【正文】 我國(guó)金融業(yè)并購(gòu)動(dòng)因、效率研究摘要20世紀(jì)90年代開(kāi)始，世界各國(guó)開(kāi)始了以銀行業(yè)為主體的大型并購(gòu)，以發(fā)達(dá)國(guó)家為代表，這樣的并購(gòu)帶來(lái)了一大批大型國(guó)際金融機(jī)構(gòu)的涌現(xiàn)，此次的并購(gòu)多為戰(zhàn)略性并購(gòu)，諾貝爾經(jīng)濟(jì)學(xué)獎(jiǎng)得主、美國(guó)著名經(jīng)濟(jì)學(xué)家施蒂格勒指出：“沒(méi)有一家美國(guó)大公司不是通過(guò)某種程度、某種方式的兼并或合并成長(zhǎng)起來(lái)的，幾乎沒(méi)有一家大公司主要是靠?jī)?nèi)部擴(kuò)張成長(zhǎng)起來(lái)的。”我國(guó)剛剛刮起并購(gòu)之風(fēng)，但在西方發(fā)達(dá)國(guó)家，幾乎每個(gè)企業(yè)都是通過(guò)并購(gòu)發(fā)展壯大起來(lái)的，通過(guò)并購(gòu)可以迅速實(shí)現(xiàn)擴(kuò)張，可以實(shí)現(xiàn)地區(qū)的擴(kuò)展，迅速將其產(chǎn)品服務(wù)滲透到不同的市場(chǎng)，還可以為企業(yè)帶來(lái)聲譽(yù)的增強(qiáng)，所以目前并購(gòu)浪潮已經(jīng)席卷全世界，但是在這樣并購(gòu)興起的時(shí)代，對(duì)于歐美發(fā)達(dá)國(guó)家來(lái)講并購(gòu)司空見(jiàn)慣，是企業(yè)發(fā)展最常用的方式，對(duì)于中國(guó)企業(yè)，中國(guó)金融業(yè)來(lái)說(shuō)，外憂內(nèi)患，是否可以在這場(chǎng)席卷而來(lái)的并購(gòu)浪潮中抓住機(jī)會(huì)，擴(kuò)張自己，并且做出適合自己的并購(gòu)決策，真正能得到并購(gòu)的益處，是一個(gè)極具現(xiàn)實(shí)意義的話題，理論方面有待更進(jìn)一步研究，而實(shí)踐經(jīng)驗(yàn)也需要一步步探索，目前全球金融行業(yè)特別是美國(guó)2007年次貸經(jīng)濟(jì)危機(jī)后均受到了不同程度的影響，而我國(guó)金融業(yè)并購(gòu)尚處于市場(chǎng)化發(fā)展的初期，受政府行為影響比較大，金融業(yè)并購(gòu)的績(jī)效改善效果不是特別明顯，在這種情況下我們有必要借鑒西方國(guó)家的先進(jìn)經(jīng)驗(yàn)，結(jié)合我國(guó)金融業(yè)自身的特點(diǎn)，找到最適合我國(guó)金融業(yè)并購(gòu)的方案，努力提高并購(gòu)績(jī)效。但是目前學(xué)術(shù)界對(duì)并購(gòu)能否給企業(yè)帶來(lái)價(jià)值增值意見(jiàn)不一，而正確衡量并購(gòu)動(dòng)因和并購(gòu)效率對(duì)并購(gòu)成功與否有關(guān)鍵作用，因此本文對(duì)我國(guó)金融業(yè)并購(gòu)動(dòng)因和并購(gòu)效率的研究有重要的理論和現(xiàn)實(shí)意義。本文對(duì)傳統(tǒng)的確定企業(yè)并購(gòu)的各種方法的使用條件及局限性進(jìn)行總結(jié)，以我國(guó)金融業(yè)并購(gòu)動(dòng)因、效率兩面來(lái)研究，在國(guó)內(nèi)外相關(guān)研究成果的基礎(chǔ)上，結(jié)合我國(guó)金融業(yè)特有的現(xiàn)狀和特點(diǎn)，提出我國(guó)金融業(yè)并購(gòu)動(dòng)因，并用實(shí)證研究的方法對(duì)我國(guó)金融業(yè)并購(gòu)效率進(jìn)行研究，為我國(guó)金融業(yè)并購(gòu)決策提供理論參考。研究表明，我國(guó)金融業(yè)并購(gòu)效率明顯低于市場(chǎng)化原則下的并購(gòu)，也就是說(shuō)我國(guó)金融業(yè)并購(gòu)有很大的改善空間，但同時(shí)也面臨很大的挑戰(zhàn)，最后本文結(jié)合我國(guó)金融業(yè)并購(gòu)現(xiàn)狀和研究結(jié)果有針對(duì)性的提出了一些建議，注重并購(gòu)整合、減少政府干預(yù)、培育并購(gòu)重組中介機(jī)構(gòu)、在一定程度上推動(dòng)混業(yè)經(jīng)營(yíng)。關(guān)鍵詞：金融業(yè)并購(gòu)；平衡計(jì)分卡；指標(biāo)分析法；并購(gòu)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 international financial institutions，Nobel Laureate in economics, the famous American economist Stiegler pointed out：every pany grows up by merger or consolidation，Almost there is not large panies which rely mainly on internal expansion to grow up。In the western countries，the mergers and acquisitions is quiet mon，and even it can be said that the history of the big western panies development is the history of mergers and acquisitions，the merger and acquisition of enterprises swept the whole world，large financial institutionsexpand its organizations to every places in the world，in the same time，it can promote the virtual financial capital globalization to a hitherto unknown height。In the wave of M amp。 A ，set off by Europe、the United States and other developed countries，for the congenital hypoplasia Chinese financial industries How to gain the right to subsistence, development rights, grab the discourse right, is the economic theoretical proposition in a historical sense strong，and at the same time，it is also of very strong practical significance。At present, the global financial industry, especially the United States after the subloan economic crisis in 2007 are affected at varying degrees，China39。s financial industry is still in the initial stage of market development, government behavior is relatively large, the financial industry mergers and acquisitions performance improvement effect is not very obvious, in this case it is necessary to learn from the anvanced experience of western countries, bined with the characteristics of China’s financial industry itself, to find the most suitable for China39。s financial Industries mergers and Acquisitions Program, strive to improve the performance of mergers and acquisitions. But in a merger decision, the right to determine the motive and efficiency are the key to the success or failure of the relationship between mergers and acquisitions, mergers and acquisitions so on China39。s financial industry motivation and efficiency of research has important theoretical and practical significance。 This paper summarizes the various methods of M amp。 A and the conditions of use and limitations of the traditional, with China39。s financial industry M amp。 A, both sides to study efficiency, based on the domestic and foreign research results, bined with the status quo and the unique characteristics of China39。s financial industry, the motivation of China39。s financial industry mergers and acquisitions，and using empirical method research on China39。s financial industry mergers and acquisitions efficiency research, provides the theory reference for China’s financial industry mergers and acquisitions decision. Research shows that, China39。s financial industry mergers and acquisitions efficiency is lower than the market under the principle of M amp。 A, that is to say China39。s financial industry mErgers and acquisitions have great room for improvement, but also faces great challenges, finally the bination of China39。s financial industry mergers and acquisitions status and research results and puts forward some suggestions, pay attention to merger integration, to reduce government intervention, the cultivation of mergers and acquisitions intermediary institutions, promote the mixed operation in a certain extent。Key words:The financial industry mergers and acquisitions。 Balanced Scorecard。 index analysis method。 the efficiency of M amp。 A 思路，內(nèi)容方法二張概念界定理論基礎(chǔ) 目錄摘要 1Abartract 2第一章 緒論 6 6 6 7 8 8 11 1思路與研究方法 19 19 20 21 21 21 22第二章 理論基礎(chǔ)、概念界定和方法介紹 22 22 22 23 24 24 25 25 25 26 27 27 28 29第三章 我國(guó)金融業(yè)并購(gòu)動(dòng)因分析 33 33 33 34 34 35 35 35 3保持中國(guó)金融體系穩(wěn)定 36 37第四章 我國(guó)金融業(yè)并購(gòu)效率的評(píng)價(jià)體系 37 37 37 38 38 38 39 42第五章 案例分析 44 44 44 45 48第六章 對(duì)我國(guó)金融業(yè)并購(gòu)提出的建議 52，適當(dāng)?shù)幕鞓I(yè)或分業(yè)經(jīng)營(yíng)模式 52，注重并購(gòu)后的整合 52結(jié)論與展望 52研究結(jié)論 52未來(lái)研究展望 53文獻(xiàn)綜述 53攻讀碩士期間的科研成果 56致謝 574．2基于平衡的評(píng)價(jià)體系構(gòu)建體系設(shè)計(jì)評(píng)價(jià)指標(biāo)解釋。2評(píng)價(jià)體系框架五章某某公司并購(gòu)動(dòng)因分析、并購(gòu)效率分析6章提高我國(guó)金融業(yè)并購(gòu)的策略增加內(nèi)容第一章 緒論 在1994年以來(lái)，新一輪的企業(yè)并購(gòu)浪潮在全球范圍內(nèi)展開(kāi)，特別是在我國(guó)加入WTO以后，國(guó)內(nèi)金融業(yè)在迎來(lái)前所未有的機(jī)遇的同時(shí)，也面臨著更加嚴(yán)峻的挑戰(zhàn)。根據(jù)我國(guó)加入世貿(mào)時(shí)的協(xié)議，我國(guó)將逐步對(duì)外開(kāi)放，一步一步放松我國(guó)制度規(guī)則對(duì)國(guó)外金融機(jī)構(gòu)的限制，這樣必然會(huì)有大量的外資金融機(jī)構(gòu)逐步進(jìn)入中國(guó)市場(chǎng)，而國(guó)外金融業(yè)的發(fā)達(dá)，技術(shù)的先進(jìn)，管理水平的優(yōu)越等等都會(huì)給我國(guó)金融業(yè)帶來(lái)競(jìng)爭(zhēng)，我國(guó)各個(gè)金融機(jī)構(gòu)都會(huì)遭受到嚴(yán)重的前所未有的挑戰(zhàn)，而對(duì)于中國(guó)整體大環(huán)境來(lái)說(shuō)，目前受外國(guó)金融危機(jī)的影響，受全球經(jīng)濟(jì)波動(dòng)的影響，以及自身種種問(wèn)題，如各種經(jīng)濟(jì)數(shù)據(jù)低迷，金融業(yè)還欠發(fā)達(dá)，各種法律體制還有待完善，在這樣的環(huán)境中，作為在金融業(yè)有舉足輕重地位的銀行業(yè)的運(yùn)營(yíng)狀況、信貸質(zhì)量是否健康成了不容忽視的問(wèn)題。而根據(jù)普華永道事務(wù)所審計(jì)最新數(shù)據(jù)可以看到，中國(guó)金融業(yè)長(zhǎng)期以來(lái)面臨的主要問(wèn)題資產(chǎn)質(zhì)量低下問(wèn)題已經(jīng)正在向更壞的情況發(fā)展，并且有加深的趨勢(shì)，可見(jiàn)我國(guó)金融業(yè)自身也有很多內(nèi)部問(wèn)題亟待解決和改善，根據(jù)普華永道最新審計(jì)可以看到，中國(guó)排名前十位的大型銀行業(yè)金融機(jī)構(gòu)的總資產(chǎn)和凈利潤(rùn)已經(jīng)占到了我國(guó)總銀行產(chǎn)業(yè)的78%，可見(jiàn)中國(guó)銀行業(yè)面臨著一定程度的壟斷，另外，中國(guó)金融業(yè)還面臨著盈利能力增長(zhǎng)速度減緩放慢的挑戰(zhàn)，中國(guó)金融業(yè)的利潤(rùn)的增長(zhǎng)速度已經(jīng)過(guò)去了高峰時(shí)代，面對(duì)這樣的形勢(shì)，整體金融業(yè)業(yè)將平穩(wěn)過(guò)度；個(gè)別銀行將出現(xiàn)“混業(yè)經(jīng)營(yíng)”。而對(duì)于金融行業(yè)來(lái)說(shuō)，可能會(huì)逐步展開(kāi)一