外文文獻(xiàn)翻譯-歐盟國內(nèi)外銀行盈利能力影響因素分析

1、外文文獻(xiàn)翻譯-歐盟國內(nèi)外銀行盈利能力影響因素分析 1外文資料翻譯譯文歐盟國內(nèi)外銀行盈利能力影響因素分析摘要本文使用銀行級(jí)數(shù)據(jù)通過1995 - 2001年期間國內(nèi)和外國銀行在15個(gè)歐盟國家的商業(yè)運(yùn)營情況來了解銀行的具體特點(diǎn)和整體銀行業(yè)環(huán)境對(duì)影響盈利能力結(jié)果表明 國內(nèi)和外國銀行的盈利能力不僅受銀行具體特點(diǎn)的影響也受金融市場結(jié)構(gòu)和宏觀經(jīng)濟(jì)條件的影響除了在集中情況下國內(nèi)銀行利潤 所有的變量都是有重大意義的盡管它們的影響和關(guān)系對(duì)國內(nèi)和國外銀行并不總是相同1 介紹 在過去的幾年許多的因素造成了歐盟銀行業(yè)競爭日益激烈最重要的因素之一是針對(duì)服務(wù)建立運(yùn)行和監(jiān)督信貸機(jī)構(gòu)的第二個(gè)歐洲指令出臺(tái)在銀行和金融領(lǐng)域放松管制

2、這個(gè)指令為所有歐洲銀行機(jī)構(gòu)在單一歐洲金融市場和提供了平等的競爭條件因此銀行正在先前無法預(yù)料的國內(nèi)外競爭之中另外 最近一些的技術(shù)進(jìn)步對(duì)規(guī)模經(jīng)濟(jì)和范圍提供了更多的機(jī)會(huì)而采用歐元也加速了行業(yè)的變化此外宏觀經(jīng)濟(jì)政策后大多數(shù)國家通貨膨脹率和利率逐步降低最后在越來越多的歐洲國家非金融公司被允許提供傳統(tǒng)的銀行服務(wù)并且在競爭中進(jìn)一步提高銀行被迫產(chǎn)生新的產(chǎn)品和尋找新客戶許多銀行為了參加歐洲市場和銀行業(yè)擴(kuò)大被迫增加規(guī)模通過合并和收購的方式進(jìn)行了前所未有的整合在環(huán)境快速變化的情況下這些變化給在歐盟的銀行帶來很大的挑戰(zhàn)因此影響了他們的效能格林指出充足的收益是必要的條件讓銀行保持償付能力在一個(gè)合適的環(huán)境生存發(fā)展和繁榮考

3、慮到銀行業(yè)的健康發(fā)展和經(jīng)濟(jì)知識(shí)增長影響銀行的盈利能力的潛在因素不僅和管理者有關(guān)而且和眾多利益相關(guān)者如中央銀行銀行家協(xié)會(huì)政府以及其他金融當(dāng)局有關(guān)2 文獻(xiàn)綜述參考文獻(xiàn)與本文可分為三大類第一部分是研究集中于銀行的盈利能力的決定因素第二部分包括研究歐洲銀行的利潤和成本效率第三由研究比較國內(nèi)外銀行在下面幾個(gè)部分中我們討論這些類別中的每一個(gè)3 決定因素和變量選擇31 因變量本研究使用平均資產(chǎn)回報(bào)率 ROAA 來評(píng)估銀行的性能ROAA是把凈利潤表示為一個(gè)百分比的平均總資產(chǎn)它顯示了每歐元資產(chǎn)獲得的利潤并指明如何有效的銀行的資產(chǎn)去設(shè)法創(chuàng)造收益平均資產(chǎn)是用來在會(huì)計(jì)年度中發(fā)現(xiàn)發(fā)現(xiàn)資產(chǎn)上的任何差異Golin 2001

4、 指出平均資產(chǎn)回報(bào)率是衡量盈利能力的關(guān)鍵32 決定因素和獨(dú)立變量四個(gè)銀行特征用作內(nèi)部決定因素這些都是銀行的總資產(chǎn)成本收入比權(quán)益與資產(chǎn)比率和銀行的貸款的比率除以客戶和短期融資此外六個(gè)外部因素是用來檢查環(huán)境的影響對(duì)銀行的表現(xiàn)4 數(shù)據(jù)和方法我們的示例是一個(gè)平衡面板數(shù)據(jù)集由在15個(gè)歐盟國家的584家商業(yè)銀行從1995 - 2001年期間的4088組數(shù)據(jù)組合而成表2和表3分別展示了目前銀行的數(shù)量所屬的國家和所有權(quán)和樣本特征5 實(shí)證結(jié)果表4報(bào)告對(duì)銀行的平均資本回報(bào)率ROAA的實(shí)證估計(jì)第一列體現(xiàn)了把所有的銀行 584 同時(shí)考慮的結(jié)果第二三列體現(xiàn)了我們通過銀行經(jīng)營這所屬的國家把銀行分離出來的結(jié)果我們定義一個(gè)銀

5、行是國外還是國內(nèi)是依靠外國人的股份資本是否超過50這個(gè)子樣本包括332家國內(nèi)銀行和218家外資銀行在這個(gè)階段約34個(gè)銀行被排除在分析由于我們沒有足夠的信息來辨別其是國內(nèi)還是國外除了在集中情況下國內(nèi)銀行平均資本回報(bào)率所有的變量都是顯著的盡管它們對(duì)國內(nèi)外銀行的平均資本回報(bào)率的影響和關(guān)系并不總是相同的這個(gè)模型的解釋力對(duì)國內(nèi)銀行是更高的 調(diào)整R2國內(nèi)銀行等于06371而外資銀行等于03903 而f統(tǒng)計(jì)所有模型的重要性在1的水平這意味著額外的因素可能會(huì)影響外國銀行的盈利能力像威廉姆斯 2003 正確地指出外資銀行運(yùn)行在一個(gè)受兩個(gè)因素影響的主機(jī)市場分別是他們是屬于外國跨國銀行和他們的參與銀行系統(tǒng)的主機(jī)由比

6、較高的顯著系數(shù)的股權(quán)資產(chǎn)EQAS和成本收入比COST顯示在一般情況下平均資產(chǎn)回報(bào)率的主要決定因素是資本實(shí)力及費(fèi)用管理效率股權(quán)資產(chǎn)與平均資本成本是正相關(guān)關(guān)系無論我們考察國內(nèi)銀行還是國外的銀行而且它是國內(nèi)銀行盈利能力是最重要的決定因素這一調(diào)查結(jié)果與以往的調(diào)查研究是一致的資本充足的銀行在破產(chǎn)和規(guī)模縮減方面面臨著較低的成本因此它們的融資成本比較低或具有較低的外部資金的需求促成了較高的盈利能力成本收入比COST被預(yù)期是外資銀行盈利能力的最重要的決定因素是正如預(yù)期的那樣的呈現(xiàn)出負(fù)相關(guān)關(guān)系這些費(fèi)用的增加會(huì)在很大程度上減少在歐盟銀行的經(jīng)營利潤很多學(xué)者也發(fā)現(xiàn)了費(fèi)用管理不善是盈利能力差的主要因素因此在歐盟的商業(yè)銀

7、行應(yīng)采取必要的行動(dòng)以實(shí)現(xiàn)更有效的成本控制以進(jìn)一步增加他們的利潤外國-0309和國內(nèi)銀行-0144之間的系數(shù)的差異可能是由于不當(dāng)?shù)墓芾聿僮饕约芭c監(jiān)測機(jī)構(gòu)存在的距離關(guān)于流動(dòng)性結(jié)果是喜憂參半客戶的凈貸款及短期資金比率LOFUND在統(tǒng)計(jì)上顯著并與國內(nèi)銀行的盈利能力呈正相關(guān)表明銀行流動(dòng)性資產(chǎn)持有量水平和盈利能力水平呈負(fù)相關(guān)關(guān)系與預(yù)料的一樣對(duì)于外資銀行來說變量也很顯著但有一個(gè)負(fù)號(hào)說明流動(dòng)性和銀行利潤的正相關(guān)關(guān)系出乎我們的意料雖然與伯克1989和Kosmidou2006的研究一致無論是國內(nèi)或國外銀行規(guī)模SIZE之間的關(guān)系和銀行的業(yè)績是負(fù)的負(fù)系數(shù)表明在這兩種銀行中大銀行的收入水平就會(huì)低于的利潤研究也發(fā)現(xiàn)要么經(jīng)

8、濟(jì)規(guī)模和范圍為較小的銀行或金融機(jī)構(gòu)的規(guī)模不夠大范德Vennet1998發(fā)現(xiàn)的證據(jù)表明在歐盟規(guī)模經(jīng)濟(jì)效益只有在根據(jù)資產(chǎn)小于10億歐元的最小銀行才有效此后報(bào)酬不變和規(guī)模不經(jīng)濟(jì)的最大銀行超過1000歐億 6 結(jié)語在最近幾年中許多因素加劇了歐盟銀行業(yè)的競爭尤其是銀行的操作環(huán)境的急速變化給銀行帶來了巨大的挑戰(zhàn)這是合理的假設(shè)去認(rèn)為所有這些變化都必然會(huì)對(duì)銀行的表現(xiàn)有一定的影響格林在2001年指出銀行需要足夠的資金以維持償債能力并在合適的環(huán)境中生存銀行的效率和經(jīng)濟(jì)增長之間的關(guān)系是有據(jù)可查的與此同時(shí)銀行的破產(chǎn)會(huì)對(duì)經(jīng)濟(jì)產(chǎn)生不利的后果因此認(rèn)識(shí)影響銀行的盈利能力的潛在因素是必不可少的不僅是為了銀行經(jīng)理也是為了在15個(gè)

9、歐盟國家眾多的利益相關(guān)者如的中央銀行銀行協(xié)會(huì)政府和其他金融機(jī)構(gòu)從這項(xiàng)研究中得出的結(jié)論對(duì)于那些經(jīng)濟(jì)和銀行系統(tǒng)正經(jīng)歷根本性變化的新歐盟國家都是很有意義的2外文原文Factors influencing the profitability of domestic and foreign commercial banks in the European UnionAbstractUsing bank level data this paper examines how banks specific characteristics and the overall banking environment

10、affect the profitability of commercial domestic and foreign banks operating in the 15 EU countries over the period 19952001 The results indicate that profitability of both domestic and foreign banks is affected not only by banks specific characteristics but also by financial market structure and mac

11、roeconomic conditions All the variables with the exception of concentration in the case of domestic banks profits are significant although their impact and relation with profits is not always the same for domestic and foreign banksKeywords Banks European Union Profitability1 IntroductionOver the las

12、t years a number of factors have contributed to the growing competition in the European Union EU banking sector One of the most important factors is deregulation promoted by the Second European Directive on Banking and Financial services concerning establishment operation and supervision of credit i

13、nstitutions This Directive sets out the principles of banking in the Single European financial market and provides equal competitive conditions for all European banking institutions As a result banks now compete in previously inaccessible domestic and foreign markets Furthermore a number of recent t

14、echnological advances offered more opportunities for economies of scale and scope while the adoption of euro accelerated the changes in the industry For instance income generation from foreign exchange transactions has been lost while the pricing of banking products and services has become more tran

15、sparent enhancing competition Furthermore the macroeconomic policies that were followed in most countries gradually reduced inflation and interest rates Finally in more and more European countries non-financial firms were allowed to offer traditional banking services leading to further increase in c

16、ompetition Therefore banks were forced to generate new products and seek new customers This is reflected in the continued diversification across geographical areas and business lines Many banks have been forced to increase in size in order to compete in the enlarged European market and the banking i

17、ndustry experienced an unprecedented level of consolidation through mergers and acquisitionsIt is reasonable to assume that all these changes posed great challenges to banks in the EU as the environment in which they operated changed rapidly a fact that consequently had an impact on their performanc

18、e As Golin 2001 points out adequate earnings are required in order for banks to maintain solvency to survive grow and prosper in a suitable environment Given the relation between the well-being of the banking sector and the growth of the economy Rajan and Zingales 1998 Levine 1997andLevine 1998 know

19、ledge of the underlying factors that influence banks profitability is essential not only for the managers of the banks but for numerous stakeholders such as the Central Banks Bankers Associations Governments and other Financial Authorities Knowledge of these factors would also be of particular inter

20、est to the new EU countries whose economies and banking systems are experiencing fundamental changes during this periodThe aim of this paper is to extent earlier work on the determinants of profitability of banks in the EU and examine to what extent the performance of commercial banks operating in E

21、U markets is influenced by internal factors ie banks specific characteristics and to what extent by external factors ie macroeconomic and financial market structure in view of the ongoing process of integration and concentration Although a growing literature uses efficient frontier approaches to exa

22、mine the profit and cost efficiency of EU banks eg Altunbas et al 2001andSchure et al 2004 to our best knowledge there are only few studies that focus on the determinants of profitability while focusing on the EU as a total1 eg Molyneux and Thorton 1992andStaikouras and Wood 2003 Molyneux and Thorto

23、n 1992 were the first that examined the determinants of banks profitability operating in 18 European countries over the period 19861989 Most recently the European banking sector was examined by Staikouras and Wood 2003 that considered banks from 13 EU countries over the period 19941998 The present s

24、tudy attempts to provide additional and more recent evidence on the determinants of banks profitability in the EU In order to accomplish this task our paper differs from the earlier mentioned studies in several aspects First of all we include more recent years in the analysis by examining the period

25、 19952001 Furthermore we examine more factors by introducing the influence of additional financial market structure variables such as stock market capitalization to GDP stock market capitalization to assets of deposits money banks and assets of deposits money banks to GDP not considered in the above

26、 studies Finally we are the first that distinguish between foreign and domestic banks During the last years both developed and developing countries around the world have relaxed restrictions on foreign banking and most of them now allow more foreign banks to undertake more banking-related activities

27、 in their domestic banking markets mainly because of the increasingly importance of international trade in goods and financial services As Goddard et al 2001 point out since 1989 the number of foreign banks has increased in every banking market in Europe which now hold a large proportion of banking

28、assets in the UK 53 of banking sector assets in 1999 Belgium 24 of assets in 1999 Portugal 12 of assets in 1999 and France 12 in 1999 Previous studies that distinguish between domestic and foreign banks focus mostly on differences on profit and cost efficiencies using frontier approaches eg Berger e

29、t al 2000andSathye 2001 or financial characteristics that differentiate these two groups of banks eg Kosmidou et al 2006a and not on whether the internal and external determinants of profitability among domestic and foreign banks are differentThe rest of the paper is structured as follows Section 2

30、provides a literature review of related studies Section 3 describes the dependent and independent variables while Section 4 presents the data and methodology used in the study The empirical results are presented in Section 5 Finally in Section 6 the concluding remarks are discussed2 Literature revie

31、wPrior literature related to the present paper can be classified in three broad categories The first consists of studies that focus on the determinants of banks profitability The second consists of studies that examine the profit and cost efficiency of European banks The third consists of studies th

32、at compare domestic and foreign banks In the following sections we discuss each one of these categories21 Studies on the determinants of profitabilityFollowing the early studies of Short 1979 and Bourke 1989 a number of more recent studies have attempted to identify some of the major determinants of

33、 banks profitability They consider internal and external factors and examine a single country eg Berger 1995 Angbazo 1997 Guru et al 1999 Ben Naceur 2003 Mamatzakis and Remoundos 2003 Kosmidou et al 2005andKosmidou 2006 or a panel of countries Molyneux and Thorton 1992 Demirguc-Kunt and Huizinga 199

34、9 Abreu and Mendes 2001 Staikouras and Wood 2003 Hassan and Bashir 2003andGoddard et al 2004 In the discussion that follows we focus on the studies that examine the EU banking market2The study of Molyneux and Thorton 1992 is one of the first that examines the determinants of banks profitability in s

35、everal countries The results indicate a positive association between the return on equity and the level of interest rates bank concentration and the government ownership In a more recent study Abreu and Mendes 2001 examine Portugal Spain France and Germany and find that loan to assets and equity to

36、assets ratios have a positive impact on interest margins and profitability They also find that operating costs have a positive impact on net interest margins measures but not on profits measures while the opposite holds for banks market share From the macroeconomic variables inflation is relevant in

37、 all cases while the nominal effective exchange rate does not have an impact on performance The unemployment rate has a negative sign in all regressions and is significant in the case of profits although not on net interest margins measures Staikouras and Wood 2003 examine the performance of a sampl

38、e of banks operating in thirteen EU banking markets The results indicate that loans to assets ratio and the proportion of loan loss provisions are inversely related to banks return on assets as well as that banks with greater levels of equity are relatively more profitable The funds gap ratio is als

39、o significant and positively related to performance Furthermore the authors found no evidence to support either the structureconductperformance or the efficient hypothesis Two of the three macroeconomic indicators the variability of interest rates and the growth of GDP had a negative impact while th

40、e level of interest rates had a positive effect Goddard et al 2004 investigate the determinants of profitability in Denmark France Germany Italy Spain and the UK for the period 199298 They find only weak evidence for any consistent or systematic sizeprofitability relationship and a positive relation

41、ship between capital-assets ratio and profitability The relationship between the importance of off-balance-sheet business in a banks portfolio and profitability is positive for the UK but either neutral or negative elsewhere22 Studies on the profit and cost efficiency of EU banksIn recent years ther

42、e has also been an increase of academic studies that focus on the efficiency of financial institutions using frontier analysis Berger and Humphrey 1997 outline 130 studies covering 21 countries multiple time periods and various types of institutions that applied three parametric ie stochastic fronti

43、er approach SFA distribution free approach DFA thick frontier approach TFA and two non-parametric ie data envelopment analysis DEA free disposal hull FDH frontier approaches for determining the best-practice frontier against which relative efficiencies are measured3 The efficiency of a bank is measu

44、red relatively to that of the best-practice banks of similar size with most studies focusing on cost efficiency rather than profit efficiency4 Some recent studies also consider both cost and profit efficiency eg Berger and Humphrey 1997andBerger and Mester 1997 as well as risk variables eg Berger an

45、d DeYoung 1997 Berg et al 1992 McAllister and McManus 1993 Mester 1996andRao 2005 Although the EU is considered relatively under researched given its size and importance there is now a growing strand of literature that examines the efficiency of EU banking institutions Examples of such studies are A

46、ltunbas et al 2001 Bikker 2002 Maudos et al 2002 Schure et al 2004 and Staikouras et al 2005 The studies of Dietsch and Weil 1998 Cavallo and Rossi 2002 Casu and Molyneux 2003 are also interesting as they focus on most of the main EU banking sectors Earlier studies as the ones of Berg et al 1993 Pas

47、tor et al 1995 Lang and Welzel 1996 Lozano-Vivas 1997 Dietsch and Lozano-Vivas 2000 focus mostly on sub-sets of selected markets or individual countries such as the nordic countries France Germany and Spain among others23 Studies on foreign versus domestic banksOther studies have employed similar te

48、chniques to compare the efficiency of foreign and domestic banks Hasan and Hunter 1996 Mahajan et al 1996 and Chang et al 1998 conclude that foreign banks in the US are less cost efficient than domestic banks while Seth 1992 and Nolle 1995 find that foreign-owned banks are not as profitable as domes

49、tically owned banks Similar results were obtained in studies which examined the Australian market Using DEA Sathye 2001 found foreign banks to be less efficient than domestic while comparable results were obtained by Avkiran 1997 Fewer studies have examined European markets After estimating separate

50、 frontiers for foreign and domestic banks in Spain Hasan and Lozano-Vivas 1998 find that foreign banks are about equal as profit efficiency as domestic banks Berger et al 2000 estimate cost and profit frontiers to compare the efficiency of banks in France Germany Spain UK and US For the US case the

51、results showed that domestic banks are on average less cost efficient than foreign banks For the EU countries cost efficiency and profit efficiency were found higher for domestic banks than foreign banks in three cases ie France Germany UK but the difference was not found to be statistically signifi

52、cant Using a multicriteria decision aid methodology Kosmidou et al 2004 find that domestic banks exhibit higher overall performance compared to foreign banks operating in the UK Kosmidou et al 2006a examine how foreign banks differ from domestic banks in the UK and find that the later are characteri

53、zed by higher return on equity net interest revenue to total earning assets and loans to customer and short term fundingStudies that compare the performance of foreign and domestic banks in developing countries yield in general different results Demirguc-Kunt and Huizinga 1999 as well as Claessens e

54、t al 2001 find foreign banks to be disadvantaged compared to domestic banks in developed countries although not in less developed countries Finally in a more recent study Fries and Taci 2005 examine the cost efficiency in 15 post-communist countries The results indicate that privatized banks with ma

55、jority foreign ownership are the most cost efficient ones and those with domestic ownership are the least though both being more efficient than state-owned banks3 Determinants and variable selection31 Dependent variableThis study uses return on average assets ROAA to evaluate banks performance ROAA

56、is the net profits expressed as a percentage of average total assets It shows the profits earned per euro of assets and indicates how effectively the banks assets are being managed to generate revenues Average assets are being used in order to capture any differences that occurred in assets during t

57、he fiscal year As Golin 2001 points out return on average assets is the key measure of profitability32 Determinants and independent variablesFour bank characteristics are used as internal determinants of performance These are the banks total assets the cost to income ratio the ratio of equity to ass

58、ets and the ratio of banks loans divided by customers and short term funding In addition six external determinants are used to examine the impact of environment on banks performance Table 1 Table 1 Variables descriptionVariablesDescriptionDependentROAAThe return on average total assets of the bankIndependentBanks characteristics internals factors EQASThis is a measure of capital adequacy calculated as equity to total assets High capital-asset ratios are assumed to be indicators of low leverage and therefore lower riskCOSTThis is the cost to income ratio It provides information