我国银行并购问题研究

【作者】 朱珣；

【导师】 张静琦；

【作者基本信息】 西南财经大学 ， 金融， 2003， 硕士

【摘要】 自从二十世纪九十年代以来，国际银行业并购事件层出不穷。这一系列事件表明，各国的银行业正在通过并购手段，进行深刻而大规模的结构整合。而全球银行并购浪潮的高涨，同时也展示了未来银行业的市场结构和竞争态势。我国的银行业正在通过体制改革逐步适应市场并与国际接轨，然而不仅银行自身仍然存在诸多问题，而且面临着入世后外资银行的严峻挑战。我国是否同样可以运用并购这一手段，以及（如果可以）怎样运用这一手段，来实现我国金融体制改革和银行自身发展的目标，无疑是一个紧迫而严肃的课题。银行并购是一个涵盖宏微观多个方面的系统性工程，站在不同的角度，有不同的认识和看法。银行作为微观主体，关注的更多的是单个并购利益和特定技术问题；社会作为宏观主体，关注的更多的是整个并购效益和综合制度安排。限于篇幅和能力的有限，文章不能面面俱到，考虑到我国目前尤其缺乏的是良性的制度环境，所以仅选择从银行业健康发展和社会综合效益提高的角度进行集中研究。文章学习借鉴现代商业银行理论、现代企业制度原理、产权制度理论的研究成果，运用历史考察与现实分析相结合、对比分析与综合分析相结合的方法，分析了我国银行并购的必要性，考察了我国银行并购实践的现状和偏差，旨在提出构建银行并购制度框架的方案，既能纠正现有偏差，又能促进良性循环。文章首先在前言中给银行并购进行概念界定，然后在正文中分三大部分对银行并购有关问题进行深入讨论，各部分主要内容如下：第一部分考察我国银行并购的内在需求。首先任何银行——无论是市场经济发达国家的银行，还是转轨经济国家的银行——自身都有并购的内在需求。银行作为一个现代企业、一个市场主体，追求利润最大化是它的本质属性，而银行并购的根本动因也在于此。市场势力理论（Market Power）、效率理论（Efficiency Theory）和交易费用理论（Transaction Cost），正是从不同角度分析了银行自主并购的内在动因：市场势力理论着重讨论并购<WP=3>带来的规模效应，效率理论主要分析并购带来的“协同效应”，而交易费用理论致力研究并购带来的交易费用（成本）减少。并购带来的这些效应都有助于银行“利润最大化”目标的实现，因此可以说，银行自身都有并购的内在需求。阐述这些理论同时也为我们进行我国银行并购问题研究作了理论的铺垫。紧接着说明我国银行的特殊性。我国银行是转轨经济中的银行，在这个特定的历史阶段，受着自身众多问题的困扰，也面临着巨大的外部压力，更有并购的需求。从自身问题上看，我国银行——尤其是四大国有商业银行——普遍存在着资本金不足、经营管理水平不高、规模不经济等问题，以前的改革和尝试都没能很好的解决上述问题，通过综合考察，我们有理由认为并购是解决这些问题的有效手段。从面临的外部压力上看，我国已经加入世界贸易组织，对外资金融机构打开了国门，面对外资金融机构在资金、技术、人才以及发展模式上的众多优势，我国的银行也需要通过并购来保证生存和发展。第二部分对我国银行并购的现状和偏差进行分析，这也是全文的重点。我国银行不仅有并购的内在需求，也进行了一些探索。因此在这部分中首先简要回顾了我国银行并购的短暂历程。这是现状和偏差分析的前提和基础。然后简单介绍市场经济发达国家银行并购的操作流程，并与我国已经实施的并购进行差异分析。通过对比看出，我国的银行并购在并购目的、并购策略、并购方式以及政府在并购中的角色上，与市场经济发达的国家的并购相比，有着巨大的不同。这些差异显示：中西银行并购的根本差异在于政府在银行并购中的定位差异。我们不能简单的说，市场经济发达国家的银行并购必然优于我国的并购，也不能盲目的跟随他们的做法，采取他们的政府定位。毕竟我国有自己的国情和长远发展目标。为此文章接着对政府在银行并购中的定位进行分析，希望寻求适当的政府定位点。这里，我们把政府机制和市场机制看作是银行并购中两个可以相互替代的因素，在银行并购中同时发挥作用。理论上讲，两者之间必然存在一个理想的结合<WP=4>点，即理想的政府定位点，在这一点上政府和市场机制得到最协调的发挥。在客观上，这一点也是存在的，它是某个经济体各个经济变量、政治变量、文化及其他社会变量的综合函数，对于任何一个特定的经济体，这些变量都有一个特定的值，在函数关系确定的条件下，就可以得出一个客观的、各国不同的最优政府定位点。然而在实际上，由于存在十分的量化难度和函数关系的难以确定，要定量地得出这一最优点是不可能的。但是对它的讨论，却为我们从定性角度分析我国银行并购偏差打下了基础。紧接着从银行并购的实际作用效果出发进行偏差的定性分析。最优点的偏离一般有两种情况，一是市场机制过多的偏离，一是政府机制过多的偏离。前者更多的显现出只有市场、没有政府作用的负面作用，如可能带来的垄断会损害消费者的利益；可能因为规模过大反而增大经营风险；带来新的监管难题、增大监管成本等。而后者则更多的显现出只有政府、而没有市场机制的负面效果：由于信息不对称或浓重的主观意志而影更多还原

【Abstract】 Since 1990’s, bank merger and acquisition (M&A) events appeared one after another in the globe range. The upsurge of bank M&A indicated that all countries’ banking was just carrying out a deep-going and extensive structure adjustment, and it also revealed the market structure and the competition pattern of the future banking. China’s banking system is also performing reform so as to meet the market’s requirement and the world trend. Whether we can use the method of M&A, and if can, how to use, no doubt, is an urgent and serious subject for us to achieve the reform aim and the banking development.Bank M&A is a systematic project ranging over microscope and macro scope. From different point of view, we can get different recognition. Banker, as micro subject, usually pays close attention to their own technique problem involved in M&A and what profit M&A can bring in; while society, as macro subject, always to the whole institutional arrangement and the synthetic interest. Limited from the article and the ability, and considering the good institutional environment is the most urgent need, this thesis has made a study only based upon the whole interest of banking and society. It drew support from the beneficial result of modern economics research, followed the methods of historical inspection and contract analysis, discussed the compatibility of bank M&A in China, inspected the current status and deviation of our up-day’s bank M&A, and finally gave suggestions to construct a healthy institution for<WP=7>bank M&A.The thesis can be divided into three parts:Part 1: Inspect the Necessity and Compatibility of Bank M&A in China.M&A is an inborn impulsion of every bank in developed country as well as in developing country. To maximize profit is every modern enterprise’s (including modern commercial bank) natural characteristic, and is also the utmost impulsion of M&A action. Market Power Theory, Efficiency Theory and Transaction Cost Theory all study and analyze the internal motivation of bank M&A just from different standpoint: Market Power Theory emphasized the scale effect following M&A, Efficiency Theory the synergy coming with M&A, Transaction Cost Theory the cost decrease resulted from M&A. All these effects are helpful to maximize profit. The theories above foreshadowed our bank M&A research.Then the thesis illuminated the specific characteristics of our banking. The economy of our nation is now in a transforming period, and our banking is not only bothered with many difficult problems, but also faced with quite outside challenge. On the one hand, the problems, such as impaired capital, managing and operating inferiority, scale but uneconomic holding, still exist after previous reform attempt. We have reasons to believe M&A will be the efficient means to solve the above problem, which is based upon profound and comprehensive thought. On the other hand, our nation has already been a member of WTO. It necessarily means the finance market door has been opened to<WP=8>foreign financial institutions that have great advantages in fund, technique, human resources and growth pattern. China needs M&A to guarantee the banking survival.Part 2: Inspect the Current Status and Analyze the Deviation of our Up-day’s Bank M&A.Our banking has already made some probe on M&A, so here we first make a brief review, which will be the base and premise of our following analysis.Then the operation flow of developed country’s bank M&A, which the thesis contrasted with our bank M&A performance, is showed. The contrast told us there were great differences between domestic and oversea bank M&A. These differences lie in M&A motive, M&A tactics, M&A mode and the role of government in M&A, and they have the same root——government location in M&A.Without consideration, we can’t say that the bank M&A in the developed countries are superior to that in our nation, neither can we follow blindly their way. After all, we have our own state condition and long-term development plan, so we should find out更多还原