CAJ | 학술논문

国内银行通过海外并购的经验继续并购以实施战略布局和整合资源。但是国内银行进行海外并购的能力和价值创造如何？文章从并购能力出发，从市场反应和财务绩效研究工商银行连续并购东亚银行的价值创造；结果发现，工商银行和东亚银行均跑赢恒指，但工商银行略微跑输上证指数；工行盈利能力稳健，每股经营现金流有所下降，资产负债质量持续上升，偿还债务能力保持合理，融资能力增强，长期看将产生协同效应。最后，为我国商业银行提升并购能力和完善学习机制提出建议。
국내은행통과해외병구적경험계속병구이실시전략포국화정합자원。단시국내은행진행해외병구적능력화개치창조여하？문장종병구능력출발，종시장반응화재무적효연구공상은행련속병구동아은행적개치창조；결과발현，공상은행화동아은행균포영항지，단공상은행략미포수상증지수；공행영리능력은건，매고경영현금류유소하강，자산부채질량지속상승，상환채무능력보지합리，융자능력증강，장기간장산생협동효응。최후，위아국상업은행제승병구능력화완선학습궤제제출건의。
Domestic commercial banks hopes to implementation of continuous M＆A based on the overseas experience. However, how is their ability of overseas M＆A and value creation？ This article analyzes the value ereation of tile continuous M＆A of ICBC （Industrial and Commercial Bank of China） with BEA （Bank of East Asia） from the aspects of market reaction and financial performance. The findings show that both ICBC and BEA have outperformed the Hang Seng Index. flowew, ICBC anderperformed the Shanghai Index slightly, while ICBC owns a stable profitability, with the deereasing operational cash flow per share, the increasing quality of assets and dehts, reasonable ability to pay back its debt and good financing ability, in the long term, synergistic effect will be produced. Finally, some suggestions to enhance abilities in M＆ A and to improve the learning mechanis,n are raised.