欧洲并购与银行业绩【外文翻译】

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1、本科毕业论文（设计）外文翻译原：MergersandacquisitionsandbankperformanceinEuropeNon-technicalsummaryDuringthe1990salargeprocessoffinancialconsolidationhastakenplaceintheEuropeanUnionalthoughcross-bordermergersandacquisitionsactivityremainslimitedinthebankingsector.Giventhecentralr

2、oleplayedbybanksinthecreditprocessandtheeconomyingeneral,thisprocessoffinancialconsolidationhasattractedsubstantialattentionnotonlyfrommanagersandshareholdersbutalsofromborrowersandpolicy-makers.WhileintheUnitedStatesthereisextensiveempiricalevidenceontheeffectsoff

3、inancialconsolidation,theempiricalliteratureremainslimitedinEurope.ThispaperaimstoshedsomelightontheconsolidationprocessintheEuropeanUnionbankingsector.Intermsofmethodology,mostofthestudiesanalyzingtheeffectofbankconsolidationonperformancetendtofollowtwomainkindsof

4、empiricalmethods.Ontheonehandthereareanumberofstudiescomparingpre-andpost-mergerperformance.Ontheotherhand,anotherstrandoftheempiricalliteratureusesaevent-studytypemethodology,inwhichchangesinthepricesofspecificfinancialmarketassetsaroundthetimeoftheannouncementoft

5、hemergerareanalyzed.Inthisrespect,thehandfulofcross-countryEuropeanstudiesconductedtodateusinganevent-studymethodologytendtofindthatbanksmergerandacquisitionsaccruesignificantstockmarketvaluationgainsforboththetargetandbidder(seeforinstanceCybo-OttoneandMurgia,2000

6、).Weusetheformerapproachbycomparingactualpre-andpost-mergerperformanceinacomprehensivesampleofEuropeanUnionbanksfrom1992to2001.TheuseofthismethodallowsustocoverawidersampleofEuropeanUnionbanksbyincludingalsobankswhicharenotlistedonthestockmarket.BuildingonearlierUS

7、workwealsoexaminetheimpactofstrategicsimilaritiesbetweenbiddersandtargetsonpost-mergerfinancialperformance.TheanalogywiththeUSbankingsectorseemstobeausefulone,asinthiscountryanimportantprocessofbankingconsolidationandinterstateexpansiontookplacefollowingastrongproc

8、essofbankingderegulationinthelate1980sandearly1990s.Thiscanbecomparedtotheon-goingEuropeanprocessoffinancialintegration,whichacceleratedwiththesi