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论文编号：	7098
作者编号：	2220091783
上传时间：	2014/12/16 9:05:13
中文题目：	中国平安并购深发展的并购动因与绩效研究
英文题目：	A Study on Motives and Performance Evaluation of China Ping An Group''s Merging Shenzhen Development Bank
指导老师：	张永强
中文关键字：	银行业并购 并购动因 并购绩效
英文关键字：	Banks Merger and Acquisition; M&A Motives; M&A Performance
中文摘要：	在全球经济一体化的大背景下，并购浪潮再一次涌起，在金融业这样的传统行业中并购也逐渐繁荣。世界各大型银行已经将并购活动作为其提高竞争实力的重要方式。在我国银行业并购法律非常欠缺的环境中，并购重组活动具有多样性和复杂性，受到多方面因素的影响。因此，对并购活动之后并购绩效的评价非常重要，可以为我国未来的并购活动提供经验和依据。中国平安收购深发展是中国金融业的一次特大并购整合案例。标志着我国商业银行大规模资产并购已经出现，同时也为我国金融业混合经营提供了新的方式。如何评价平安并购深发展的经济绩效，并在目前的经济环境下研究中国银行业的并购行为是具有现实意义。本文选择平安集团并购深圳发展银行这一典型案例，运用事件研究法、股价变动法以及财务分析法来评价此次并购的绩效，剖析并购的目的，以及并购活动的作用和影响，希望在案例分析中能够得出商业银行并购的一些不足之处或者可以借鉴之处，并针对并购过程中的一些问题给出改进建议，同时也为促进我国商业银行成功并购尽一份微薄之力。本文主要采用个案研究方法，即对中国平安并购深发展的相关资料进行广泛搜集，并运用相关绩效理论和财务工具对此次并购活动进行绩效分析。本文研究认为，此次并购实现了平安集团和深发展最初的并购动机，也取得了一定的协同效应。深圳发展银行获得了更多的营业网点和客户资源，从长期上改善了其偿债能力和盈利能力，发展能力在并购活动期间也获得了大量增长，但是深发展在并购后应该注意加强营运管理。对于平安集团而言，此次并购活动并没有取得显著收益，只是短期上改善了其偿债能力和盈利能力，这种改善没有带来长期价值，甚至拖累了平安集团的营运能力。平安集团的发展能力虽然没有得到提升，但是加强了平安发展的稳定性，实现了平安集团并购活动的初衷。
英文摘要：	With global economic integration, a new merger wave has surged. The behavior of M&A is becoming increasingly prosperous in traditional industry like finance. M&A activities are regarded as one of significant ways to enhance their competitiveness by most big banks all over the world. These domestic behaviors of acquisition and reorganization are full of diversity and complexity, and collection of various factors should be taken into consideration, because in China laws and regulations, which are related to banking merger, are inadequate. Therefore, the performance evaluation would be much more important after the merger, which could provide experience and foundation for the M&A activities happened in the future. The case of China Ping An Group’s merging Shenzhen Development Bank is an extra-large one in Chinese Financial industry, which means the appearance of large scale asset in commercial bank, and that a new way of mixed operation in Chinese financial industry is provided. How to evaluate the economic performance of this M&A case and study the M&A behavior of Chinese banking in the current economic environment have a substantial reality. The case of China Ping An Group’s Merging Shenzhen Development Bank which is a typical case is chose to make evaluation performance with research method such as dividend growth model, event study and financial index method. Analyzing the intention, effect and influence of the merger makes a good contribution to finding the advantage and disadvantage of the merger between commercial banks. Some suggestions would help to solve problems during the merger process and accelerate other commercial mergers in our country. Case study method is the principle research method of this article, which is collecting relative information of China Ping An Group’s merger and analyzing the performance of the merger with performance theories and financial tools. This article argues that, this merger has accomplished its initial merger motives of both China Ping An Group and Shenzhen Development Bank,and has achieved synergy on some level. The ShenzhenDevelopment Bank gets much more business outlets and client resource, its debt paying ability and profitability is improved, and the ability of development has made a big difference after the merger. However, the operation management of Shenzhen Development Bank should be enhanced after the merger. China Ping An Groupdid not get significant benefits, which only improved its debt paying ability and profitability in short-term, which didn’t last long. And the operation ability of Ping An was suffered. Although the development ability was not improved, stability of its development was enhanced and its initial intention has been accomplished.
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