中国人寿并购广发银行协同效应研究
摘要
混业经营是金融领域发展的必然趋势。以美国所经历的金融业改革发展历史中，
我们可以看出分业经营难以适应快速变化的市场环境，混业经营才可以带来金融行
业的快速发展。随着我国经济的快速发展，消费者对于金融产品和金融服务的需求
也越来越多样化，能够提供综合金融服务的平台才是广大消费者所需要的。另外，
互联网金融的发展，经济全球化等都对传统的银行业和保险业的发展带来了冲击，
为顺应经济发展潮流，我国一系列政策的出台，银保并购逐步合法化，中国平安、中
国人保、中国人寿等大型险企都纷纷加入到了并购的浪潮中。本文选择中国人寿并购广
发银行为例，分析双方在此背景下的并购，对双方的未来的发展产生的效应，同时也为
我国金融业的发展，为其他保险公司及银行的并购带来参考。研究内容和结论如下：
首先，对案例中并购双方、并购过程及收购价格等进行了介绍，分析了中国人寿并购
广发银行的外在动因及内在动因。其次，采用事件分析法对并购事件的短期市场效应进行
了考察，短期来看市场对此次并购活动比较看好，产生了向好的协同效应；进一步从
长期来看，通过会计分析法结合相应的会计指标，分别对并购后中国人寿与广发银行自身
的经营、财务及管理三个方面的协同情况进行了分析，根据分析做出协同效果的评价，认
为长期来看中国人寿仅在盈利方面有了提升，而其他方面的影响并不明显，而广发
银行在多项指标中都有了明显的提高，由此说明并购活动对于并购方与被并购方带
来的效应是不同的，其中较小型的企业往往得到更多提升。再结合同行业对比分析，
得出中国人寿的盈利指标增长更多是受行业因素，而非协同作用的影响，甚至在经
营风险方面还有所增加。结合评价结论，从业务整合、管理融合、文化融合及风险防控
四个方面对中国人寿未来整合发展给出协同优化建议。最后，形成研究结论，并根据分析
结果结合我国银保合作的现状，对我国保险业、银行业的未来发展，对监管机构的监督管
理提出了展望。
关键词：银保并购协同效应混业经营

RESEARCH ON THE SYNERGY EFFECT
OF CHINE LIFE MERGER GUANGFA
BANK
ABSTRACT
Mixed operation is an inevitable trend in the development of financial field. From
the reform and development history of the financial industry experienced by the United
States, we can see that separate operation is difficult to adapt to the rapidly changing
market environment, and mixed operation can bring the rapid development of the
financial industry. With the rapid development of China's economy, consumers' demand
for financial products and financial services is becoming more and more diversified.A
platform that can provide comprehensive financial services is what consumers need. In
addition, the development of Internet Finance and economic globalization have had an
impact on the development of traditional banking and insurance industry.In order to
comply with the trend of economic development,China has issued a series of policies and
gradually legalized bancassurance M&A China Ping An, PICC, China Life and other large
insurance enterprises have joined the wave of M&A. This paper takes China Life's merger
and acquisition of Guangdong Development Bank as an example to analyze the effect of
the merger and acquisition of both sides under this background on the future development
of both sides. At the same time, it also brings reference for the development of China's
financial industry and the merger and acquisition of other insurance companies and banks.
The research contents and conclusions are as follows:
First of all, the paper introduces the merger and acquisition parties, the merger and
acquisition process and the acquisition price in the case, and analyzes the external and
internal causes of China Life's merger and acquisition of Guangdong Development Bank.
Secondly, the event analysis method is used to investigate the short-term market effect of
the M&A event. In the short term, the market is optimistic about this M&A activity,

resulting in a positive synergy effect; Further, in the long run, through the accounting
analysis method combined with the corresponding accounting indicators, this paper
analyzes the synergy between China Life and Guangfa in the three aspects of operation,
finance and management after the merger and acquisition, and makes an evaluation of the
synergy effect based on the analysis. It is considered that China Life has only improved in
terms of profitability in the long run, while the impact of other aspects is not obvious,
Guangfa has significantly improved in many indicators, which shows that the effects of
M&A activities on the acquirer and the acquiree are different, and the smaller enterprises
tend to get more improvement. Based on the comparative analysis of contract industries,
it is concluded that the growth of China Life Insurance's profit indicators is more affected
by industry factors than synergy, and even in terms of operational risk. Combined with the
evaluation conclusion, this paper gives collaborative optimization suggestions for the
future integration and development of China Life Insurance from four aspects: business
integration, management integration, cultural integration and risk prevention and control.
Finally, the research conclusion is formed. According to the analysis results and the
current situation of China's bancassurance cooperation, the future development of China's
insurance industry and banking industry and the supervision and management of
regulators are put forward.
KEY WORDS：Bancassurance M&A cooperative effect Mixed operation
。。。以下略