Dissertation > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial organizations, banks > Commercial banks ( specialized banks )

Study on Mergers and Acquisitions of Ping an Bank

Author WangBin
Tutor LinGuangHua
School Nanjing Agricultural College
Course Financial
Keywords Bank mergers and acquisitions Event analysis Ping An Bank ShenzhenDevelopment Bank
CLC F832.33
Type Master's thesis
Year 2013
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With the reform of the financial system in China and more and more in-depth contact with the international financial community, the impact of China’s financial markets are global system has been more obvious. Began in the20th century, the third banking industry in the1990s also makes the M&A wave of bank mergers and acquisitions business mergers and acquisitions across the stage to the market-oriented government-led mergers and acquisitions stage worldwide, especially after joining the WTO, China’s banking sector mergers and acquisitions has showed rapid development.Ping An Bank merger case is China’s first case of the acquirer are also listed bank merger cases, epoch-making significance in the history of China’s banking industry mergers and acquisitions. In this paper, the analysis of previous studies, found that there are common problem simplify the process of M&A events, due to the large study sample, only for a single M&A events before and after the release of the first M&volatility to measure the market response. Bank M&A disclosure of information in many cases is segmented disclosure, the subsequent market reaction in such a sample selection will be missed, not only that, if the merger ultimately did not succeed, the reaction of the market with the first information possibility of significant market reaction after the disclosure of the differences. This article first case studies for the information disclosed in the announcement were finishing, select the announcement of which may produce a violent market reaction, and on this basis, the acquisition process is divided into five stages. CAMP model on the basis of the five stages by first regression analysis before and after the announcement, selected by comparing the beta coefficient of changes in the degree of market reaction to the larger three times as the study sample. Event analysis, three samples were drawn each time after the release of the information abnormal returns and the three abnormal returns are positive empirical results on the basis of empirical analysis of China’s commercial banks mergers and acquisitions advice, and inter-bank mergers and acquisitions obstacles put forward the corresponding policy recommendations.

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