| 摘要: |
| 过去十年，经历了并购浪潮的我国银行业发生了结构性变化。本文旨在探讨我国银行兼并和收购事件的动机。首先采用事件研究法，检验2003—2012年我国13家银行发起的71起并购事件的市场反应，进而采用横截面回归分析并购的动机。结果表明，在窗口(0,+2)下，并购能给收购银行的股东带来显著的财富增加，而在窗口(-2,0)下，股东财富有所减少；产品和地域多元化对收购银行的超额回报没有显著影响；盈利能力对收购银行的超额回报有显著的正向影响，是中国银行并购的潜在动机之一。 |
| 关键词: 中国银行 兼并与收购 并购动机 金融市场 |
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| Empirical Research on the Motivations of the M&A Events of the Banks in China |
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SHEN Guo dong 1, CAI Jian feng 1, ZHANG Li 2, ZHAO Lie lan 1
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| Abstract: |
| In the past decade, China banks, which have experienced the M&A wave, have structural changes, and this paper aims to find out the motivations of Chinese banks’ M&As, firstly uses an event study methodology to test the market reactions to 71 M&A events launched by 13 Chinese banks from 2003 to 2012, and subsequently, analyzes the motivation of the M&As by cross section regression model. Results show that under the window (0,+2), the M&A can bring significant wealth to the shareholders of the banks, under the window ( 2,0), however, the wealth of the shareholders decreases, that there is no significant influence of the diversification of the products and locations on the excessive return of the M&A banks, that there is an obviously positive impact of the profiting capacity on the excessive return of the M&A banks, which is one of the potential motivations for the M&As of the Chinese banks. |
| Key words: Chinese banks M&A; motivations of M&A; financial market |
