CAJ | 학술논문

内容提要近年来，随着中国企业走出去步伐的加快，中资大型商业银行也加速了国际化进程。本文采用事件研究法和财务分析法，以中国工商银行收购南非标准银行集团和阿根廷标准银行为例，对并购公告的资本市场反应以及并购前后的财务指标变动进行了考察。研究发现：两次并购对并购双方都带来正向超额效益，但短期内对盈利水平的提升作用不明显。最后提出中资大型商业银行应着眼于长期收益，积极海外扩张，优化资源配置和增强抗风险能力。
내용제요근년래，수착중국기업주출거보벌적가쾌，중자대형상업은행야가속료국제화진정。본문채용사건연구법화재무분석법，이중국공상은행수구남비표준은행집단화아근정표준은행위례，대병구공고적자본시장반응이급병구전후적재무지표변동진행료고찰。연구발현：량차병구대병구쌍방도대래정향초액효익，단단기내대영이수평적제승작용불명현。최후제출중자대형상업은행응착안우장기수익，적겁해외확장，우화자원배치화증강항풍험능력。
In recent years, China＇s large commercial banks are accelerating the pace of internationalization with the Chinese enterprises＇ expediting the step of walking out. This paper takes Industrial and Commercial Bank of China taking o- ver the Standard Bank of South Africa and the Standard Bank of Argentina as example by using the method of event study and financial analysis, to study the capital market＇s reaction of mergering announcement and the changes of financial indi- cators before and after acquisition. The study found that two M＆As bring positive excess returns to both sides, but in the short term, effect on the ascension of profit level is not obvious. Finally, The Author Suggests that the Commercial Banks should focus on long - term benefits, actively expand to overseas market and optimize the allocation of resources and en- hance the ability to resist risks.