中国大型商业银行跨国并购及其效率影响

The Cross-Border M&As of Chinese Large Commercial Banks and the Influence in Efficiency

中国的商业银行进行跨国并购主要是为了追求规模经济效应、获得管理协同效应、实现多元化经营以及开拓海外市场。本文使用数据包络分析法(DEA)分析中国工商银行、中国银行和中国建设银行跨国并购对银行效率的影响。实证结果显示:海外并购在短期内会使主并购银行效率下降,但长远来看,银行效率会提高。并购后的整合、海外并购频率、海外并购经验等多方面的原因都会造成短期效率下降。本文对中国商业银行跨国并购提出以下三点建议:第一,选择适当的并购时机和地域;第二,谨慎选择并购对象;第三,重视并购后的整合。

The main purposes of Chinese commercial banks to implement cross-border M＆A are pursuing scale economy, obtaining management synergy, achieving diversification and expanding overseas markets. The paper employs DEA to analyze the influence of cross-border M＆A activities of ICBC, BOC and CCB on their efficiencies. The empirical results show that crossborder M＆A activities decreased their efficiencies in the short term, but their efficiencies improved in the long term. Decrease in efficiency is influenced by many reasons, such as integration, the frequency of overseas M＆A and M＆A experience. The paper puts forward the following three suggestions for Chinese commercial banks＇ cross-border M＆A： choosing suitable timing and place, cautiously selecting targets and paying attention to integration.