本文關(guān)鍵詞： 金融行業(yè)并購(gòu) 并購(gòu)績(jī)效 因子分析 數(shù)據(jù)包絡(luò)　出處：《華中師范大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：自20世紀(jì)90年代以來(lái),世界經(jīng)濟(jì)呈現(xiàn)出金融自由化和經(jīng)濟(jì)全球化兩大特點(diǎn),全球的金融業(yè)再度掀起了并購(gòu)的浪潮。各國(guó)的金融企業(yè)都將不約而同的選擇并購(gòu)作為其搶占市場(chǎng)份額、提高競(jìng)爭(zhēng)實(shí)力、擴(kuò)大企業(yè)規(guī)模的手段。根據(jù)國(guó)際金融業(yè)的發(fā)展經(jīng)驗(yàn),并購(gòu)無(wú)疑是一種擴(kuò)大規(guī)模的重要途徑,也是提高金融企業(yè)綜合實(shí)力的有效方法。然而如果從績(jī)效評(píng)估的角度出發(fā),金融業(yè)的并購(gòu)是否如我們所期望的那樣有效率且達(dá)到企業(yè)并購(gòu)的目的還有待進(jìn)一步研究。本文就是著眼于這一點(diǎn),首先對(duì)并購(gòu)績(jī)效理論以及并購(gòu)動(dòng)因進(jìn)行梳理,進(jìn)而在前人理論成果的基礎(chǔ)上對(duì)我國(guó)金融行業(yè)上市公司并購(gòu)績(jī)效進(jìn)行深入分析。一方面從理論上對(duì)我國(guó)金融業(yè)上市公司的并購(gòu)現(xiàn)狀、影響因素及機(jī)理進(jìn)行了整理分析;另一方面,首先對(duì)財(cái)務(wù)數(shù)據(jù)采用因子分析方法,對(duì)所選定樣本在并購(gòu)發(fā)生前一年、當(dāng)年和后兩年的績(jī)效進(jìn)行評(píng)估,而后對(duì)由于并購(gòu)行為給企業(yè)績(jī)效水平帶來(lái)的影響進(jìn)行了分析;繼而采用DEA數(shù)據(jù)包絡(luò)法對(duì)之前所選取的樣本進(jìn)行了簡(jiǎn)單分析以對(duì)我國(guó)金融業(yè)上市公司的并購(gòu)績(jī)效情況做以補(bǔ)充說(shuō)明。通過(guò)研究發(fā)現(xiàn),首先,我國(guó)金融業(yè)上市公司未必都能夠如預(yù)期的那樣通過(guò)并購(gòu)提高效率;其次,由于資源整合時(shí)滯性的存在,并購(gòu)行為所帶來(lái)的績(jī)效改善往往在短期很難體現(xiàn)出來(lái);最后通過(guò)對(duì)金融企業(yè)的進(jìn)一步行業(yè)細(xì)分后發(fā)現(xiàn)證券、保險(xiǎn)、商業(yè)銀行等不同類型的金融企業(yè),其并購(gòu)績(jī)效存在差異,其中除證券業(yè)的并購(gòu)績(jī)效水平顯著提升外,其他細(xì)分行業(yè)的并購(gòu)績(jī)效水平都不理想。并針對(duì)這些結(jié)論提出了相應(yīng)的建議:即要從轉(zhuǎn)變并購(gòu)方式;注重并購(gòu)整合;培育中介機(jī)構(gòu)和推動(dòng)混業(yè)經(jīng)營(yíng)這四個(gè)大方面來(lái)對(duì)我國(guó)金融業(yè)并購(gòu)的現(xiàn)狀進(jìn)行改善。
[Abstract]:Since 1990s, the world economy has been characterized by financial liberalization and economic globalization. The global financial industry has set off a wave of mergers and acquisitions once again. The financial enterprises of all countries will choose mergers and acquisitions as their share of the market and improve their competitive strength. According to the development experience of the international financial industry, M & A is undoubtedly an important way to expand the scale of enterprises. It is also an effective way to improve the comprehensive strength of financial enterprises. However, if we start from the point of view of performance evaluation. Whether the M & A of the financial industry is as efficient as we expected and to achieve the purpose of M & A. this paper focuses on this point, first of all, the theory of M & A performance and the motivation of M & A are combed. Then on the basis of previous theoretical results, the performance of listed companies in financial industry in China is analyzed. On the one hand, the current situation of M & A of listed companies in financial industry in China is theoretically analyzed. The influencing factors and mechanism were analyzed. On the other hand, the first factor analysis method is used to evaluate the performance of the selected samples one year before the M & A, the current year and two years after the merger. Then it analyzes the influence of M & A on the performance level of enterprises. Then we use the DEA data envelopment method to analyze the sample selected before in order to explain the M & A performance of listed companies in the financial industry of our country. First of all, we find out. The listed companies in China's financial sector may not be able to improve their efficiency through mergers and acquisitions as expected; Secondly, due to the existence of time lag in resource integration, the performance improvement brought about by M & A is often difficult to reflect in the short term. Finally, through the further industry segmentation of financial enterprises, we find that there are differences in M & A performance of different types of financial enterprises, such as securities, insurance, commercial banks and so on, in which the level of M & A performance of securities industry is significantly improved. The level of M & A performance of other subdivision industries is not ideal. The corresponding suggestions are put forward in view of these conclusions: to change the mode of M & A; Pay attention to merger and acquisition integration; To improve the present situation of financial M & A in China, we should cultivate intermediary organizations and promote mixed operation.
【學(xué)位授予單位】：華中師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271;F832.3;F830.42

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