商业银行并购重组有问题金融机构的研究——以股份制商业银行并购重组地方中小金融机构为例

一、市场退出与金融稳定的两难冲突一般而言,对有问题金融机构的支付风险处置路径有自我化解(股东注资或市场融资)、存款保险、再贷款等措施,其中最后贷款人机制和存款保险是金融安全网的重要组成部分。由于经济转轨过程中许多有问题金融机构风险自我化解能力不足,我国尚未建立起存款保险公司这样的市场化风险分摊机制,以及再贷款形成央行大量不良     

当前形势下中资金融机构国际并购的策略

内生式增长和并购是企业发展的两种方式。在当前国际金融形势下,中资金融机构开展国际并购要贯彻科学发展观,以企业长远战略为基石,在扎扎实实办好自己的事情的同时,审慎把握国际并购的机会及节奏,积极研究、主动参与、力争取得国际并购的成功。同时,中资金融机构国际并购,离不开监管理机构的支持、指导和规范。     

金融危机对农村中小金融机构的影响及监管启示

百年一遇的金融危机对我国银行业产生了诸多影响,农村中小金融机构虽然由于所处的地理位置和先天条件（如结算功能、电子化程度和业务品种等）的限制,金融危机对其直接冲击并不明显,但仍产生了一定的负面影响,这给我们如何加强和改善农村中小金融机构的监管提出了新的挑战。本文从四个方面分析了金融危机对徐州市农村中小金融机构产生的不良影响,提出了四条应对措施,并总结了三个方面监管启示,     

A股上市公司并购重组的启示与趋势

2007年证监会单独设立了并购重组委员会,对可能产生重大影响的并购重组进行审核,以应对全流通背景下资本市场的新趋势。本文从并购重组的方式、交易金额、支付手段、交易标的估值水平和行业分布等方面对2013年与2014年上半年中国A股上市公司并购重组活动进行分析,并总结其经验及趋势。     

全球银行业并购重组经验借鉴及对我国的启示

20世纪90年代以来，全球银行业掀起了一股并购重组浪潮，将全球金融竞争进一步推向高潮。本文分析了全球银行业并购重组的动因、特征和发展趋势，研究了我国银行并购重组实践中存在的主要问题，并提出了我国银行业并购重组的基本思路和途径。     

中国金融业的并购重组分析

中国金融组织体系在构建过程中，并购重组发挥了重要的作用。但由于中国的这种并购重组是在政府主导下的一种自上而下的行为，因此无论是银行业内部的分化整合，还是金融机构之间“拉郎配”式的并购，都不可避免地有时会忽略金融机构自身的绩效。因此对中国金融业的并购重组进行规范，是金融发展亟待解决的问题。     

并购重组中融资问题的研究

随着我国经济体制改革的不断深入,并购重组已经成为其中不可或缺的重要组成部分。我国国民经济的迅速增长,我国的综合国力和国际经济的影响力也在逐渐提高,我国企业的实力和面对国际市场的竞争力也越来越强。对于中国企业而言,要想在激烈的竞争中立于不败之地,并保证企业的持续发展,企业就必须超越自我,实现与其他企业或外国企业的并购。本文将就我国企业在并购中出现的融资问题进行分析。     

Mergers and Acquisitions of Financial Institutions: A Review of the Post-2000 Literature

This paper provides a review of the recent financial institution mergers and acquisition (M&A) literature covering over 150 studies. Several robust themes emerge in the post-2000 literature. North American bank mergers are (or can be) efficiency improving, although the event-study literature presents a mixed picture regarding stockholder wealth creation. In contrast, European bank mergers appear to have resulted in both efficiency gains and stockholder value enhancement. There is robust evidence linking high CEO compensation to merger activity and strong implications that deals can be motivated by the desire to obtain ‘too-big-to-fail’ status and reap the associated subsidies. Evidence on the impact of both geographic and product diversification via merger is mixed. There is growing evidence that financial institution M&As can adversely impact certain types of borrowers, depositors, and other external stakeholders.     

逐鹿跨国并购

从全球看,国际直接投资进入一个新的发展阶段 第一,目前全球直接投资的主导形式已经转向跨国企业并购. 据统计,1999年全球国际直接投资总额高达8440亿美元,其中跨国并购投资7220亿美元,占全球国际直接投资总额的85%以上.     

The Determinants of Mergers and Acquisitions in Banking

This paper investigates the determinants associated with the likelihood of a bank becoming involved in a merger or an acquisition. Using a multinomial logistic regression and a Cox regression with time-dependent covariates, we investigate the determinants of being a target or an acquirer from a sample of 777 deals involving EU acquirers and 312 global targets over the period of 1991 to 2006. Both the multinomial logistic and Cox regressions identify the same determinants associated with becoming acquirers or targets. A higher likelihood of becoming an acquirer exists for larger banks with a history of high growth, greater cost X-efficiency, and lower capitalization. In contrast, banks are more likely to be targets if they have lower free cash flows, are less efficient, are relatively illiquid, and are under-capitalized. But, the predictive power of the two regressions is different as the multinomial logistic regression outperforms the Cox regression when predicting the likelihood of becoming an acquirer.     

财政危机的预防与治理——近代中国财政危机的启示

财政危机极易转化为全面社会危机,危害巨大。基于财政危机的起源、传导及社会效应的理论分析,回顾近代中国晚清、北洋、南京政府的财政危机。以史为鉴,总结教训,结合当前财政形势,预防和治理财政危机,要做到明确税收中性原则,税制改革以减税富民为导向;促进税收负担合理化,寻求财政赤字弥补形式多样化;合理划分中央与地方财权,警惕地方政府债务风险;拓宽刚性支出资金来源,逐步优化财政支出结构;构建和谐稳定发展环境,财政政策适时"转型"。     

Stock Returns in Mergers and Acquisitions

This paper develops a real options framework to analyze the behavior of stock returns in mergers and acquisitions. In this framework, the timing and terms of takeovers are endogenous and result from value-maximizing decisions. The implications of the model for abnormal announcement returns are consistent with the available empirical evidence. In addition, the model generates new predictions regarding the dynamics of firm-level betas for the period surrounding control transactions. Using a sample of 1,086 takeovers of publicly traded U.S. firms between 1985 and 2002, we present new evidence on the dynamics of firm-level betas, which is strongly supportive of the model's predictions.     

出口退税贷款存在的问题及其解决建议

在处理分支行信贷业务过程中,发现近期法院冻结已作为商业银行还款“保证”的出口退税款项的案件越来越多,已经影响到商业银行出口退税贷款业务的正常开展。此类贷款窨竟是信用贷款还是担保贷款?若是担保贷款又属何种担保方法?法院可否冻结扣划出口退税款项?即使法院可以冻结出口退税款项,能否采取更加灵活适当的方式?商业银行又如何防范此类贷款风险?     

Economic Nationalism in Mergers and Acquisitions

This paper studies government reactions to large corporate merger attempts in the European Union during 1997 to 2006 using hand‐collected data. We document widespread economic nationalism in which the government prefers that target companies remain domestically owned rather than foreign‐owned. This preference is stronger in times and countries with strong far‐right parties and weak governments. Nationalist government reactions have both direct and indirect economic impacts on mergers. In particular, these reactions not only affect the outcome of the mergers that they target but also deter foreign companies from bidding for other companies in that country in the future.     

美国金融业并购再起波澜

2003年10月下旬,美洲银行(Bank of America)以470亿美元收购富利银行(Fleet Bank)后成为美国第二大银行。时隔仅两个多月,美国历史上又一起特大型金融并购案又悄然而至,令美洲银行并购案黯然失色。2004年1月14日,摩根大通公司(JP MorganChase)宣布以580亿美元收购总部位于芝加哥位列美国第六大银行的美一     

国际金融危机的反思及启示——从公司治理的视角

改革开放以来,中国企业一直将西方的公司治理模式奉为金科玉律,竞相模仿学习。然而在横扫全球的金融危机中,西方企业纷纷落马,这不能不引起我们的质疑和反思。