【作者】 杨树；

【导师】 刘崇仪；

【作者基本信息】 西南财经大学 ， 国际贸易学， 2010， 硕士

【摘要】 2007年爆发的美国次贷危机引发了全球范围内的金融动荡,改写了全球金融行业的格局。欧美各大银行纷纷爆出财务危机,而雷曼兄弟最后的垮台也使得美国一贯引以为傲的华尔街投行模式在这场危机中不复存在。这场危机波及范围之广、影响之深远为世人所罕见。最大的银行业巨头花旗集团在次贷危机中损失惨重,2008年报亏53055百万美元,导致其连续分拆了旗下的非核心业务；以并购荷兰银行闻名的苏格兰皇家银行更是在2008年的银行亏损排行榜上位列榜首,损失高达59281百万美元。直到2009年美国银行业仍然有上百家银行因为经营不善而倒闭。中国国有商业银行虽然一直以来因为体制等诸多问题饱受诟病,然而从中国加入世贸组织那天起,我国政府就下定决心要加大对银行业的改造。通过一系列的政府注资,资产重组,股改上市等手段,目前我国国有商业银行的资本实力与资产状况早已焕然一新,无论是从资产状况还是资本实力方面都不逊色于当前全球的主流银行。因此四大行也纷纷加快海外拓展步伐、以建设成为国际一流银行为自己未来的战略发展目标。然而就在我国银行集体转型之际,却意外遭遇了进入21世纪以来最为严重的全球性经济危机,这也给我国银行的跨国发展提出了严峻的考验。然而,次贷危机对我国银行业而言是挑战更是机遇。这是因为次贷危机使得欧美大银行资产规模缩减,资本实力减弱,很多国际银行巨头甚至出现了难得一见的利润负增长。在这样的情况下,它们纷纷精简业务,低价出售海外资产——尤其是在新兴市场的资产,这无疑给我国银行的海外并购带来了机遇：一方面,欧美银行本身规模的缩减,使得自身不断价值下降,为我国银行进军欧美争取了时间；另一方面,欧美银行无暇顾及的新兴市场正好为我国利用新兴市场提高自身国际竞争力和影响力提供了良机。汇丰控股集团就是通过一系列的跨国并购迅速成长为国际一流的银行业巨头。本文运用ROE股权收益模型对汇丰控股近十年以来的并购案例进行定量分析,发现汇丰控股在次贷危机发生之前所进行的并购在其财务数据上都体现出了绩效的提升。而在次贷危机的影响下,其ROE有了大幅的下降,不过相较于同时期的别的银行来说,在没有任何政府支助的情况下,2008年度还能够保持正的利润已经是表现相当不错了。从最后得到的ROE数据中可以表明两点：一方面说明了汇丰进行的跨国并购的确有利于其自身的经营和壮大,另一方面也说明了银行并购时机的选择对并购最终的成败影响很大。汇丰集团并购案例的成功同自身具备的并购实力以及其在跨国并购方面充分的经验和采取的策略牢不可分。总结汇丰并购的策略主要有如下四点：一是规模庞大,行动迅速,快速进入当地市场,扩张自己的势力范围；二是并购支付方式灵活多样。单一的支付方式容易集中风险,导致并购的失败,汇丰往往是几种方式联用,合理使用财务杠杆。而这一策略也才能为它的一系列大规模的迅速并购积累资金；三是并购的区域和目标都符合自身的发展战略规划,而不会盲目的求多求快；四是全球并购与全球上市并进。全球并购、全球上市的全球化战略使得汇丰控股能够充分的获得并购带来的利益,迅速实现规模扩张形成规模经济；扩大全球市场占有率、竞争力和影响力；增加利润增长点,提高盈利能力；减少对单一市场的依赖性,实现增长的可持续性以及防范金融风险,提高抗风险能力。同时,全球上市也很好地缓解了汇丰控股全球并购的侵略性。接着本文引入并购能力模型对目前经历了股改上市的中国国有商业银行进行了全方位了分析,认为当前中国国有商业银行无论是跟本国的其他股份制银行相比还是与世界上其他主流银行相比,都具备一定的优势,尤其体现在无形资源上的商誉和品牌方面以及有形资源上的财务资源方面。不过中国国有商业银行在人力资源建设方面上还存在一定的欠缺,这也是日后中国国有商业银行需要努力提高与改善的地方。最后本文结合汇丰控股成功并购的经验和策略为中国国有商业银行提出了日后进行海外并购的策略建议,认为中国国有商业银行要进行成功的海外并购在地域选择上应该首先立足于亚洲,尤其是与中国本土文化与语言环境都极其类似的香港与新加坡。除此之外,香港、新加坡与中国的贸易投资往来近年来也十分频繁,也符合银行跨国并购理论中的客户引导理论；其次应该抓住次贷危机带来的机遇,向欧美国家扩展。这是因为欧美国家金融业发达,政府对其的监管一向遵循严格透明的原则以及它们的金融自由化的程度高,是很多跨国银行的集中之地,具备了一定的区位优势。同时在次贷危机的影响下欧美银行业股价也已经大幅下跌,这为中国银行业在这些地方的战略布局提供了良机。最后也不应该忽视新兴市场,如南非、拉美等地区。一方面是由于这些地区自身的成长性和我国贸易往来的提升,另一方面是因为由于次贷危机许多欧美银行为了自保纷纷缩减其在新兴市场的规模,为我国的银行业扩大市场势力提供了良机。在并购对象选择上应该选择与自己发展战略相符合的被并购方,不能图多图快,而应仔细考察并购对象是否符合自身的发展战略,是否能增强自身的竞争优势,是否能优化价值活动或价值链,是否具有足够的增值空间等；在并购时机的选择上应该在警惕次贷危机带来的风险同时抓住次贷危机带来的机遇,次贷危机使得欧美许多有特长的中小银行遭遇流动性危机,从自身和政府的角度看来都有寻求外在资金的动力,这给我国银行进入当地市场提供了便利；最后在并购方式的选择上应该以灵活多样的并购支付方式为主,单一的现金百分百的支付已经不能满足现在金融业并购的需要,且对于收购方来说,风险太大。采用参股或持股的形式一方面能够减少支付过程中的风险,另一方面也可以减低自身的侵略性,赢得东道国政府及民众的好感,使得后期的文化整合等方面变得更加的容易。更多还原

【Abstract】 The US sub-prime crisis which is happened in 2007 has triggered a worldwide financial turbulence and rewritten the pattern of global financial industry. The European and American banks and financial institutions has burst out the accounting crisis. The Wall Street investment model which has been a proud of America does not exist any more. The effect of this crisis is deep and profound. Until now,2009, there is still hundreds of American banks shut down because of poor management.Although the Chinese state-owned commercial banks have been suffering from many problems such as institutional criticism, since china got access to the WTO, the Chinese government has determined to reform the banking sector. The methods included government injection、asset reorganization and stock market reform. After that, the capital strength and asset position of Chinese state-owned commercial bank are refreshed. The four state-owned commercial banks have accelerated their pace of overseas expansion and they build their future strategic development goals as to be world-class banks. In this transition time, Chinese banking group encountered the most serious economic crisis and that has posed a severe test to our banking sector. however,the sub-prime mortgage crisis is an opportunities even more than a challenge for us. This crisis made European banks and United States banks cut down their asset size and weakened their capital strength, many international banking giant even published their negative profit growth, In this situation, they have to streamline operations and sell the overseas assets-especially in some emerging markets-at very low price, which will undoubtedly bring the overseas M&A opportunities for china.:on one hand, the decreasing of the scale of European banks and the united states banks lead to the devaluation of themselves and that create the opportunities to enter the European and American markets for us; on the other hand, that the leading banks now have no time to take into account of the emerging market give our bank an opportunity to improve their international competitiveness and influence by entering the emerging markets.This paper used the ROE model to analyze the HSBC’s M&A cases in the last 10 years. The results showed us that the HSBC performance was improved before the sub-prime crisis happened. In one hand, this result illustrates that the cross-border M&A is benefit to HSBC’s operation and growth, in other hand, it also illustrates the timing of bank merger and acquisition has a great influence on the ultimate success. The success of the HSBC Group’s M&A cases is due to its own merger strength, full experience and the strategy adopted.Then this paper introduce the M&A competency model in order to analyze the current reformed Chinese state-owned commercial banks. Whether compared with other foreign banks or with other domestic joint-stock banks, Chinese state-owned commercial banks already possess certain advantages to some degree. In particular, this advantage is embodied both in intangible resources such as goodwill as well as brand and physical resources such as financial resources.Finally, this paper come up with some strategies for future cross-border M&A to Chinese state-owned commercial banks, combined with the experience and strategies of HSBC Holdings. In order to take successful overseas M&A, Chinese state-owned commercial banks should firstly choose Asian as their base, and then followed by further expansion of Europe and the United States as well as the emerging countries. The choice of the target banks should be consistent with the development strategies of Chinese state-owned commercial banks; the Chinese commercial banks should take advantage of the sub-prime crisis timing to expand to overseas market and the payment method should be flexible and diversified to low down the whole M&A risk.更多还原