【作者】 李佳；

【导师】 安庆贤；

【作者基本信息】 中南大学 ， 管理科学与工程， 2022， 硕士

【摘要】 近年中国经济发展迅速,并购浪潮随着产业结构调整出现。经济市场调整,银行业首当其冲,而并购是其实行金融改革的重要手段。并购带来的协同效应,帮助银行降低成本、增加盈利。基于此,本文采用两阶段基于松弛变量的测度方法,测算2004-2018年参与并购的银行的两阶段绩效及其生产率变化,使用中国上市银行样本分析并购在银行改革时期的作用和重要性,并进一步探究并购如何影响银行绩效以及并购效应的影响因素。主要工作如下:(1)构建考虑非期望产出的两阶段绩效静态评价模型。首先将存款产生的过程(资金积累阶段)和盈利过程合并为银行系统的两阶段结构。在此基础上,构建了考虑不良产出弱可处置性的松弛测度模型,对我国14家并购银行的绩效进行了测度。总体而言,银行的并购行为多发生于效率较低时,银行的资金积累阶段表现更好,而盈利阶段存在学习现象。(2)在研究银行动态并购绩效时,我们采用全局Malmquist指数评价银行在并购过程中的绩效变化,并分析效率变化率和技术变化率。此外,为了制定并购计划,我们从两个角度对并购银行进行了分类,以获得需要改进的阶段和可借助的发展趋势:(i)根据两个阶段的绩效高低将它们分为四类;(ii)按效率变化率和技术变化率的高低重新分成四类。最后,为银行参与并购提出了针对性的政策建议。(3)使用双重差分模型和Tobit回归模型分析影响中国上市银行银行绩效的因素。对并购事件的回归分析发现银行在发生并购行为的过程,对银行整体绩效和盈利阶段的绩效呈现正向影响,而对资金积累效率呈负向影响。使用双重差分模型验证了2010年的兼并重组政策的有效落实,分析发现该政策总体上提高了上市银行的整体表现和盈利能力,但是降低了银行的资金积累绩效。进一步分析了银行性质和金融市场化程度对并购效应的调节作用,完整地检验并购和绩效的影响关系。因此,本文从并购角度评估银行绩效,探究银行并购效应的规律。此外,将并购对银行产生影响的效应分为并购行为带来的并购效应和并购政策带来的政策效应,与两阶段银行并购绩效互相配合细化了并购对银行产生的影响。从这两个角度来说,本文的结论为制定并购计划的银行和并购政策制定者都具有较强的实践借鉴意义。图14幅,表19个,参考文献104篇更多还原

【Abstract】 With the rapid development of China’s economy in recent years,the wave of merger and acquisition(M&A)appears with the adjustment of industrial structure.The banking industry bears the brunt of the economic market adjustment,and merger and acquisition is an important means to implement the financial reform.Synergies from mergers and acquisitions have helped banks reduce costs and increase profits.As adopted the twostage slack-based measure(SBM),this paper measures the banks involved in M&A in 2004-2018 of two stage performance and productivity change,using Chinese listed Banks sample analysis of the role and importance of M&A in banking reform period,and to further explore M&A how to influence bank performance and the influence factors of M&A effect.The main work is as follows:(1)We construct a two-stage static evaluation model of performance considering non-expected output.First,the process of deposit generation(fund accumulation stage)and the profit-making process are combined into a two-stage structure of the banking system.On this basis,a slack measurement model considering the weak disposability of non-performing output is constructed,and the performance of 14 M&A banks in my country is measured.In general,banks’ mergers and acquisitions mostly occur when the efficiency is low,and the bank’s capital accumulation stage performs better,while there is a learning phenomenon in the profit stage.(2)When studying the dynamic M&A performance of banks,we use the global Malmquist index to evaluate the performance changes of banks in the M&A process,and analyze the efficiency changes and technological changes of the whole system and at each stage.In addition,in order to formulate M&A plans,we classified M&A banks from two perspectives to obtain stages for improvement and development trends to draw on:(I)they are divided into four categories according to the performance of the two stages;(ii)It can be divided into four categories according to the rate of change of efficiency and technology.Finally,the paper puts forward some policy suggestions for banks to participate in M&A.(3)The factors affecting the bank performance of Chinese listed banks are analyzed using the difference-in-difference model and the Tobit regression model.The regression analysis of M&A events shows that the process of bank M&A has a positive impact on the bank’s overall performance and profitability,while it has a negative impact on the efficiency of capital accumulation.Using the double difference model to verify the effective implementation of the merger and reorganization policy in 2010,the analysis found that the policy generally improved the overall performance and profitability of listed banks,but reduced the bank’s capital accumulation performance.It further analyzes the moderating effect of bank nature and financial marketization degree on M&A effect,and completely examines the relationship between M&A and performance.Therefore,this paper evaluates bank performance from the perspective of mergers and acquisitions,and explores the law of bank mergers and acquisitions.In addition,the effect of M&A on banks is divided into the M&A effect brought by M&A behavior and the policy effect brought by M&A policy,and the effect of M&A on banks is refined in cooperation with the two-stage bank M&A performance.From these two perspectives,the conclusion of this paper has strong practical reference significance for banks and M&A policy makers who formulate M&A plans.更多还原