1、1外文資料翻譯譯文歐盟國內外銀行盈利能力影響因素分析摘要：本文使用銀行級數據，通過1995 - 2001年期間國內和外國銀行在15個歐盟國家的商業運營情況來了解銀行的具體特點和整體銀行業環境對影響盈利能力。結果表明, 國內和外國銀行的盈利能力不僅受銀行具體特點的影響，也受金融市場結構和宏觀經濟條件的影響。除了在集中情況下國內銀行利潤, 所有的變量都是有重大意義的，盡管它們的影響和關系對國內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競爭日益激烈。最重要的因素之一是針對服務、建立、運行和監督信貸機構的第二個歐洲指令出臺，在銀行和金融領域放松管制。這個指令為所有歐洲銀行

2、機構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料的國內外競爭之中。另外, 最近一些的技術進步對規模經濟和范圍提供了更多的機會，而采用歐元也加速了行業的變化。此外,宏觀經濟政策后大多數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的銀行服務,并且在競爭中進一步提高，銀行被迫產生新的產品和尋找新客戶。許多銀行為了參加歐洲市場和銀行業擴大被迫增加規模，通過合并和收購的方式進行了前所未有的整合。在環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，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,在一個合適的環境生

3、存、發展和繁榮。考慮到銀行業的健康發展和經濟知識增長，影響銀行的盈利能力的潛在因素不僅和管理者有關，而且和眾多利益相關者如中央銀行,銀行家協會、政府以及其他金融當局有關。2 文獻綜述參考文獻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外銀行。在下面幾個部分中,我們討論這些類別中的每一個。3 決定因素和變量選擇31 因變量本研究使用平均資產回報率(ROAA)來評估銀行的性能。ROAA是把凈利潤表示為一個百分比的平均總資產。它顯示了每歐元資產獲得的利潤并指明如何有效的銀行的資產去設法創造收益。平均資產是用來在會計年度

4、中發現發現資產上的任何差異。Golin(2001)指出,平均資產回報率是衡量盈利能力的關鍵。32 決定因素和獨立變量四個銀行特征用作內部決定因素。這些都是銀行的總資產、成本收入比、權益與資產比率和銀行的貸款的比率除以客戶和短期融資。此外,六個外部因素是用來檢查環境的影響對銀行的表現。4 數據和方法我們的示例是一個平衡面板數據集，由在15個歐盟國家的584家商業銀行從1995 - 2001年期間的4088組數據組合而成。表2和表3分別展示了目前銀行的數量所屬的國家和所有權和樣本特征。5 實證結果表4報告對銀行的平均資本回報率（ROAA）的實證估計。第一列體現了把所有的銀行(584)同時考慮的結果

5、。第二、三列體現了我們通過銀行經營這所屬的國家把銀行分離出來的結果。我們定義一個銀行是國外還是國內是依靠外國人的股份資本是否超過50%，這個子樣本包括332家國內銀行和218家外資銀行。在這個階段，約34個銀行被排除在分析,由于我們沒有足夠的信息來辨別其是國內還是國外。除了在集中情況下國內銀行平均資本回報率，所有的變量都是顯著的,盡管它們對國內外銀行的平均資本回報率的影響和關系并不總是相同的。這個模型的解釋力對國內銀行是更高的(調整R2國內銀行等于0.6371，而外資銀行等于0.3903),而f統計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影響外國銀行的盈利能力。像威廉姆斯(200

6、3)正確地指出,外資銀行運行在一個受兩個因素影響的主機市場，分別是他們是屬于外國跨國銀行和他們的參與銀行系統的主機。由比較高的顯著系數的股權資產（EQAS）和成本收入比（COST）顯示，在一般情況下，平均資產回報率的主要決定因素是資本實力及費用管理效率。股權資產與平均資本成本是正相關關系，無論我們考察國內銀行還是國外的銀行，而且它是國內銀行盈利能力是最重要的決定因素。這一調查結果與以往的調查研究是一致的，資本充足的銀行在破產和規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）被預期是外資銀行盈利能力的最重要的決定因素

7、，是正如預期的那樣的，呈現出負相關關系，這些費用的增加會在很大程度上減少在歐盟銀行的經營利潤。很多學者也發現了費用管理不善是盈利能力差的主要因素。因此，在歐盟的商業銀行應采取必要的行動，以實現更有效的成本控制，以進一步增加他們的利潤。外國（-0.309）和國內銀行（-0.144）之間的系數的差異可能是由于不當的管理操作以及與監測機構存在的距離。關于流動性，結果是喜憂參半。客戶的凈貸款及短期資金比率（LOFUND）在統計上顯著，并與國內銀行的盈利能力呈正相關，表明銀行流動性資產持有量水平和盈利能力水平呈負相關關系，與預料的一樣。對于外資銀行來說，變量也很顯著，但有一個負號，說明流動性和銀行利潤的

8、正相關關系，出乎我們的意料，雖然與伯克（1989）和Kosmidou（2006）的研究一致。無論是國內或國外銀行，規模（SIZE）之間的關系和銀行的業績是負的。負系數表明，在這兩種銀行中，大銀行的收入水平就會低于的利潤，研究也發現要么經濟規模和范圍為較小的銀行或金融機構的規模不夠大。范德Vennet（1998）發現的證據表明，在歐盟規模經濟效益只有在根據資產小于10億歐元的最小銀行才有效，此后報酬不變和規模不經濟的最大銀行超過1000歐億。 6 結語在最近幾年中，許多因素加劇了歐盟銀行業的競爭，尤其是銀行的操作環境的急速變化給銀行帶來了巨大的挑戰。這是合理的假設去認為所有這些變化都必然會對銀行

9、的表現有一定的影響。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境中生存。銀行的效率和經濟增長之間的關系是有據可查的。與此同時，銀行的破產會對經濟產生不利的后果。因此，認識影響銀行的盈利能力的潛在因素是必不可少的，不僅是為了銀行經理，也是為了在15個歐盟國家眾多的利益相關者，如的中央銀行，銀行協會，政府和其他金融機構。從這項研究中得出的結論對于那些經濟和銀行系統正經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 i

10、n the European UnionAbstractUsing bank level data this paper examines how bank's specific characteristics and the overall banking environment affect the profitability of commercial domestic and foreign banks operating in the 15 EU countries over the period 19952001. The results indicate that pro

11、fitability of both domestic and foreign banks is affected not only by bank's specific characteristics but also by financial market structure and macroeconomic conditions. All the variables, with the exception of concentration in the case of domestic banks profits, are significant although their

12、impact and relation with profits is not always the same for domestic and foreign banks.Keywords Banks; European Union; Profitability1. IntroductionOver the last years a number of factors have contributed to the growing competition in the European Union (EU) banking sector. One of the most important

13、factors is deregulation, promoted by the Second European Directive on Banking and Financial services, concerning establishment, operation and supervision of credit institutions. This Directive sets out the principles of banking in the Single European financial market and provides equal competitive c

14、onditions for all European banking institutions. As a result banks now compete in previously inaccessible domestic and foreign markets. Furthermore, a number of recent technological advances offered more opportunities for economies of scale and scope while the adoption of euro accelerated the change

15、s 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 transparent, enhancing competition. Furthermore, the macroeconomic policies that were followed in most countries gradually reduced in

16、flation 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 competition. Therefore, banks were forced to generate new products and seek new customers. This is reflected in the continue

17、d 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 industry experienced an unprecedented level of consolidation through mergers and acquisitions.It is reasonable to assume

18、 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 performance. As Golin (2001) points out adequate earnings are required in order for banks to maintain solvency, to survive, gro

19、w 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, 1997 and Levine, 1998), knowledge of the underlying factors that influence banks profitability is essential not only for

20、 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 interest to the new EU countries whose economies and banking systems are experiencing fundame

21、ntal changes during this period.The 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 EU markets is influenced by internal factors (i.e. banks specific characteristics) and t

22、o what extent by external factors (i.e. macroeconomic and financial market structure) in view of the ongoing process of integration and concentration. Although a growing literature uses efficient frontier approaches to examine the profit and cost efficiency of EU banks (e.g., Altunbas et al., 2001&#

23、160;and Schure 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 (e.g., Molyneux and Thorton, 1992 and Staikouras and Wood, 2003).Molyneux and Thorton (1992) were the first that examine

24、d 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 study attempts to provide addit

25、ional 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 19952001. Furthermore, we

26、 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 studies. Finally, we

27、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 in their domestic

28、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 assets in the

29、 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 (e.g., Be

30、rger et al., 2000 and Sathye, 2001) or financial characteristics that differentiate these two groups of banks (e.g., Kosmidou et al., 2006a) and not on whether the internal and external determinants of profitability among domestic and foreign banks are different.The rest of the paper is st

31、ructured as follows: Section 2 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 rem

32、arks are discussed.2. Literature reviewPrior 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 Europea

33、n banks. The third consists of studies that compare domestic and foreign banks. In the following sections we discuss each one of these categories.2.1. Studies on the determinants of profitabilityFollowing the early studies of Short (1979) and Bourke (1989) a number of more recent studies have attemp

34、ted to identify some of the major determinants of banks profitability. They consider internal and external factors and examine a single country (e.g., Berger, 1995, Angbazo, 1997, Guru et al., 1999, Ben Naceur, 2003, Mamatzakis and Remoundos, 2003, Kosmidou et al., 2005 and Kosmidou, 2006)

35、 or a panel of countries (Molyneux and Thorton, 1992, Demirguc-Kunt and Huizinga, 1999, Abreu and Mendes, 2001, Staikouras and Wood, 2003, Hassan and Bashir, 2003 and Goddard et al., 2004). In the discussion that follows we focus on the studies that examine the EU banking market.2The study

36、 of Molyneux and Thorton (1992) is one of the first that examines the determinants of banks profitability in several 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

37、study, Abreu and Mendes (2001) examine Portugal, Spain, France and Germany and find that loan to assets and equity to 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 pro

38、fits measures, while the opposite holds for bank's market share. From the macroeconomic variables, inflation is relevant in 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

39、 in the case of profits although not on net interest margins measures. Staikouras and Wood (2003) examine the performance of a sample 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

40、 banks return on assets, as well as that banks with greater levels of equity are relatively more profitable. The funds gap ratio is also significant and positively related to performance. Furthermore, the authors found no evidence to support either the structureconductperformance or the efficient hy

41、pothesis. Two of the three macroeconomic indicators, the variability of interest rates and the growth of GDP had a negative impact, while the level of interest rates had a positive effect. Goddard et al. (2004) investigate the determinants of profitability in Denmark, France, Germany, Italy, Spain a

42、nd the UK, for the period 199298. They find only weak evidence for any consistent or systematic sizeprofitability relationship and a positive relationship between capital-assets ratio and profitability. The relationship between the importance of off-balance-sheet business in a bank's portfolio a

43、nd profitability is positive for the UK, but either neutral or negative elsewhere.2.2. Studies on the profit and cost efficiency of EU banksIn recent years, there has also been an increase of academic studies that focus on the efficiency of financial institutions using frontier analysis. Berger and

44、Humphrey (1997) outline 130 studies, covering 21 countries, multiple time periods and various types of institutions that applied three parametric (i.e. stochastic frontier approach (SFA), distribution free approach (DFA), thick frontier approach (TFA) and two non-parametric (i.e. data envelopment an

45、alysis (DEA), free disposal hull (FDH) frontier approaches for determining the best-practice frontier against which relative efficiencies are measured.3 The efficiency of a bank is measured relatively to that of the best-practice banks of similar size, with most studies focusing on cost efficiency r

46、ather than profit efficiency.4 Some recent studies also consider both cost and profit efficiency (e.g., Berger and Humphrey, 1997 and Berger and Mester, 1997), as well as risk variables (e.g., Berger and DeYoung, 1997, Berg et al., 1992, McAllister and McManus, 1993, Mester, 1996 and&

47、#160;Rao, 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 Altunbas et al. (2001), Bikker (2002), Maudos et al. (2002), Sch

48、ure 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), Pastor et al. (1995), Lang and We

49、lzel (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 others.2.3. Studies on foreign versus domestic banksOther studies have employed similar techniques to

50、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

51、domestically 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 estima

52、ting separate 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

53、US. For the US case, the 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 (i.e. France, Germany, UK), but the difference was not

54、 found to be statistically significant. 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 th

55、e UK and find that the later are characterized by higher return on equity, net interest revenue to total earning assets, and loans to customer and short term funding.Studies that compare the performance of foreign and domestic banks in developing countries yield in general different results. Demirgu

56、c-Kunt and Huizinga (1999) as well as Claessens et 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 cou

57、ntries. The results indicate that privatized banks with majority foreign ownership are the most cost efficient ones and those with domestic ownership are the least, though both being more efficient than state-owned banks.3. Determinants and variable selection3.1. Dependent variableThis study uses re

58、turn on average assets (ROAA) to evaluate bank's performance. ROAA 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 bank's assets are being managed to generate revenues. Average assets are b

59、eing used in order to capture any differences that occurred in assets during the fiscal year. As Golin (2001) points out, return on average assets is the key measure of profitability.3.2. Determinants and independent variablesFour bank characteristics are used as internal determinants of performance

60、. These are the bank's total assets, the cost to income ratio, the ratio of equity to assets and the ratio of bank's loans divided by customers and short term funding. In addition, six external determinants are used to examine the impact of environment on bank's performance (Table 1).Table 1. Variables descriptionV