摘要
本文整合2006-2018年的中资银行跨境并购案例,基于短期市场价值与长期财务状况两个视角,围绕并购绩效进行实证研究。研究发现:中资银行跨境并购可以改善银行的短期绩效,并购方盈利能力、并购规模、并购后持股比例和相对人均GDP对短期并购绩效均具有一定的正向促进效应;长期研究中,从盈利能力、风控能力、发展能力三个方面构建并购绩效财务指标评价体系,发现跨境并购在长期内有助于提升银行的财务绩效。最后提出优化路径。
The paper integrates the cross-border M&A cases of Chinese banks from 2006 to 2018.Based on the two perspectives of market value and financial status,this paper conducts empirical research on M&A performance.The study found that cross-border M&A can improve the short-term performance of banks;The ROA,the scale of the merger,the shareholding ratio and the relative GDP per capita all have a certain positive effect on short-term M&A performance;In the long-term research,the financial indicator evaluation system for M&A performance was developed from three aspects:profitability,risk control capability,and development capability,and found that cross-border M&A can improve the financial performance of banks in the long-term.Finally,this paper puts forward policy suggestions.
出处
《投资研究》
CSSCI
北大核心
2021年第7期110-127,共18页
Review of Investment Studies
基金
国家社会科学基金项目(16BGL054)
关键词
中资银行
跨境并购绩效
市场价值
财务状况
Chinese banks
Cross-border M&A performance
Market value
Finance situation
