Research On The Cause Of Synergy Of Chinese Banks' Overseas Mergers And Acquisitions

According to the experience of big foreign Banks,they had unique route of rapid expansion through mergers and acquisitions(M&A).After China's entry to the world trade organization(WTO),Chinese Banks,especially state-owned Banks and national-wide joint-stock commercial Banks,began to compete in global financial market.Some of these qualified and capable Chinese Banks had been accessed to the global financial market through overseas M&A gradually realizing internationalization.As the emergence of Chinese Banks' overseas M&A events,synergetic effect were mentioned and involved through M&A transactions.As per the synergetic effect theory,this dissertation took the realization of synergetic effect in overseas M&A of Chinese Banks as the main motivation,and analyzed the reasons influencing the formation of synergetic effect by studied the changes of performance evaluation and rating indexes of the Acquiring Institutions and the Acquired Institutions before and after the M&A.This study was an extension and verification of the synergetic effect theory in the Chinese Banks' overseas M&A events.For the macro national strategy,this dissertation analyzed,summarized and extracts the experience and exhortation accumulated by Chinese Banks in overseas M&A events since the beginning of the 21 st century,for the reference of Chinese banks to use M&A as a strategic management option.For the development of the Banking industry,this dissertation used the Ratio Analysis Method to analyze of the Acquiring Institutions before and after M&A overseas events,used the Factor Analysis Method to analyze the Acquired Institutions before and after M&A overseas events,and studied the changes of these performance evaluation indexes together in the framework,hoping it's useful for Chinese Banks' overseas M&A performance review supporting in framework and thinking in practice.For micro M&A transactions,the conclusion and suggestion of this dissertation were expected to provide theoretical supporting and practical materials for Chinese Banks' reference,including set up expectation of synergies,forming conditions,valuation assumptions,integration objectives and transaction review in overseas M&A transactions.For Acquiring Institutions,this dissertation referred to the quantitative performance evaluation indexes of Banks by the "Bank Internationalization Index"(BII)from the Academy of Internet Finance in Zhejiang University,and analyzed the changes of internationalization Index of some of the Chinese Acquiring Banks before and after overseas M&A by using the Ratio Analysis Method.For Acquired Institutions,this dissertation referred to the US's regulatory "Camel" rating index and Chinese regulatory "CARPALs" rating index,as well as the Moody,Standard &poor and Fitch,the three major international rating index providers of the banking rating indexes,and analyzed the changes of rating indexes of some of the Chinese Banks' Acquired Institutions before and after overseas M&A by using the Factor Analysis Method.Based on the analysis of the changes in the evaluation and rating indexes of the Acquiring Institutions and the Acquired Institutions,the causes of the synergies generated in the past overseas M&A ware obtained,which could be used as a reference for the going forward overseas M&A of Chinese Banks.This dissertation discussed the causes of the synergetic effect of Chinese Banks' overseas M&A,look forward to provide referential suggestion for future overseas M&A.