【作者】 许南；

【导师】 张亚斌；

【作者基本信息】 湖南大学 ， 国际贸易学， 2006， 博士

【摘要】 目前跨国并购方式已成为金融机构实现国际化经营的主要方式之一。大型金融机构通过跨国并购将其物理形式的经营网络扩张到世界各地的同时，也将虚拟金融资本的全球化推进到一个前所未有的高度。在由欧美发达国家的大型金融机构掀起的金融业跨国并购浪潮中，先天发育不足，后天营养不良的中国金融业如何争取生存权、拓展发展权、抢到话语权，是一个历史意义极强的经济理论命题，也是一个现实意义极强的经济实践命题。 本文的论证主线是：结合金融业跨国并购动因对金融业跨国并购效率进行分析，然后对金融业跨国并购中的国家风险、阶段风险的规避以及对支付方式的合理选择问题进行深入探讨，进而对并购完成后如何整合提出实际可行的方案，最后结合中国金融业的现状和其在跨国并购中的表现，从大的地域拓展方向和小的组织过渡层面，设计中国金融业跨国并购的战略安排和路径选择。 金融业跨国并购动因分为内部动因和外部动因。内部动因包括基于产业组织学说的垄断优势理论、产品生命周期理论和寡占反应理论；基于经济动因的效率理论、信息理论和交易费用理论；基于战略动因的市场势力理论、金融博弈理论和基于个人动因的代理成本理论；外部动因包括金融自由化的推动、金融大危机的促使、金融业竞争加剧、信息技术的发展和母国政府监管放松等，本论文对此进行了完整系统的阐述分析，并在此基础上提出了基于国家利益的金融业跨国并购动因，引入了“国家利益”这一经济变量，突破了以往理论界对金融业跨国并购动因研究局限于微观经济主体范围的现状，同时结合中国金融业的实际，分析了其求生存和谋发展的跨国并购动因。 本论文对金融业跨国并购的成本效率、利润效率、风险期望回报效率、X-效率进行了系统阐述，对各种效率评估方法特别是目前使用比较广泛的非参数DEA分析法进行了系统阐述。通过效率二元实现机理模式分析得出：(1)内外部成本和收益、并购方的经验和金融技术的进步会对金融企业跨国并购微观效率的获得产生影响；(2)市场的互补或替代程度、东道国国内金融市场竞争状况和二级市场对并购的反应会对金融企业跨国并购宏观效率的获得产生影响。该模式将金融业跨国并购效率实现的复杂机理过程简单化，较好地解决了以往对金融业跨国并购效率进行分析时，由于具体的影响因素复杂繁琐而导致分析时无从下手的问题。 对于跨国并购的具体的操作和实施问题，本论文进一步从金融业跨国并购的运营角度进行了分析。针对金融业跨国并购中可能出现的国家风险以及阶段风险，提出了详细的规避措施。为了实现金融企业跨国并购成本最小化，在对并购过程更多还原

【Abstract】 Cross boarder merger & acquisition now has become the major method of financial industry’s international operations. With financial industry’s physical operation network has expanded to places all over the world by means of m&a, globalization degree of fictitious financial capital also has reached to an unprecedented altitude at the same time. In the tide of financial industry’s cross-border mergers and acquisitions which was triggered by large-scale financial institutions of European and American countries, how can Chinese Financial Industry which has congenital development deficiencies and acquired malnutrition fight for survival authority, expand the development power, and seize the announcement right is not only an economic theory proposition with great historical significance, but also a very realistic topic in the economic practice.The demonstration mainline of this article is: analyze the financial industry’s cross boarder m&a’s efficiency combining with its motivation power, then explore deeply the evasion measures of country risk and stage risk and the reasonable choice of payment method for the purpose of lower the risk and reduce the cost in cross boarder m&a. The paper will further provide the adaptable conformity scheme and finally design Chinese financial industry’s strategic arrangement and pavement choice of cross border m&a from the macro region expansion direction and the micro organization transition aspect.Financial industry’s cross boarder m&a’s motivation can be divided into internal motivations and external motivations. The former includes monopolistic advantage theory, product life cycle theory and oliopolistic response theory based on the industrial organization doctrine; efficiency theory, information theory and transaction cost theory based on economical motivations; market strength theory, financial game theory based on strategic motivations and agency cost theory based on individual motivations. The latter include impetus of financial liberalization, spur of big financial crisis, aggravations of financial industry competition, development of information technology , relaxation of parent country’s supervise and management and so on. Based on the above mentioned principle & theory, the article has put forward the cross boarder m&a motivations of national interest pushing, the introduction of variables of national interest has broke through the former study circumstance which is limited to更多还原