本文在商业银行并购相关基础理论的支撑下,以中国工商银行为实际案例,
深入分析了我国商业银行在海外并购上的策略选择及并购绩效分析。在实证研究
中,先分析中国工商银行开展海外并购的相关背景,研宄其并购动因;然后分析
工行历次并购中的策略选择及并购效果;尔后用净资产收益率模型对比分析中国
工商银行在每一次海外并购前后的绩效;主要在工行前后兼并各方面的分析,包
括前后收购盈利能力,经营能力,偿付能力,发展能力。在ROE模型的基础上通
过使用净资产收益率、资产收益率、销售净利率、资产周转率、权益乘数等指标
进行绩效分析论证。最后,通过相应的研宄和分析策略,得出对并购业绩的影响
结果,揭示案例以及海外并购的未来的并购战略,并购准备、合并后的策略等拟
议建议的方面
论文首先对本次研宄的背景、选题动机、研宄思路、研宄方法等进行了介绍,
并对国内外关于商业银行并购及并购绩效分析的相关文献进行了回顾与评述。第
二,主要介绍并购的相关定义、并购策略、并购绩效的相关概念和理论基础。第
三,介绍了工商银行海外并购的历程轨迹、造成其海外并购的动因、以及其并购
行为的发生背景。第四,对工商银行历次并购的策略进行归纳总结,从而对策略
选择进行研究。第五,介绍绩效研宄的主要方法,尔后利用净资产收益模型以工
商银行为研宄对象,对其并购绩效进行了长期绩效研究。最后,根据相关分析研
宄结论,针对中国商业银行海外并购提出了相关改进建议
本文使用文献分析法、实证研究法、规范分析法等多种研究方法,以工商银
行的几次海外并购为实际研究对象,将其在每一次海外并购中所采用的策略以及
并购前后的绩效表现进行分析,进而研宄海外并购策略对于绩效的影响,并据此
I 分析海外并购策略选择对于提高并购绩效的影响,以此来指导国内商业银行在未
来海外并购过程中如何对并购策略进行选择与优化
关键词:海外并购、工商银行、绩效分析、策略调整
II Abstract
With the rapid development of the banking industry, and more and more
international, set up branches in foreign countries and direct overseas mergers and
acquisitions is not only a kind of choice for the development of the bank, it is an
effective way to the rapid expansion of bank business, quickly enter the international
market. Moreover, in recent years, the overseas acquisition of the major banks is more
effective to improve the operating performance, so it has been chosen by more and more
domestic banks as a way to the world. Overseas mergers and acquisitions of European
and American banks in the raging like a storm, this situation, China＊s commercial banks
especially state-owned banks are more and more used in this way to deal with the
challenges, enhance their own strength, to achieve the globalization of business.
In this paper, based on the basic theory of mergers and acquisitions of commercial
banks, the ICBC as a case study, in-depth analysis of China&39;s commercial banks in
overseas mergers and acquisitions on the strategic choice and performance analysis of
mergers and acquisitions. In the empirical study, firstly the background of industrial and
Commercial Bank of China to carry out overseas mergers and acquisitions were
analyzed, to study its acquisition motivation; and then analyzes the bank mergers and
acquisitions in the previous strategy and effects of mergers and acquisitions; and the net
assets income of commercial bank are analyzed in the M & 狂 performance before and
after each overseas major rate model; in the analysis of various aspects of mergers and
acquisitions including ICBC, and profitability, operating capacity, solvency,
development ability. On the basis of the ROE model, this paper analyzes the
performance of the system by using the indexes such as the return on net assets, the
return on assets, the net interest rate of sales, the turnover of assets and the equity
multiplier. Finally, through the appropriate research and analysis methods, the impact
on the performance of mergers and acquisitions, the case and the acquisition of overseas
mergers and acquisitions in the future strategy, mergers and acquisitions, mergers and
acquisitions, the proposed strategy and other aspects of the proposed.
This paper first introduces the research background, motivation, research ideas,
research methods, and the analysis of mergers and acquisitions at home and abroad on
III the performance of the commercial banks of the literature review and comments.
Second, it mainly introduces the definition, theory and theoretical basis of M & A, M &
A and M & a performance. Third, this paper introduces the track and field of the
overseas merger and acquisition of ICBC, the cause of its overseas M & A and the
background of its merger and acquisition. Fourth, the industrial and Commercial Bank
of the previous merger and acquisition strategies are summarized, so as to study the
strategic choice. Fifth, introduce the main methods of performance research, and then
use the net assets income model to study the long-term performance of icbc. Finally,
according to the conclusion of the relevant research, this paper puts forward some
suggestions to improve the overseas merger and acquisition of Chinese commercial
banks.
In this paper, using literature analysis, empirical research, normative analysis and
other methods, with several overseas acquisitions of industrial and Commercial Bank of
China as the research object, the performance before and after the adopted in every
overseas mergers and acquisitions strategy and mergers and acquisitions are analyzed,
and the research of overseas mergers and acquisitions strategy for the performance
impact. Based on the analysis of overseas mergers and acquisitions strategy can
improve the performance of mergers and acquisitions, in order to guide the domestic
commercial banks in the future in the process of mergers and acquisitions to overseas
mergers and acquisitions strategy selection and optimization.
Keywords: overseas M&A; ICBC; performance analysis; strategic adjustment;
IV 目录
m ^ I
Abstract ;....III
第1章绪论 1
1.1研究的背景和意义1.1.1研宄背景1.1.2研宄意义1.2国内外相关研宄综述1.2.1国外研究综述1.2.2国内研宄综述1.2.3国内外研宄评述1.3研究思路、方法与内容1.3.1研宄思路1.3.2研宄方法1.3.3研究内容第2章并购相关理论基础2.1并购理论概述2.1_1并购相关概念2.1.2并购动因的定义和分类2.2并购策略基本理论2.2.1并购策略概念及类型2.2.2并购策略类型2.3并购绩效理论2.3.1并购绩效相关概念2.3.2并购绩效研宄方法第3章工商银行海外并购的历程及其动因分析3.1工商银行海外并购的状况和发展历程3.1.1工商银行海外并购发展历程V 3.1.2工商银行海外并购特点3.2工商银行海外并购动因分析3.2.1外部因素3.2.2内部因素3.3工商银行海外并购目的3.3.1开拓海外市场,抢占市场份额3.3.2获取协同效应,扩大自身规模,提升市场地位3.3.3吸纳新鲜血液,提升股东价值3.3.4节省市场交易费用3.3.5获得相应的升值空间第4章工商银行海外并购的实践操作
21
4.1海外并购实施设计
:........21
4.1.1内部条件分析
21
4.1.2外部环境分析
22
4.1.3并购目标选择
22
4.1.4并购方式选择
23
4.2工商银行海外并购实施过程
23
4.2.1实施国际化发展,抓准并购时机
24
4.2.2关注新兴市场,提升市场占有率
24
4.2.3追求市场协同效应,拓展多元化业务
25
第5章工商银行海外并购绩效分析
27
5.1工商银行并购绩效分析设计及指标选取
27
5.1.1模型及指标选取
27
5.1.2研宄思路
27
5.2净资产收益率模型(ROE)
28
5.2.1模型简介
28
5.2.2模型构建分析
29
5.3被并购银行财务绩效分析
30
5.3.1印尼Halim银行财务绩效分析
30
5.3.2南非标准银行财务绩效分析
32
5.3.3澳门诚兴银行财务绩效分析
34
VI 5.4工商银行海外并购绩效分析
35
5.4.1工商银行海外分部财务分析
35
5.4.2工商银行财务分析
36
5.5工商银行海外并购绩效分析结果
40
5.5.1并购效率影响因素
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