中资商业银行跨国并购现状、动因与效率影响——基于DEA测算及TOBIT模型的实证研究  

作　　者：易明阳[1] 易振华[2] 

机构地区：[1]中国建设银行河南省分行国际业务部,河南郑州450003 [2]中国人民银行杭州中心支行,浙江杭州310001

出　　处：《浙江金融》2011年第6期33-39,共7页Zhejiang Finance

摘　　要：本文在分析了中资银行跨国并购现状、动因之后,选择2007-2010年间发生跨国并购的5家中资商业银行作为研究对象,同时选择6家未发生跨国并购的中资商业银行作对比;利用投入导向型DEA模型分别测算出11家样本银行的综合技术效率、纯技术效率和规模效率;分别从横向和纵向对比银行的DEA效率值,观察跨国并购同效率的关系;建立中资银行效率影响因素模型,给出跨国并购对中资银行效率影响的实证结果。结果认为,中资银行跨国并购效率不仅没有得到改善,反而出现恶化。本文最后尝试从并购行为上解释结果,认为中资银行正处于并购后资源整合阶段,较高的整合成本以及并购特点带来的一些不利条件形成了对银行效率的负面影响因素。This paper first reviews the current status and major underlying forces of bank MA.Then selects as the study objects the only 5 Chinese commercial banks which have conducted cross border MA during the period as well as chooses another 6 Chinese commercial banks which have not to provide an contrast,calculates the efficiency scores of them with DEA,and then compares the scores horizontally and vertically to examine whether the banking efficiency gets improved after cross border MA.Next,this paper establishes an influential factors model for banking efficiency with cross border MA as one of the explaining variables,and gets the empirical results.Regarding to above analysis,this paper wraps up with a conclusion that the efficiency of Chinese commercial banks did not significantly improved after cross border MA,and even got deteriorated to some extent.At last,this paper explains the reasons for the empirical results as the costs and another some negative factors brought by the cross border MA of the sample during the investigated period.

关 键 词：跨国并购 银行效率 数据包络分析 

分 类 号：F832.33[经济管理—金融学]