银行跨国并购决定因素的实证研究

Empirical Analyzing of the Determinant of Cross-border Bank M&A

2000年以后,银行跨国并购逐步成为以跨国并购为主要特征的第五次并购浪潮的热点。但在理论界,关于银行跨国并购行为的理论研究尚未产生正式、一致的模型来合理解释跨国银行并购的决策。通过对1978—2001年期间发生的2,357起银行跨国并购案例的数据流的分析,可以揭示出影响银行跨国并购的主要影响因素。

While domestic mergers and acquisitions (M&A) in banking have risen steadily in the past two decades, international mergers and acquisitions remained until recently relatively rare. This paper uses a novel dataset of over 23,57 mergers that took place between 1978 and 2001 to analyse the determinants of international bank mergers, and tests the extent to which information costs and regulations hold back merger activity.