Bank Mergers, Operational Efficiency, and Market Stability: A Cross-Country Analysis

Based on the case study of three decades of mergers and acquisitions (M&A) on the banking sector in 26 countries, this study assesses the effects of M&As on operational efficiency, market stability and transaction values. Econometric models such as linear regression and fixed effects were employed to analyze how regulatory frameworks, economic conditions and capital structure preference drive M&A outcomes in both developed and emerging markets. Results showed that economies which are developed typically have more stable M&A outcomes, with superior operational efficiency, and are well supported by strong regulatory system and strong financial infrastructure. Emerging markets, however, are dealing with different problems: lacking more efficient instruments and experiencing greater volatility, which underlines the need for more tailored forms of regulation. Capital structure variations also add evidence on the tendency of developed regions favoring equity financing, while in contrast, the developing regions prefer debt, resulting in higher financial risk. The implication is that region specific and adaptive regulatory policies in the context of M&A can amplify the positive effect of M&A on banking performance and economic resilience.

基于对26个国家银行业三十年来并购（M&A）活动的案例研究，本研究评估了并购对运营效率、市场稳定性及交易价值的影响。研究采用线性回归、固定效应等计量经济学模型，分析监管框架、经济条件及资本结构偏好如何在发达与新兴市场中驱动并购结果。结果表明，发达经济体的并购结果通常更为稳定，运营效率更优，并得到强有力的监管体系与完善的金融基础设施的良好支撑。然而，新兴市场面临着不同的挑战：缺乏更高效的工具且波动性更大，这凸显了对定制化监管形式的需求。资本结构差异进一步印证了发达地区偏好股权融资的趋势，而发展中地区则倾向于债务融资，这导致了更高的金融风险。本研究的启示在于，并购背景下的区域特定及适应性监管政策，能够放大并购对银行业绩与经济韧性的积极效应。