国际经济与贸易学院知识库

   随着金融市场开放程度不断深化，中国商业银行之间的竞争加剧，许多大型国有银行陆续通过跨国并购寻求新的发展机会。研究商业银行跨国并购前后的绩效，可以更加直观地量化其并购后的效果，从而判断是否达到预期并购目的，对并购双方协同效应的实现程度、资金利用率提高与否作出综合评价，是其制定未来发展规划的基础。本文以交通银行并购巴西BBM银行为例，研究交通银行并购动因和并购后的绩效，对于其推进“走国际化综合化道路，建设最佳财富管理银行”的发展战略具有较强的现实意义。同时找出并购后其盈利能力下降的影响因素，为其他中资银行提升跨国并购绩效提供借鉴。

   首先，文章使用事件研究法研究交通银行并购后的短期绩效，结果是并购后其短期绩效得到了提升。其次，使用财务指标与非财务指标相结合的方法对交通银行的长期绩效进行分析，发现其并购后除盈利能力有所下降外，其余财务指标均表现良好，并且管理方式、客户名单的数量和质量、人才培养创新水平和信息技术水平都有所提升。交通银行此次并购绩效整体有所提高，并购双方协同效应逐渐显现，达到了并购的目的。再次，文章对导致交通银行盈利能力下降的内、外部因素进行分析，内部因素包括内部治理水平不高、使用现金支付和缺乏并购经验，外部因素包括巴西经济制度与政策产生的汇率风险以及并购后整合过程具备的磨合期。最后，针对交通银行进一步提升其跨国并购绩效提出相关建议，即提高管理层内部治理水平、选择合理的支付方式、加强学习和总结并购经验以及重视并购后在经营管理、人才及文化方面的整合，并且得出对中资银行提升跨国并购绩效的启示，即合理选择并购区域和对象、正确选择并购时机、合理选择支付方式以及重视并购完成后关于业务结构、银行文化、人员架构以及管理体制的全面整合。

关键词： 跨国并购 短期绩效 长期绩效 支付方式   

     With the deepening of the openness of the financial market, the competition among Chinese commercial banks has intensified, and many large state-owned banks have sought new development opportunities through cross-border mergers and acquisitions. By studying the performance of commercial banks before and after cross-border mergers and acquisitions, the effects after mergers and acquisitions can be quantified more intuitively, so as to judge whether the expected goals of mergers and acquisitions have been achieved, and to make a comprehensive evaluation of the degree of synergies between the two parties and whether the utilization rate of funds has been improved, which is the basis for making future development plans. This paper takes BOCOM's acquisition of BBM Bank in Brazil as an example to study the motivation of BOCOM's acquisition and its performance after the acquisition, which is of great practical significance to its development strategy of "Taking the road of internationalization and integration and building the best wealth management bank". At the same time, it finds out the factors influencing the decline of profitability after M&A, and provides reference for other Chinese banks to improve the performance of cross-border M&A.

       First of all, the dissertation uses the event study method to study the short-term performance of Bank of Communications after the merger, and the result is that its short-term performance has been improved after the merger. Secondly, the use of financial indicators and non-financial indicators of bank of communications with the methods of long-term performance is analyzed, found that in addition to a drop in profitability after the merger, the rest of the financial indicators are good, and the management way, the quantity and quality of customer list, the innovation of talents cultivation and information technology are improved. The overall performance of the merger and acquisition of Bank of Communications has been improved, and the synergies between the two parties have gradually emerged, achieving the purpose of the merger and acquisition. Thirdly, the dissertation analyzes the internal and external factors that lead to the decline of BOCOM's profitability. The internal factors include the low level of internal governance, the use of cash payment and the lack of experience in mergers and acquisitions. The external factors include the exchange rate risk caused by Brazil's economic system and policies and the run-in period in the post-merger integration process. Finally, in view of the bank of communications to further promote the cross-border m&a performance put forward relevant suggestions, which improve the management level of internal governance, selecting reasonable payment, strengthen study and sum up the experiences of mergers and acquisitions and pay attention to in the management, personnel and culture after the merger integration, and it is concluded that revelation for Chinese Banks to raise the performance of cross-border M&A, That is to choose the region and object of merger and acquisition reasonably, choose the right time of merger and acquisition, choose the payment method reasonably and pay attention to the comprehensive integration of business structure, bank culture, personnel structure and management system after the completion of merger and acquisition.

Keywords: Cross border M&A；Short-term performance；Long-term performance；Method of payment