欧盟银行业并购的特点及其绩效分析

The Features of M&A and Its Effect on the Performance on the Performance of EU Commercial Banks

近 1 0年来欧盟银行业掀起的大规模并购浪潮和结构性重组 ,对欧盟银行经营绩效及国际银行业的竞争格局产生了重大的影响。本文剖析了 2 0世纪 90年代以来欧盟银行业并购重组的特点 ,用广义矩估计法分析了欧盟大银行并购行为的绩效 ,对比分析了并购行为对欧盟大银行的绩效与银行业平均绩效的不同影响 ,发现欧盟大银行的并购绩效比平均并购绩效的正效应小 ,且规模经济有限。总体上 ,欧盟银行并购有显著的正效应 ,但有两年的时滞 ,银行同业、混业并购活动方式都有显著的正效应和不同时滞 ,欧盟银行混业并购的绩效没有明显的优势 ,在欧盟区内并购的绩效优于欧盟区外的并购绩效 ,未来欧盟区内中小银行并购和跨境并购活动还有较大的发展空间。

This article outlines the characteristic of the wave of M&A of EU banking industry since the 1990s, analyses the bank performance derived from large bank M&A according to panel data study. The results show an increase in the acquirer's long\|term profitability using GMM estimator or panel data study during the 1990s, but there is a lag between the acquisition and the improvement in profitability. The increase in performance begins two years after the acquisition, and it becomes more significant later. Domestic and cross\|border acquisitions inside the EU are more profitable than those taken outside EU.