歐洲并購與銀行業(yè)績【外文翻譯】

1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原：原：MergersacquisitionsbankperfmanceinEuropeNontechnicalsummaryDuringthe1990salargeprocessoffinancialconsolidationhastakenplaceintheEuropeanUnionalthoughcrossbdermergersacquisitionsactivityremainslimitedint

2、hebankingsect.Giventhecentralroleplayedbybanksinthecreditprocesstheeconomyingeneralthisprocessoffinancialconsolidationhasattractedsubstantialattentionnotonlyfrommanagersshareholdersbutalsofrombrowerspolicymakers.Whileint

3、heUnitedStatesthereisextensiveempiricalevidenceontheeffectsoffinancialconsolidationtheempiricalliteratureremainslimitedinEurope.ThispaperaimstoshedsomelightontheconsolidationprocessintheEuropeanUnionbankingsect.Intermsof

4、methodologymostofthestudiesanalyzingtheeffectofbankconsolidationonperfmancetendtofollowtwomainkindsofempiricalmethods.Ontheonehthereareanumberofstudiescomparingprepostmergerperfmance.Ontheotherhanotherstroftheempiricalli

5、teratureusesaeventstudytypemethodologyinwhichchangesinthepricesofspecificfinancialmarketassetsaroundthetimeoftheannouncementofthemergerareanalyzed.InthisrespectthehfulofcrosscountryEuropeanstudiesconductedtodateusinganev

6、entstudymethodologytendtofindthatbanksmergeracquisitionsaccruesignificantstockmarketvaluationgainsfboththetargetbidder(seefinstanceCyboOttoneMurgia2000).Weusethefmerapproachbycomparingactualprepostmergerperfmanceinacompr

7、ehensivesampleofEuropeanUnionbanksfrom1992to2001.TheuseofthismethodallowsustocoverawidersampleofEuropeanUnionbanksbytechnologyfinancialinnovationstrategiesarenegativefromaperfmanceperspective.Thisrenderssuppttotheoftenst

8、ateddifficultiesinintegratinginstitutionswithwidelydifferentstrategicientation.ThesefindingsfitwellwiththeprocessoffinancialconsolidationobservedinrecentyearsinEurope.1.IntroductionmotivationSpearheadedbythecreationofthe

9、singlemarketffinancialservicesmerecentlybytheintroductionoftheeuroanunprecedentedprocessoffinancialconsolidationhastakenplaceintheEuropeanUnion.Duringthelate1990sthevolumenumberofmergersacquisitions(M&As)increasedinparal

10、lelwiththeintroductionofMoaryUnion(t1).AccdingtomostbankersacademicshowevertheprocessofbankingintegrationseemsfarfromcompletedisexpectedtocontinuereshapingtheEuropeanfinanciallscapeintheyearstocome.Firstmanyofthefcesunde

11、rpinningthisconsolidationprocess–suchastheeffectoftechnologicalchangefinancialglobalisation–willcontinuetoexist.Secondthenumberofbanksper1000inhabitantsintheEuropeanUnionisalmostdoublethenumberintheUnitedStatessuggesting

12、thatthereisroomfconsolidationintheEuropeanUnion.ThirdthereisstillaconsiderabledegreeofheterogeneityacrossEuropeanUnioncountriesintermsoftheconcentrationofbanks.Asinotherindustriesthisprocessofconsolidationinthebankingind

13、ustryhasattractedsubstantialattentionfrommanagersshareholders.Inadditionthepivotalroleplayedbythebankingsectintheeconomyhasalsoensuredadditionalinterestfrombrowersdepositspolicymakersalike.Oneoftheconcernsfpolicymakersis

14、thepossibleimpactofconsolidationonthetransmissionmechanismsofmoarypolicy.Theimpactofbankconsolidationonthetransmissionofmoarypolicyisamultidimensionalissue.Accdingtomostempiricalstudiesanincreaseinbankingconcentrationten

15、dstodriveloanratesupinmanylocalmarketstherebyprobablyhamperingtosomeextendthepassthroughfrommarkettobanklendingrates.Ontheotherhintermsofquantitiesearlyconcernsaboutloansupplyrestrictionstosmallmediumenterprisesarisingfr