中外银行并购绩效的实证研究

An Empirical Research on Chinese and Foreign Banks' Merger Performance

本文对2001年到2003年全球范围内56起金额超过20亿美元的大型银行并购案例进行了实证分析,研究结果表明银行在并购后五年内的业绩有明显改善,这主要是并购后净息差的增加带来的。并购后银行不良贷款率和成本收入率也出现一定幅度的下降,表明并购产生了正协同效应。但是并购后银行资本金状况逐年恶化。从我国的情况看,并购后资产质量和成本管理也有改善,但是并购后的绩效不稳定,资本金不足的情况更为严重。资本充足率是商业银行安全的重要保证,但是提高资本充足率短期内会降低银行的业绩,如何在扩大规模的同时避免资本金比率的恶化是商业银行并购中需要面对的问题。

This study examines the operational performance of banks before and after M＆A based on a sample of 56 large M＆A events during 2001-2003, with all events above 2 billion U.S dollars. The empirical results show that merged banks significantly outperform industry average, largely due to the increased net interest margin. The non-performance loan ratio and expense ratio also decreased, indicating a positive synergy effect after M＆A. However, capital adequacy became worsen after M＆A. To Chinese banks, operational performance also improved somewhat after M＆A, though not stable. But Chinese banks faced even tougher condition of inadequate capital after M＆A. Given the apparent importance of capital adequacy management, how to avoid capital inadequacy while keep expanding is a serious problem banks should consider in M＆A.