我国大型券商的海外并购动因、效益和风险  

Global Acquisition of Large Chinese Securities Companies: Motivations, Benefits and Risks

作　　者：苏婧[1] 冯晓琦[1] 李思瑞[1] 李舜禹 

机构地区：[1]对外经济贸易大学,北京100029 [2]西南大学,重庆400715

出　　处：《改革与战略》2015年第11期83-86,共4页Reformation & Strategy

摘　　要：近年来,国内大型券商开始拓展国际业务,跨国并购成为其实现这一目标的主要途径。文章基于证券行业统计数据和文献材料,归纳总结了国内大型券商开展海外并购的动因。以海通证券收购大福证券、中信证券收购里昂证券的案例为基础,通过对以年报为主的各项数据的分析,对其以业务结构调整效应、市场优势效应、关注度和美誉度提升等非财务效益为主的并购效益进行评价。最后,文章结合国内外金融机构跨国并购的经历对国内大型券商在海外并购过程中和并购后面临的主要风险进行讨论。In recent year, large Chinese securities companies had started to globalize their business, and global acquisition had been the main way to achieve this target. Based on the statistical data and literature, this text concludes the motivations of large Chinese securities companies＇ global acquisition. Then, taking the acquisition cases of HAITONG and CITIC for example, this text evaluates the benefits of acquisition which mainly includes non-finance benefits such as business structure adjustment effect, market advantage effect and reputation promotion. Finally, combining with the experience of domestic and foreign financial institutions, this text discuss the principal risks during the acquisition process and after acquisition.

关 键 词：券商 海外并购 证券业务 非财务效益 

分 类 号：F271[经济管理—企业管理]