰银行为例[J],河南财政税务高等专科学校学报,2006年02月。
①蒋默然：《浅议银行并购动因》,《合作经济与科技》2008年2月号下期,第105-106页。
①刘特、王雪梅：《国外跨国银行并购中国商业银行的动因及影响》,《科技咨讯》2008年第25期,第195-196页。
①董祥海：《银行并购与中国银行业整合研究》,广西大学2006年硕士学位论文,第33-34页
①本部分参考童文俊：《中国银行业并购的动因与战略研究》,复旦大学博士论文,2005年,第32-38页
①张渠：《银行国际化并购与绩效研究》,对外经济贸易大学博士论文,2007年,第73-75页
①张渠：《银行国际化并购与绩效研究》,对外经济贸易大学博士论文,2007年,第71-72页
①本表根据《银行国际化并购与绩效研究》数据重新计算调整得出。张渠：《银行国际化并购与绩效研究》,对外经济贸易大学博士论文,2007年,第80页。
②刘晓剑.《我国银行业并效应的理论分析与实证研究.湖南大学博士论文》,2006年,30-35页
①本表数据来源：刘晓剑.《我国银行业并效应的理论分析与实证研究》湖南大学博士论文,2006年,30-35页
②前文我们提到了ROA、ROE,这里又提到ROAA、ROAE。两组指标说明的是同样的问题,只是在计算方式上略有区别,后者增加了“年化”、“全年平均”的概念,但不影响分析的过程和结果。
①Ricardo Correa.Cross-Border Bank Acquisitions:Is there a Performance Effect? Journal of Financial Services Research (2008),Volume:36, Issue:2001, Pages:169-197
②苏舟：《银行跨国并购效率及其决定因素研究：欧盟经验》,华东师范大学博士毕业论文,2010年版,P64
③一般而言,选择进入自身原先不涉足的领域,则意味着现有生产技术可能获得突破,实现微观上的内涵式增长动因。
①张渠：《银行国际化并购与绩效研究》,对外经贸大学2007年博士论文,P67-P69
①http://www.forumcn.com/inews/html/gjcjlw_2/zqjr_17/yhhb_63/2004-09/1094393608.php
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③③[张振辉、达庆利：“灰色系统理论在企业并购风险识别中的应用”,《经济管理》,2003.11
④胥朝阳：“企业并购风险的因素识别与模糊度量”,《商业时代》,2004第15期
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