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1、我国金融业并购动因、效率研究摘要20世纪90年代开始，世界各国开始了以银行业为主体的大型并购，以发达国家为代表，这样的并购带来了一大批大型国际金融机构的涌现，此次的并购多为战略性并购，诺贝尔经济学奖得主、美国著名经济学家施蒂格勒指出：“没有一家美国大公司不是通过某种程度、某种方式的兼并或合并成长起来的，几乎没有一家大公司主要是靠内部扩张成长起来的。”我国刚刚刮起并购之风，但在西方发达国家，几乎每个企业都是通过并购发展壮大起来的，通过并购可以迅速实现扩张，可以实现地区的扩展，迅速将其产品服务渗透到不同的市场，还可以为企业带来声誉的增强，所以目前并购浪潮已经席卷全世界，但是在这样并购兴起的时代，对
2、于欧美发达国家来讲并购司空见惯，是企业发展最常用的方式，对于中国企业，中国金融业来说，外忧内患，是否可以在这场席卷而来的并购浪潮中抓住机会，扩张自己，并且做出适合自己的并购决策，真正能得到并购的益处，是一个极具现实意义的话题，理论方面有待更进一步研究，而实践经验也需要一步步探索，目前全球金融行业特别是美国2007年次贷经济危机后均受到了不同程度的影响，而我国金融业并购尚处于市场化发展的初期，受政府行为影响比较大，金融业并购的绩效改善效果不是特别明显，在这种情况下我们有必要借鉴西方国家的先进经验，结合我国金融业自身的特点，找到最适合我国金融业并购的方案，努力提高并购绩效。但是目前学术界对并购能否
3、给企业带来价值增值意见不一，而正确衡量并购动因和并购效率对并购成功与否有关键作用，因此本文对我国金融业并购动因和并购效率的研究有重要的理论和现实意义。本文对传统的确定企业并购的各种方法的使用条件及局限性进行总结，以我国金融业并购动因、效率两面来研究，在国内外相关研究成果的基础上，结合我国金融业特有的现状和特点，提出我国金融业并购动因，并用实证研究的方法对我国金融业并购效率进行研究，为我国金融业并购决策提供理论参考。研究表明，我国金融业并购效率明显低于市场化原则下的并购，也就是说我国金融业并购有很大的改善空间，但同时也面临很大的挑战，最后本文结合我国金融业并购现状和研究结果有针对性的提出了一些建
4、议，注重并购整合、减少政府干预、培育并购重组中介机构、在一定程度上推动混业经营。关键词：金融业并购；平衡计分卡；指标分析法；并购效率AbartractSince the mid 1990 of the 20th century，Many Nations set off a wave of mergers and acquisitions which take the banking industry as the center，This wave of mergers and acquisitions, brought a large number of Super internatio-na
5、l financial institutions，Nobel Laureate in economics, the famous American economist Stiegler pointed out：every company grows up by merger or consoli-dation，Almost there is not large companies which rely mainly on internal exp-ansion to grow up。In the western countries，the mergers and acquisitions is
6、 quiet common，and even it can be said that the history of the big western com-panies development is the history of mergers and acquisitions，the merger an-d acquisition of enterprises swept the whole world，large financial institutionsexpand its organizations to every places in the world，in the same t
7、ime，it can promote the virtual financial capital globalization to a hitherto unknown height。In the wave of M & A ，set off by Europe、the United States and other deve-loped countries，for the congenital hypoplasia Chinese financial industries How to gain the right to subsistence, development rights, gr
8、ab the discourse right, is the economic theoretical proposition in a historical sense strong，and at the sa-me time，it is also of very strong practical significance。At present, the global financial industry, especially the United States after the sub-loan economic cri-sis in 2007 are affected at vary
9、ing degrees，Chinas financial industry is still in the initial stage of market development, government behavior is relatively large, the financial industry mergers and acquisitions performance improvement ef-fect is not very obvious, in this case it is necessary to learn from the anvanc-ed experience
10、 of western countries, combined with the characteristics of Chi-nas financial industry itself, to find the most suitable for Chinas financial Indu-stries mergers and Acquisitions Program, strive to improve the performance of mergers and acquisitions. But in a merger decision, the right to determine
11、t-he motive and efficiency are the key to the success or failure of the relationsh-ip between mergers and acquisitions, mergers and acquisitions so on Chinas financial industry motivation and efficiency of research has important theoretic-al and practical significance。 This paper summarizes the vari
12、ous methods of M & A and the conditions of use and limitations of the traditional, with Chinas financial industry M & A, both sides to study efficiency, based on the domestic and foreign research results, combined with the status quo and the unique characteristics of Chinas financi-al industry, the
13、motivation of Chinas financial industry mergers and acquisitio-ns，and using empirical method research on Chinas financial industry merger-s and acquisitions efficiency research, provides the theory reference for Chin-as financial industry mergers and acquisitions decision. Research shows that, China
14、s financial industry mergers and acquisitions efficiency is lower than the market under the principle of M & A, that is to say Chinas financial industry m-Ergers and acquisitions have great room for improvement, but also faces great challenges, finally the combination of Chinas financial industry me
15、rgers and a-cquisitions status and research results and puts forward some suggestions, p-ay attention to merger integration, to reduce government intervention, the cult-ivation of mergers and acquisitions intermediary institutions, promote the mix-ed operation in a certain extent。Key words:The financial industry mergers and acquisitions; Balanced Scorecard; index analysis method; the efficiency of M & A 思路，内容方法二张概念界定理论基础 目录摘要1Abartract2第一章 绪论61.1选题背景及意义61.1.1选题背景61.1.2研究意义71.2文献综述81.2.1有关金融业并购动机的相关文献81.2.2有关并购效率的相关文献111.2.3研究文献评价181.3研究内容、思路与研究方法191.3.1研究内容191.3.2研究方法201.3.3研究思
