• 论文 •

### 跨国并购交易结构设计对银行效率的影响

• 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

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.