CAJ | 학술논문

过去十年，经历了并购浪潮的我国银行业发生了结构性变化。本文旨在探讨我国银行兼并和收购事件的动机。首先采用事件研究法，检验2003—2012年我国13家银行发起的71起并购事件的市场反应，进而采用横截面回归分析并购的动机。结果表明，在窗口（0，＋2）下，并购能给收购银行的股东带来显著的财富增加，而在窗口（－2，0）下，股东财富有所减少；产品和地域多元化对收购银行的超额回报没有显著影响；盈利能力对收购银行的超额回报有显著的正向影响，是中国银行并购的潜在动机之一。
과거십년，경력료병구랑조적아국은행업발생료결구성변화。본문지재탐토아국은행겸병화수구사건적동궤。수선채용사건연구법，검험2003—2012년아국13가은행발기적71기병구사건적시장반응，진이채용횡절면회귀분석병구적동궤。결과표명，재창구（0，＋2）하，병구능급수구은행적고동대래현저적재부증가，이재창구（－2，0）하，고동재부유소감소；산품화지역다원화대수구은행적초액회보몰유현저영향；영리능력대수구은행적초액회보유현저적정향영향，시중국은행병구적잠재동궤지일。
In the past decade, China banks, which have experienced the M＂A wave, have structural changes, and this paper aims to find out the motivations of Chinese banks’ M＂As, firstly uses an event-study methodology to test the market reactions to 71 M＂A events launched by 13 Chinese banks from 2003 to 2012, and subsequently, analyzes the motivation of the M＂As by cross-section regression model. Results show that under the window （ 0,＋2） , the M＂A can bring significant wealth to the share-holders of the banks, under the window （-2,0） , however, the wealth of the shareholders decreases, that there is no significant influence of the diversification of the products and locations on the excessive return of the M＂A banks, that there is an obviously positive impact of the profiting capacity on the excessive return of the M＂A banks, which is one of the potential motivations for the M＂As of the Chinese banks.