银行跨国并购影响力研究——基于宏观经济、产业结构与制度环境的视角

宏观经济、产业结构和政策制度对银行跨国并购的并购方和被并购方都具有显著影响,但仅仅考量单个环境对跨国并购的影响,往往会夸大影响因素的作用力。为此,通过综合考察三类环境因素对跨国并购的影响,发现母国的经济规模、银行产业发达程度、银行制度完善程度以及母国与东道国经济一体化程度是影响银行跨国并购的并购方的决定性因素;而对于银行跨国并购中被并购银行的决定性因素则有所不同,主要是东道国与母国经济一体化程度以及东道国银行产业的发展情况,而与东道国经济发展程度和制度完善程度无关。

International empirical study on the influential factors of the cross-border M&A of banks

Cross-border M&A has been a dominating pattern of foreign market entry of the bank.Based on the sample of more than 2300 cross-border M&A of bank during the past 20 years,this paper analyzes the environment of economy,industry and institution between the home country and the host country which affect the cross-border M&A of bank.Our empirical study indicates that the environment of economy,industry and institution have distinct influence on the acquire and the target of cross-border M&A.Moreover,the crucial...