导　　师： 杨惠昶

学科专业： 020204

授予学位： 硕士

作　　者： ;

机构地区： 吉林大学

摘　　要： 20世纪90年代以来，随着新经济发展和全球金融化、自由化、信息化趋势的进一步加强，全球银行业的制度结构、组织结构、运营模式和竞争格局正在经历一场深刻的变革。这场变革不仅造就了许多巨型金融企业，使传统银行业、证券业、保险业、信托业之间的业务界限日趋模糊，而且强化了商业银行金融活动全球化、组织机构虚拟化、业务活动全能化的趋势。在这场变革中，银行业的并购活动发挥了不容忽视的作用。正是这种银行组织的重组形式带来了国际银行业的迅速扩张，带来了国际金融领域的突破性发展。 银行并购包含着银行合并和银行收购两层涵义，是通过产权交易对银行的产权制度、治理结构、管理体制和组织形式进行的变革，使市场力量、市场份额和市场竞争结构发生变化，最终目的是为了提高银行内在的发展动力和对外部环境的适应性，即提高其盈利能力和竞争力水平。银行并购并不仅仅是几家银行简单的联合合并，而是基于提高对外部环境适应能力的需要而对银行组织结构进行的改革，其目的是建设一个更具竞争力的组织体系，从而为赢得客户、获得市场优势创造条件。从这个意义上说，银行并购是商业银行为进一步赢得市场而对自身机构所进行的一种战略性调整。 银行并购高潮一浪高过一浪，必然有理论依据可循。银行的基本职能决定了其集中的趋势，工商企业规模的急剧扩张要求银行的规模的相应调整，而追求利润最大化的内在动力则促进银行并购的进一步发展。 银行并购的产生和发展不仅给并购银行自身、相关国家和国际社会带来了可观的利益，同时也带来了相应的问题。从正面考虑，银行并购的确实现了高效率的扩张，发挥了各并购银行的协同效应，同时由于业务边界 的拓展，使银行的服务更加优质全面，分散了部分非系统性风险，实现了现金流量与投资机会的互补。另外，银行并购的资本市场价值转移效应和税收转移效应都为并购银行带来了可观的收益。而从负面考虑，随着国际银行业并购活动向纵深发展，超级银行形成的业务垄断将导致资金配置的非合理性，进而影响消费者的利益，大银行的破产，营救更加困难，影响范围更大，甚至冲击全球金融市场。而且银行并购会给监管带来新的挑战，引发的失业人数剧增，带来巨大的社会就业压力，给社会稳定造成威胁。 银行业是一个风险程度较高的行业，在银行合并过程中，风险会从不同的角度、以各种方式表现出来，对于环境风险，主要着力于深入了解政策法规及整个经济环境，作出客观合理的判断；对于操作风险，则应通过现代金融工程的方法将其量化并加以控制；而对整合风险则应以更科学有效的管理方法对并购后的银行进行协调，获得期望的协同效应，避免合并后的银行发生剧烈震动。 我国从上个世纪末开展的并购活动是一种典型的包办式的制度安排，以行政安排的化解危机性动机为主，并购本身并不取决于这些机构是否符合并购方的要求，而是成为政府处理金融危机、化解金融风险的手段。从我国目前的银行市场结构和市场绩效来看，一方面，我国的商业银行发展极不均衡，银行业市场结构呈现典型的寡头垄断特征，市场集中度相当高，而由于经济结构调整的日益加快，银行业竞争日趋激烈，必然要求银行业的市场结构随之优化，整合不可避免。另一方面，我国银行业的国际竞争力在总体上有了明显的提高，但行业集中率与回报率的背离非常明显，表现出非常典型的规模不经济。因此，提高市场效率成为解决问题的关键。市场效率的提高则迫切要求改善市场结构，增强竞争机制，加快整合银行业整体结构。 From the 90s of the 20th century, the global banking field has been experiencing great reforms in regulation, organization, operation mode, and competition structure, while the development of the world economy is getting more dependent of globalization, freedom, and information. This vagues the distinctions among financial enterprises, banking, security, insurance, and trust. In this process, M/&A of variety of banks plays a very important role. It is this mergence that motivates the fast development of international banking and financial field. M/&A meanings two ways: merger and acquisition. In the ownership trade process, the reforms take place in ownership system, regulation structure, management system, and arrangement system. The overall goal is this: more motive power internally and more capable of adapting to new environment externally. So they can make more profits and get more powerful in competition. This process is not so simple as “adding up”. It should be reformed structurally and become a whole structural system of strong competition ability. From this point of view, M/&A is kind of strategic adjustment. M/&A among banks becomes more and more popular, and it should follow some rules. The functions of banks decide this tendency. The expansion of businesses demands this adjustment and the aim of banks making more profits also can’t do without it. M/&A does good to banks themselves, relevant countries and the international society. But it also encounters some problems. The positive points are as follows: some banks expand efficiently, and they cooperate perfectly. At the same time, as the expansion of service boarder, the can offer better service. They will face less risk and realize the mutual complementary effects between the amount of circulating currency and investment opportunity. In addition, the transmission of capital market value and taxes also benefit the banking field. The negative points lie in the follows: as this process goes deeply and widely, monopoly appears. It will lead to the unreasonable allocation of capital and negative influence to the customers. So, large banks will go bankrupt hence rescue becomes difficult, and this may impact the global finance market. This process is also a new challenge to supervision work. Many people will go unemployment, and this will produce problems of employment and social stability. Banking is a field of many risks. Many risks will come out from different aspects in the merging process. To the environmental risks, we can control through the further study of laws, policies and the whole economic environment. To the operation risks, we can control by using the quantification method of financial engineering. To the risks of harmonization, we should depend on effective management and good coordination so that they can get to the common expectations and avoid contradictions. M/&A among banks in China from the end of the last century was a typical political arrangement. It aimed at easing crisis with governmental arrangements, which took no consideration of the demands of merging banks. It was a method used by the government to deal with financial crises and risks. From our present banking market structure and performance, we can see two things. On one hand, the commercial banks in China develop unbalanced with features of typical monopolization and highly centralization. As the fast development of economic structure adjustment and hotter-getting competition, the optimization of banking structure is inevitable. On the other hand, though the competition ability of China’s banks in the international banks has been obviously strengthened, the rate between centralization and repayment is quite out of proportion, large in size but low in profit. So efficiency becomes the key point, and efficiency needs the improvement of market structure and adjustment of banking field. Considering our current situation, we don’t think is feasible to begin M/&A on a large scale. What we should do first is to solve some problems existing in the system to make

关 键 词： 银行并购 市场信息 资本市场 国际金融领域 银行组织 操作风险 银行业竞争 非系统性 银行业市场结构

分 类 号： [F832]

领　　域： [经济管理]