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跨国银行并购对绩效的影响

时间:2016-03-07 17:32来源:www.ukthesis.org 作者:英国论文网 点击联系客服: 客服:Damien

跨国银行并购对绩效的影响
Effects Of Cross Border Bank Mergers On Performance

背景:作为一个经济发达的欧洲银行业正在经历一个可能主要是因为永久像非中介化趋势限制的过程,放松管制和不断增加的竞争,很明显这个限制是证明越来越多的合并和收购。如果我们回顾发现从1995年到2000年上半年,2153并购被记录在1807年信贷机构的国内并购交易剩余的346家跨境银行合并的欧盟,绝大多数发生在欧洲以外的地区。看欧洲银行业的历史,我们会发现,跨境并购一直被国内银行并购。一个显而易见的跨境银行并购的动机可以说是作为一个由地域多样化可以生成更稳定的利润的多元化国家固有风险。而且跨境并购研究的经济规模,有积极影响的X -效率银行合并。银行进入跨境并购的主要原因可以归结为外国市场的大小等因素,非海外金融机构的存在和存在的条目限制,比较优势,由于优越的技能也可以是为什么银行跨境并购其中一个原因。如果我们考虑到跨境银行在欧洲,我们会发现它主要局限于欧洲银行,大多数外资银行在东欧西欧银行。总共有25%的欧洲银行在欧洲地区的组成部分。如果我们考虑到欧洲银行业的照片我们会发现目前11家银行在欧洲市场运作,早些时候,这个数字是7,这确实是令人刮目相看,在经济衰退期间增加到了11和总数量的3家银行在全球范围内运作。

BACKGROUND:

Being a developed economy the European Banking sector is undergoing a process of restricting which may be mainly because of ever permanent trends like disintermediation, deregulation and the ever increasing competition and the very obvious proof of this restricting is the increasing number of mergers and acquisitions. I f we look back we will find out that from the year 1995 to the first half of the year 2000, 2153 mergers and acquisitions were recorded in the European Union of credit institutions out of which 1807 were domestic merger deals out of the remaining 346 cross border bank mergers , a large majority took place outside Europe. Looking at the history of European banking we will find out that cross border mergers and acquisitions have always been outnumbered by domestic bank mergers and acquisitions .An obvious motive of cross border bank mergers can be said to be diversifying the country inherent risk as a more stable profit can be generated by geographical diversification. Moreover cross border mergers and acquisitions explore the economies of scale, have a positive effect on the X- efficiency of the merging banks. The main cause of banks entering into cross border mergers can be attributed to factors like the size of the foreign markets, the presence of non financial firms abroad and the presence of entry restrictions, a comparative advantage due to superior skills can also said to be one of the reasons as to why banks go for cross border mergers. If we take into account the cross border banking in Europe we will find out that it is mainly restricted to European banks only, most of the foreign banks in Eastern Europe are West European Banks. There is a total of 25% of regional component of European banks within Europe. If we take into account the picture of European banking we will find out that currently 11 banks operate in the European market, earlier this number was 7 and it is indeed remarkable that increased to 11 during the period of recession by and a total number of 3 banks operate on a global scale.

AIMS AND OBJECTIVES OF THE RESEARCH: The main aim of my research is to throw light on the cross border bank mergers which have taken place in the European Markets. In my dissertation I will be mentioning about what drives the banks to enter in to cross border mergers and acquisitions, what factors are taken into consideration by both the banks before entering into the deal and the post merger effects on the performance of the banks, for supporting this I’ll be taking into account the cross border bank merger of Abbey National(Spain) and Santander (UK). The main objective of my research will be to find out the reasons and causes of the infrequent cross border bank mergers and acquisitions in the European markets over a period of time as compared to other markets worldwide.

REVIEW OF LITERATURE:

Over a number of years a lot of research has been done on the effects of cross border bank mergers on the performance of the host and the target bank post the merger and the effects have been studied and analyzed from the cross border bank merger deals in the Europe. It has come to light that the foreign banks in the emerging economies tend to perform better than their domestic counterparts. Researchers have found out that the main motive behind the banks entering into cross border bank mergers can be factors like” follow your customer hypothesis” (Miller and Porkhe, 1998) or it can be attributed to the difference in the efficiency between the acquiring and the target bank(Berger, 2000). In another study by Claessens and Van, it has been argued that competitive advantage to the banks is another motive of cross border bank mergers and apart from that it has been seen that multinational banking moves usually to those countries where there is a similar environment as they face in the home country.

During the past decade the European financial sector has been affected quite significantly by mergers and acquisitions. There has been a substantial growth of 67% in banking assets as a percentage of GDP, but there was a decline in the number of European banks from 12,670 in the year 1985 to 8395 in the year 2000. There has been a constant consolidation in the banking sector all around the globe; basically it involves different banks entering into mergers and acquisitions. In the European Union itself the number of banks came down quite sharply from 11397 in 1990 to7045 in the year 2006 and at the same time some of the large banks entered into cross border mergers. Researchers have found out that in the European market 11 banks operate on the European scale and 3 banks on the local scale. A few years back it was taken into account by (Walter, 2003) that mergers and acquisitions activity in Europe is primarily domestic. When we talk about domestic orientation then European banks have a small domestic component of 54%. Half of the top 30 banks in Europe are international and there have been some very successful cross border deals including the takeover of Abbey National (UK) by Santander (Spain) in the year 2004, the takeover of Banca Antonveneta( Italy) by ABN Paribas(France) to name a few.(责任编辑:anne)



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