统计研究

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跨国并购交易结构设计对银行效率的影响

陈建勋等   

  • 出版日期:2017-04-15 发布日期:2017-04-14

The Effect of Cross-border M&A Transaction Structure Design on Bank Efficiency

Chen Jianxun et al.   

  • Online:2017-04-15 Published:2017-04-14

摘要:

超越传统的并购交易结构同质性潜在假说,本文基于异质性假说,以效率理论为主要理论基础,重新考量跨国并购交易结构设计与银行效率之间的复杂关系。运用中国、美国和英国银行业跨国并购的面板数据,采用DEA超效率模型,本研究发现:跨国并购交易结构设计对不同类型银行效率的影响机制与效应存在差异性,且在地理距离远近不同的条件下,其差异性更为明显。具体而言:跨国并购交易价值对纯技术效率的影响具有“浴缸曲线”效应,两者呈正U型关系,而对规模效率的影响则具有“过犹不及”的倒U型曲线效应,且在地理距离远的条件下这种关系更为凸显;持股比例对对纯技术效率只有在地理距离远的条件下才出现“过犹不及”的倒U型关系,但是其对规模效率的影响则不显著;目标银行相对规模对纯技术效率的影响具有“多多益善”的正向影响,但是其对规模效率只有在地理距离远的情况下才出现“过犹不及”的倒U型曲线效应。

关键词: 跨国并购, 商业银行, 纯技术效率, 规模效率

Abstract:

Beyond the traditional homogeneity hypothesis on the M&A transaction structure, this study reconsiders the relationship between cross-border transaction structure and bank efficiency based on the efficiency theory from the perspective of heterogeneity hypothesis. By using the sample of panel data in banking industry from China, America and United Kingdom and adopting the DEA hyper efficiency model, it finds: Cross-border M&A transaction structure exerts differing effects on two types of bank efficiency, and this differential effect is much more salient under different physical distance. Specifically, transaction value has U-shaped relationship with pure technological efficiency, and inverted U-shaped association with scale efficiency.Such effect is much more salient when the physical distance is farer. Holding ratio has an inverted U-shaped relationship with pure technological efficiency only when the physical distance is larger, and its effect on scale efficiency is insignificant. Relative size has positive effect on pure technological efficiency, while has inverted U-shaped relationship with scale efficiency only when the physical distance is farer.

Key words: Cross-border M&A, Commercial Bank, Pure Technological Efficiency, Scale Efficiency.