中国银行业跨国并购研究

【作者】 陈枫；

【导师】 孔爱国；

【作者基本信息】 复旦大学 ， 工商管理， 2009， 硕士

【摘要】 随着经济全球化和金融一体化,实施国际化的战略成为了必然趋势。对于国际银行业而言,一方面其面临着更广阔的市场空间,另一方面也面临全球范围内的激烈竞争。中国加入世界贸易组织以后,中国经济加速与世界经济融为一体,跨国贸易和跨国投资高速增长。国内企业也加快了“走出去”的步伐,企业跨国经营活动的蓬勃发展,迫切需要国内金融机构提供相应的“跟随”服务。自2003年以来,中国银行业进行了一系列积极地改革和发展,中资银行在公司治理、盈利能力、竞争实力等方面都有了较大的提高。国内银行一方面在产品、服务及渠道等各方面不断推陈出新,以应对激烈的竞争;另一方面,中资银行顺应时势,逐步把眼光投向海外市场,开设海外分行或是通过兼并与收购等方式,开辟新的战场。然而,目前中资银行的海外服务网络尚为薄弱,且国际化业务所占的份额较低,仍无法为跨国企业提供全球性的金融服务,这已经成为影响国内银行竞争力提高的重要因素。作为拥有数大金融财团或超级银行的西方发达资本主义国家,为国内银行业的跨国经营、兼并与收购提供了大量翔实的案例及丰富借鉴经验。本文通过对德意志银行跨国并购的案例分析,分别从并购战略、决策流程、并购绩效等各方面总结其一系列并购的成功经验。银行跨国并购的战略应当符合集团长期发展的目标,并且应根据内外部环境变化做适时调整:决策流程应明晰规范,需要兼顾业务发展需要和风险控制两方面;过渡时期的安排与后期整合及绩效评价同样是并购后评价的重要环节。同时,本文结合我国商业银行自身发展的特点,从并购时机、并购区域选择、并购对象以及业务范围上对我国银行业的跨国并购提出了相应的建议。作为跨国并购的初学者,我国商业银行在跨国并购的路径上还当循序渐进,在业务范围上选择互补的并购对象,在地域选择上立足亚洲、逐步向外扩张,在文化上选择相近的合作伙伴。从长期来看,我国商业银行需要立足于世界,成为行业的领军者,还需要在经营理念、业务范围、激励机制等各方面加强创新,这同时也是我国银行业进一步通过跨国并购进行海外扩张的基石。更多还原

【Abstract】 With the development of globalization and financial integration, the internationalization has become an irreversible trend. The global banking sector is facing broader market as well as even more fierce competition. After China’s entry into WTO, China’s economy has accelerated to integrate with the world economy, the transnational trade and investment saw a rapid increase. The Chinese companies are speeding up to going overseas, and are in an urgent need of transnational financial service.Chinese banking sector has undergone a serial of proactive reforms and development since 2003. Chinese banks have seen a great improvement on corporate governance, profitability and competitiveness. On the one hand, they keep on making innovations on products, service and channels etc. to facing the fierce competition; On the other hand, they start to invest in the overseas market by opening branches or by doing merger and acquisition.However, Chinese banks currently have relatively weak overseas network, and the overseas business is also a minor part. The need for financial service of multinational companies is still far from being satisfied, and it has become an obstacle for Chinese banks to improve its competitiveness. The financial consortiums or Super banks in developed countries have provided us with abundant of banking M&A cases and experiences. By analyzing the successful M&A of Deutsch Bank from the perspective of strategy, process and post-M&A assessment, the paper has come up with several valuable experiences. The M&A strategy should always be in line with the whole group’s long term vision, and need to be adjusted according to the changing environment. The decision process for M&A should be well-organized, while the consideration of business development and risk control are of the same importance. Post M&A evaluation and the integration plan are also indispensable.From the perspective of Chinese banking, the paper provided several suggestions for Chinese banks’ overseas merger and acquisition. As a new starter of transnational M&A, Chinese banks need to learn and expand step by step. The acquisition of the business could start from the complementary area, and it’s also wise to step into Asia first and then expand further because of the similarity in culture.For the sake of long term development, Chinese banks should become the leader of the global banking sector. There are a lot to do, innovations on managing conception, business scope and incentive mechanism are highly required. And again, they’re all the foundation for further overseas M&A and expansion.更多还原