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文章采用事件研究法探讨我国商业银行海外并购是否为股东创造了财富。以2006年—2013年16起银行业跨境并购为样本,研究发现并购公告影响了股票的波动,但短期并没有显著提高股东财富。本研究同时还对子样本进行了检验,发现并购事件对单个银行股东财富是具有显著影响的,短期内产生的负超额收益偏多,说明我国银行海外并购风险较大,需加大力度进行银行间整合以使效益越来越好。
This article uses event research method to explore whether the overseas M & A of Chinese commercial banks creates wealth for the shareholders. Taking 16 cross-border banking mergers and acquisitions in 2006-2013 as a sample, the study found that M & A announcements affected the stock volatility but did not significantly increase shareholder wealth in the short term. At the same time, this study also tests the sub-sample and finds that M & A events have a significant impact on the wealth of individual bank shareholders. In the short run, the negative excess returns are too much, which indicates that the risks of overseas M & A of Chinese banks are greater and need to be strengthened Integration between the benefits of getting better and better.