Study On The Impact Of Cross-Border Mergers And Acquisitions On The Performance Of China's Commercial Banks

Based on the current market environment in China,this paper studies the process of M&A of commercial banks in China,and analyzes the motivation of their choice of cross-border M&A.This paper analyzes the performance of short-term through event study and long-term through DEA-Malmquist index on commercial banks.In terms of short-term performance,it mainly studies the short-term wealth effect of shareholders brought by M&A events;for long-term performance,it mainly studies the long-time efficiency of M&A.In addition,due to numbers of factors that affect the M&A efficiency of commercial banks,through panel regression,this paper analyzes the factors that have a greater impact on the performance of cross-border M&A of commercial banks to prevent risks and go a step further to guide cross-border M&A of commercial banks in China.The conclusion of this paper is that in terms of short-term performance,the short-term value promotion of M&A lasts for a short time,and investors have speculative psychology towards overseas M&A.In terms of long-term performance,the focus of TFP improvement brought by cross-border M&A comes from technological innovation brought by technological progress after M&A.However,the "time lag" efficiency is obvious.In terms of the influencing factors of M&A performance the improvement of cross-border M&A performance of commercial banks is related to their own asset size,cost income ratio and capital adequacy ratio.The asset size and cost income ratio are positively related to the performance of cross-border M&A of commercial banks,while the capital adequacy ratio is negatively related to the performance of cross-border M&A of commercial banks.