金融危机后大型中资银行跨国并购效率研究

Research on the Efficiency of Cross-border Merger and Acquisition of Large Chinese Banks after the Financial Crisis

美国金融危机后,随着国内外金融市场竞争环境的变化,大型中资银行产生了跨国并购的新趋势。本文运用DEA分析模型对危机后大型中资银行跨国并购的DEA效率、Malmquist指数进行实证分析。结果表明,跨国并购后大型中资银行的全要素生产率得到提高,技术效率得到改善,但出现了规模不经济现象。究其原因一是并购后大型中资银行学习到了国外银行的先进经营与管理技术,提高了技术效率;二是改制后的中资银行资产规模原本就过大,并购后随着规模的扩大,容易导致规模效率下降;三是不同大型中资银行因其发展模式不同,在具体效率方面也存在差异。

After financial crisis in U.S.A,with the change of competitive environment of financial market at home and abroad,large Chinese banks tend to implement transnational merger and acquisition. By using DEA model,the DEA efficiency and Malmquist Index of large Chinese banks＇ cross-border merger and acquisition after the financial crisis are analyzed. The results show that the total factor productivity and technical efficiency of large Chinese banks are improved,but diseconomy of scale appears at the same time. The first reason is that large Chinese banks improve their technical efficiency by learning advanced managerial techniques from foreign banks after merger. The second is that merger further enlarges the scale of large Chinese banks and so leads to decline of scale efficiency. The third is that the efficiency of large Chinese banks presents diversity due to different development modes.