银行跨国并购中价值变动的实证研究

Empirical Analyzing of the Effects of Cross-border Bank M&A on Bank Value

监管当局对银行跨国并购的态度取决于银行跨国并购是否会带来净收益以及由此带来的净收益的归属问题。并购银行的CAR_3真为显性负相关，多数银行并购成本仍然过高。回归模型显示并购银行的CAR_3与系统风险和总风险都呈非相关关系。

This paper examined the announcement effects of cross-border mergers on acquirer's abnormal rerams. The CARs of acquiring banks were significantly negative. This result is consistent with acquiring banks overpaying for targets even in the presence of potential safety-net subsidies. In sum, the growth of cross-border banking appears to pose limited systemic risk dangers to the stability and solvency of the international banking system.