| In the face of complex international and domestic economic situation, Chinesecommercial banks should not only meet the regulatory authorities to implement theNew Basel Capital Accord, and to face the competitive pressures of foreign financialholding group carved up the Chinese market. Under the background of amarket-oriented interest rate expectations, domestic commercial Banks should notonly meet customers' increasingly strong demand for financial services, and providefollow services with the development of it; In addition, in the long run, domesticcommercial banks on the one hand for the future of the financial industry mixesindustry the management actively go out ahead of the layout, learning, accumulatingbusiness, on the other hand, by transnational M&A can also learn the advancedmanagement experience of foreign financial enterprise, reserve talent. In short, underthe current situation, the strength of the local commercial bank once found suitableright targets, it will actively carry out cross-border merger and acquisition, so willappear a lot of transnational M&A cases, so study the cross-border mergers andacquisitions commercial bank with strong practical significance.This article consists of five parts, whichThe first part is the introduction, this paper mainly summarizes the researchbackground, significance and purpose, through to the domestic and foreign documentsobtained the main research ideas and methods.The second part is the theoretical foundation of the paper and the definition ofrelated concept, base the review of basic theory of economy of scale, market forces,agent expansion motive, the financial synergy effect and its applicability, define thedefinition of bank mergers and acquisitions, bank of cross-border mergers andacquisitions, M&A performance, and finally briefly introduces the merger of thebanking industry in China in recent years. The third part mainly base on accounting annual financial reports of Chinamerchants bank and wing lung bank (2006-2010),with the comparative research,before and after of the performance of China merchants bank and wing lung bankperformance is evaluated from M&A asset scale, profitability, solvency, assetmanagement ability and development ability.The fourth part mainly through set respectively May30,2008and January15,2009for zero days, with Shanghai stock the secondary market based stock price data,respectively, choose [10,10] for a window period, through the event study, use thewindow period of AR (abnormal return) and CAR (cumulative abnormal returns)which evaluated by the capital asset pricing model (CAPM) to evaluate theperformance of M&A stand or fall.The fifth part is the conclusion of the paper... |
