欧盟银行跨国并购绩效和分析.pdf

摘 要 银行并购从上世纪80年代在美国大规模兴起，就引起了很多关于其价值源 泉的质疑和争论。欧盟国家的银行并购起步虽晚，但是欧盟经济一体化、金融 市场一体化的大背景，欧元的推行，极大促进了欧盟银行业的合作，欧盟银行 并购从上世纪90年代中期开始迅猛发展。随着欧盟各种鼓励、支持银行并购的 政策措施的出台，可以预见欧盟银行并购在未来的持续发展趋势。 银行并购引起了学术界的普遍关注。很多学者对银行业并购的动机、绩效、 成功因素等问题进行了广泛研究。但是这些研究大多数以美国市场为对象，而 对于欧盟银行的并购，特别是刚刚发展起来的欧盟银行的跨国并购，至今仍没 有一个较为全面和系统的理论可以提供让人信服的解释，对于并购绩效和价值 源泉的实证研究结果仍存在许多争议。欧盟银行跨国并购的绩效如何？对美国 银行跨境（州）并购的研究是否同样适用于欧盟银行跨国并购？影响欧盟银行 跨国并购的特别因素是什么？本文将在历史研究的基础上，通过对 2004 年到 2008年欧盟发生的两个重要银行跨国并购--桑坦德银行并购阿比国民银行、意 大利联合信贷银行并购德国裕宝（HVB）--进行深入对比分析，试图得出能澄清 部分争论的结果，从而对今后的银行并购提供参考和借鉴意义。 关键词：银行并购；并购绩效；竞争条例；劳工保护；文化 1 Abstract Bank mergers and acquisitions originated from America and experienced a spectacular boon in 1980s. Meanwhile, the phenomenon raised a lot of doubts about the sources and process of value creation. Bank mergers and acquisitions in Continental Europe started quite late, but since mid-1990s, the market witnessed an astonishing catch-up growth, in the background of European Single Financial market and introduction of single currency Euro. A series of policies and regulations in favor of bank mergers and acquisitions have been announced and will support the continuous development of bank MA in European Union. The increasing tension of Bank MA aroused wide public concern among the academic community. Many scholars discussed extensively about the motives, value effects and drives of MA success. However, most of them focused on American market. Till now, there hasn’t yet been even an all-around and systematic theory to provide a convincing explanation, especially on value creation drives. This paper, based on the existing studies, analyzes two cross-border bank MA cases in European Union from 2