歐洲并購與銀行業(yè)績外文翻譯

1、<p>　　2040單詞，3420漢字</p><p>　　出處：Source: Yener Altunbas, David Marqués Ibáñez,2004.” Mergers and acquisitions and bank performance in Europe”. European Central Bank: working paper series.

2、NO. 398 / October.pp.4-34.</p><p>　　Mergers and acquisitions and bank performance in Europe</p><p>　　Non-technical summary</p><p>　　During the 1990s a large process of financial con

3、solidation has taken place in the European Union although cross-border mergers and acquisitions activity remains limited in the banking sector. Given the central role played by banks in the credit process and the economy

4、 in general, this process of financial consolidation has attracted substantial attention not only from managers and shareholders but also from borrowers and policy-makers. While in the United States there is extensive em

5、pirical evi</p><p>　　In terms of methodology, most of the studies analyzing the effect of bank consolidation on performance tend to follow two main kinds of empirical methods. On the one hand there are a num

6、ber of studies comparing pre- and post-merger performance. On the other hand, another strand of the empirical literature uses a event-study type methodology, in which changes in the prices of specific financial market as

7、sets around the time of the announcement of the merger are analyzed. In this respect, the hand</p><p>　　We use the former approach by comparing actual pre- and post- merger performance in acomprehensive samp

8、le of European Union banks from 1992 to 2001. The use of this methodallows us to cover a wider sample of European Union banks by including also banks which are not listed on the stock market. Building on earlier US work

9、we also examine the impact of strategic similarities between bidders and targets on post-merger financial performance. The analogy with the US banking sector seems to be a usefu</p><p>　　Unlike results from

10、most of the US-based event studies literature, we found that there are improvements in performance in the European Union after the merger has taken place particularly in the case of cross-border M&As. By making the a

11、ssumption that balance-sheet resource allocation is indicative of the strategic focus of banks, we also find that domestic and cross-border mergers are very different in terms of whether dissimilar or similar banks succe

12、ed in mergers.</p><p>　　On average, we found that consistency on the efficiency and deposits strategies of merging partners are performance enhancing both for domestic and cross-border M&As. For domestic

13、 mergers we also found support on the negative effects of dissimilarities in earnings, loan and deposit strategies on performance. Yet, differences in the capitalisation and investment in technology and financial innovat

14、ion of merging institutions were found to enhance performance.</p><p>　　For cross-border M&As, diversity in their loan and credit risks strategies improved performance of the merging banks, while diversi

15、ty in their capitalisation, technology and financial innovation strategies are negative from a performance perspective. This renders support to the often stated difficulties in integrating institutions with widely differ

16、ent strategic orientation. These findings fit well with the process of financial consolidation observed in recent years in Europe.</p><p>　　1. Introduction and motivation</p><p>　　Spearheaded by

17、 the creation of the single market for financial services and, more recently, by the introduction of the euro, an unprecedented process of financial consolidation has taken place in the European Union. During the late 19

18、90s, the volume and number of mergers and acquisitions (M&As) increased in parallel with the introduction of Monetary Union (Chart 1). According to most bankers and academics, however, the process of banking integrat

19、ion seems far from completed and is expected to co</p><p>　　As in other industries, this process of consolidation in the banking industry has attracted substantial attention from managers and shareholders. I

20、n addition, the pivotal role played by the banking sector in the economy has also ensured additional interest from borrowers, depositors and policy-makers alike. One of the concerns for policy-makers is the possible impa

21、ct of consolidation on the transmission mechanisms of monetary policy.</p><p>　　The impact of bank consolidation on the transmission of monetary policy is a multidimensional issue. According to most empirica

22、l studies, an increase in banking concentration tends to drive loan rates up in many local markets thereby probably hampering, to some extend, the pass-through from market to bank lending rates. On the other hand, in ter

23、ms of quantities, early concerns about loan supply restrictions to small and medium enterprises arising from bank concentration seem to have been exagger</p><p>　　In terms of methodology, the handful of Euro

24、pean studies analysing the effect of bank consolidation on performance tends to follow two main kinds of empirical methods: a comparison of pre- and post-merger performance, or an event-study type methodology based on pr

25、ices of specific financial market assets. Surprisingly, while there is a myriad of empirical studies in the United States devoted to the issue of banking consolidation, there is a paucity of studies in the European Union

26、 (see Berger et </p><p>　　In this respect, the first set of studies evaluates the effects of bank mergers comparing pre- and post- merger performance by measuring performance using either accounting or produ

27、ctive efficiency indicators. An important starting point for this latter group is that the latest empirical studies measuring bank efficiency show that scale economies seem to exist in the banking sector in the United St

28、ates and Europe. This finding tentatively suggests that improvements in efficiency could be expecte</p><p>　　A parallel strand of the literature uses event study methodology, and typically tries to ascertain

29、 whether the announcement of the bank merger creates shareholder value (normally in the form of cumulated abnormal stock market returns) for the target, the bidder and the combined entity shareholders. The underlying hyp

30、othesis of these types of studies is that excess returns around announcement day could explain the creation of value associated to the merger. Following this procedure, most US studi</p><p>　　Recent studies

31、have provided an interesting contribution by sub-sampling the population of merging banks, according to product or market relatedness, to analyse whether certain shared characteristics among merging institutions could cr

32、eate or destroy shareholder value or performance. By and large, the main conclusion of these studies is that while mergers among banks showing substantial elements of geographical or product relatedness create value, dis

33、similarities tend to destroy overall sharehol</p><p>　　A few studies looking at actual after-merger financial performance have also considered whether the existence of common bank characteristics among mergi

34、ng partners could be conducive to improved performance. However, very little effort has been directed towards understanding performance differences that occur within each type of merger and how the degree of relatedness

35、among merging firms affects post-merger performance.</p><p>　　We attempt to address this issue and analyse the factors that are expected to influence the success of M&As by considering whether the merger

36、 of firms with similar strategic orientation could lead to higher profitability. Our analysis follows the perspectives of evolutionary economic theories, particularly the strategic management and resourcebased view of th

37、e firm under the assumption that financial data from individual banks reflects the strategic profile of merging institutions. This study ai</p><p>　　2. Strategic fit and performance</p><p>　　A c

38、lear conclusion from the above discussion of the M&A empirical literature is the importance of product and geographical similarities for post-merger performance. To investigate this issue further, we borrow our model

39、 from the strategic management literature by focusing on the strategic features of financial firms engaged in M&A activity.</p><p>　　Strategists have long recognised that the ’strategic fit’ among mergin

40、g partners is a critical element in determining the success or failure of a deal. Levine and Aaronovitch (1981) and Lubatkin (1983) were among the first to stress the importance of studying the strategic and organisation

41、al aspects of M&A activity. While the same view was echoed nearly 20 years later by Zollo (1997) for the financial sector, there have only been a handful of studies – all US-based – examining these aspects of M</p

42、><p>　　These studies analyse the impact of strategic similarities in bank mergers on bank performance, by associating the resource allocation patterns as indicators of the underlying strategies pursued by US ba

43、nks engaged in horizontal mergers. It is broadly found that strategic similarities between target and bidders improve performance, providing general support to the view that mergers between strategically similar firms ar

44、e likely to provide greater benefits than mergers involving organisations tha</p><p>　　This paper aims to expand on available evidence by investigating how strategic similarities – calculated from banks’ bal

45、ance sheet data - among merging banks in the European Union have impacted bank performance from 1992 to 2001. The interest of this particular exercise is multidimensional: first, the issue of strategic similarity, emphas

46、ized indirectly by other strands of the literature is addressed directly in the European Union. Second, by analysing both domestic and cross-border merger data </p><p><b>　　譯文：</b></p><

47、;p><b>　　歐洲并購與銀行業(yè)績</b></p><p><b>　　非技術性總結</b></p><p>　　20世紀90年代，雖然跨國并購活動仍然局限于銀行業(yè)體系，但歐盟依然發(fā)生了一個非常大的并購整合過程。由于銀行一般在信用體系和整體經濟中扮演了至關重要的角色，因此并購整合的過程已經引起了不僅是企業(yè)管理人員與股東，還有借款人及決策者

48、的廣泛關注。雖然在美國有廣泛的對財務合并影響的經驗證據，但實證文獻在歐洲仍然有限。本文旨在闡明歐盟銀行業(yè)合并的過程。</p><p>　　從方法論方面來看，對銀行合并業(yè)績影響的研究分析中，大多傾向于兩個主要種類的實證方法。其中一個方法是有些研究是比較合并前與合并后的業(yè)績；另一個是，其他一些實證文獻采用事件研究型方法，它是在合并公告的具體時間內對金融市場資產價格的變動進行分析。為此，迄今開展的跨越歐洲的很多研究采用

49、了事件研究型方法，旨在說明銀行業(yè)間的并購為了獲得戰(zhàn)略目標和投標者而積累了極高的股票市值。（參見Cybo-Ottone和Murgia，2000年）</p><p>　　我們通過第一種方法并使用1992年到2001年實際歐盟銀行的全面樣本，來比較它們合并前與合并后的業(yè)績。通過使用這種方法使我們能涵蓋到面更廣的歐盟銀行，還包括未上市的銀行。在早前美國實驗基礎上我們還研究戰(zhàn)略相似性在投標者與目標者合并前后業(yè)績的影響。美國

50、的銀行業(yè)似乎是一個很有用的例子，美國的洲際擴張與銀行間極為重要的大合并過程是在20世紀80年代末和90年代初的銀行放松管制之后發(fā)生的。這可以和正在進行的歐洲金融一體化比較，歐洲一體化加速了1990年代初期單一市場的金融服務，特別是最近，又引進了歐元。在戰(zhàn)略方面考慮似乎也具有相似性。最近的研究通過對銀行合并的二次抽樣，提出了一個有趣的發(fā)現，根據產品和市場關聯(lián)性去分析在合并的機構中某些共同的特征是能夠創(chuàng)造還是削弱股東價值和業(yè)績。</p

51、><p>　　和許多美國早期的文獻研究結果不同，特別是在歐盟發(fā)生的那些跨國并購案件中，我們發(fā)現在并購后這些機構的業(yè)績都有所提高。通過假設機構資產負債的資源配置是銀行戰(zhàn)略策劃的重心，我們還發(fā)現無論是國內并購還是跨國并購，就相似或不相似銀行間的成功合并案例來看，結果都是不同的。</p><p>　　平均來看，我們發(fā)現無論是國內與跨國合并中具有一致的效率和存款戰(zhàn)略的合并伙伴，都能取得并購后業(yè)績的提高

52、。國內合并中，我們還發(fā)現不同機構并購中在業(yè)績收入、貸款和存款戰(zhàn)略幾方面存在消極效果。然而，在資本、技術投資、金融創(chuàng)新的機構并購中，其業(yè)績卻在提高。</p><p>　　在跨國并購中，并購銀行的貸款和信貸風險策略的多樣性提高了銀行的業(yè)績，然而他們的資本、技術和金融創(chuàng)新戰(zhàn)略卻使業(yè)績降低。這說明了多數持并購機構間由于迥然不同的戰(zhàn)略定位而產生許多困難的觀點成立。這些發(fā)現正好適合最近幾年在歐洲觀察到的金融并購過程。<

53、/p><p><b>　　介紹與動機</b></p><p>　　率先由單一金融服務市場的創(chuàng)造，再加上最近歐元的引進，使歐盟發(fā)生了一場前所未有的金融并購過程。在20世紀90年代后期，企業(yè)并購數量、體積結構的增加的同時，歐洲也開始了貨幣一體化。根據眾多銀行家和學者的說法，盡管銀行業(yè)的一體化進程似乎遠遠沒有完成，但預計在今后幾年其仍會繼續(xù)重塑歐洲金融環(huán)境。首先,許多力量支撐著

54、這一并購的過程—比如技術變化的影響和金融全球化，他們將繼續(xù)存在著。第二，在歐盟，每1000個居民的銀行數目幾乎是是美國的兩倍，這表明了在歐盟有足夠的空間進行并購。第三，歐盟國家在銀行的集中度上仍然有相當程度的不均勻性。</p><p>　　像其他行業(yè)的并購整合，在銀行業(yè)的并購中已經吸引了從管理人員與股東的大量注意力。此外，銀行業(yè)對經濟最重要的作用是確保借款人、存款人和決策者的額外收益。決策者關注的一個問題是貨幣政

55、策的傳導機制對并購的影響。</p><p>　　銀行合并對貨幣政策傳導機制的影響是多方面的問題。根據大多數實證研究，隨著銀行集中度的提高導致了許多地區(qū)當地貸款利率的提高，但在一定程度上卻阻礙了銀行借款利率的提高。另一方面，就數量而言，早期就中小企業(yè)因銀行集中度而受到貸款供應的限制是過于夸大了。</p><p>　　就方法論而言，一些分析銀行合并對其業(yè)績的影響的歐洲研究往往遵循兩種主要經驗方

56、法：一種是比較合并前后的業(yè)績，另一種是建立在對特定金融市場資產價格上的事件研究型方法。令人驚訝的是，雖然在美國專門關于銀行合并有無數的實證研究，但在歐盟卻極為貧乏。（參見Berger et，1999年）</p><p>　　在這一方面，第一階段研究是通過測量業(yè)績是使用會計還是生產效率指標來評估銀行合并前后業(yè)績的影響。后一階段研究一個重要起點是，最新測量銀行效率的實證研究表明了美國和歐洲的銀行業(yè)存在著規(guī)模經濟。這一

57、調查結果初步表明，可以期望從銀行的合并中獲得效率的提高。（參見Humphrey和Vale，2003年）令人驚訝的是，大量通過比較合并前后業(yè)績的研究卻發(fā)現，從取得的收益中很少能夠獲得潛在效率。（參見Piloff，1994年，Berger，Demsetz和Strahan，1999年）關于這個難題一個可能的理由是一些效率需要花很長時間來積累獲得。（參見Focarelli和Panetta，2003年）更確切地說，雖然一些效率（例如那些從風險分散

58、化、品牌名稱或派生的好處）能夠在短期內獲得，其他的比如從降低成本或范圍經濟所帶來的好處可能需要花更長的時間去實現。這可能是由于不同機構間廣泛合并存在困難。（參見Vander Vennet，2002年）帶有不同文化背景與戰(zhàn)略特征的公司組合，在其他方面條件平等的情況下，會遇到共同的難題，這些問題產生于由于企業(yè)間文化沖突并會阻礙其業(yè)績。</p><p>　　許多一系列的文獻都運用了事件研究型方法，通常試圖確定宣布合并的

59、銀行能夠為戰(zhàn)略目標、投標人和合并后的股東創(chuàng)造股東價值。（通常是積累異常股票市值回報的形式）研究報告基本假設的類型是圍繞發(fā)布日超額收益來解釋由于合并創(chuàng)造的相關價值。按照這一程序，大多數美國的研究發(fā)現，銀行的合并只能為目標機構的股東創(chuàng)造股東價值，而費用只會發(fā)生在招標機構。（參見Houston和Ryngaert，1994年，Berger，Demsetz和Strahan，1999年）相比之下，迄今為止進行的為數不多的跨國研究發(fā)現，銀行合并能夠為

60、目標機構和投標機構獲得顯著的股票市場價值收益。（參見Cybo-Ottone和Murgia，2000年）</p><p>　　最近的研究通過對銀行合并的二次抽樣，提出了一個有趣的發(fā)現，根據產品和市場關聯(lián)性去分析在合并的機構中某些共同的特征是能夠創(chuàng)造還是削弱股東價值和業(yè)績。總的來說這些研究的主要結論是，雖然銀行合并的地理與產品相關性這兩個實質元素能夠創(chuàng)造價值，但差異性卻能毀壞整體股東價值。（參見Amihud，De L

61、ong和Saunders，2002年，Houston和Ryngaert，1994年）</p><p>　　一些研究在觀察合并后的財務業(yè)績時能夠考慮到是否其合并伙伴存在著有利于改善業(yè)績的共同銀行特征。然而，很少有努力直接針對理解每個合并類型發(fā)生的業(yè)績差異以及合并企業(yè)間關聯(lián)性程度對其合并后財務業(yè)績的影響。</p><p>　　我們試圖解決這一問題并分析考慮了是否具有相似戰(zhàn)略定位且能導致更高利潤

62、的合并企業(yè)存在可能影響合并成功的因素。我們的分析遵循經濟理論的角度，特別是在戰(zhàn)略管理與企業(yè)進化觀點的假設下，從單個銀行的財務數據中反映了合并機構的戰(zhàn)略概括。本研究的目的是填補美國在這一領域為數不多的實證研究的一個空缺。從歐洲銀行系統(tǒng)得到的具體實證證據是至關重要的，因為美國的經驗不能自動適應于歐洲環(huán)境，比如，人們可以觀察到一個大大不同的制度現實。</p><p><b>　　2．戰(zhàn)略配合與業(yè)績</b

63、></p><p>　　從上面并購的實證文獻討論中一個明確的結論是，產品和地域的相似性對于合并后的公司業(yè)績存在著重要性。為了更進一步調查這一問題，我們借用戰(zhàn)略管理文獻中的模型，講注意力集中在并購活動中具有戰(zhàn)略特點的金融企業(yè)。</p><p>　　戰(zhàn)略家們早就意識到，合并伙伴間的“戰(zhàn)略配合”是決定交易成功或失敗的最關鍵因素。Levine，Aaronovitch（1981年）和Lubat

64、kin (1983年)是最早強調學習并購活動戰(zhàn)略和組織方面重要性的學者。而同樣的看法是出現在幾乎20年后金融業(yè)的Zollo (1997年)，目前僅有極少數的研究，而都是在美國的基礎上，全部是對并購活動這些方面的審核。</p><p>　　這些研究通過集中從事橫向兼并的美國銀行所追求潛在戰(zhàn)略的資源配置模式作為指標來分析銀行并購中的戰(zhàn)略相似性對銀行業(yè)績的影響。研究還廣泛發(fā)現目標機構和投標機構間的戰(zhàn)略相似性能夠提高業(yè)績

65、，提供普遍支持的觀點是具有戰(zhàn)略相似性的企業(yè)比追求不能戰(zhàn)略方向的企業(yè)能夠獲得更大的利益。</p><p>　　本文旨在根據現有的證據，在1992年—2001年間歐盟已影響銀行業(yè)績的合并銀行中，計算銀行資產負債表數據來研究如何擴大戰(zhàn)略相似性。這種特殊練習的興趣是多方面的：首先，是戰(zhàn)略相似性問題，其他文獻中強調了間接性，但在歐盟卻是直接性。第二，通過分析國內和跨國并購的數據，我們不僅評估出了目標企業(yè)與投標企業(yè)間的文化差