This paper analyzes the impact of the banking system reform implemented through the banking consolidation (mergers and acquisitions) carried out in Spain to address the collapse of savings banks. The 2008 global financial crisis triggered a sovereign debt crisis in Europe and the burst of a real estate bubble in Spain, and forced a government intervention, despite policymakers not yet having developed a clear guidance for addressing banking crises. We therefore explore to what extent the efficiency of the Spanish financial system increased as the troubled savings banks merged with each other and/or were acquired by healthy savings or commercial banks. Our findings show that this Spanish banking reform impacts positively on the banking performance in terms of both bank efficiency and bank solvency. Consequently, banking reform via M&A drives out unviable banks and is a feasible alternative that minimizes the negative effects of government interventions in the financial systems.

本文分析了西班牙为解决储蓄银行倒闭而进行的银行合并（合并和收购）而实施的银行体系改革的影响。尽管决策者尚未制定解决银行危机的明确指南，但2008年的全球金融危机引发了欧洲的主权债务危机和西班牙的房地产泡沫破裂，并迫使政府进行了干预。因此，我们探索随着陷入困境的储蓄银行相互合并和/或被健康的储蓄银行或商业银行收购，西班牙金融体系的效率在多大程度上提高了。我们的研究结果表明，西班牙的银行业改革对银行效率和银行偿付能力都产生了积极影响。因此，通过并购进行银行业改革