外文文獻翻譯---歐盟國內(nèi)外銀行盈利能力影響因素分析（節(jié)選）

1、<p>　　中文2450字,1500單詞，8000英文字符</p><p>　　出處：Pasiouras F, Kosmidou K. Factors influencing the profitability of domestic and foreign commercial banks in the European Union[J]. Research in International Busi

2、ness & Finance, 2007, 21(2):222-237.</p><p><b>　　1外文資料翻譯譯文</b></p><p>　　歐盟國內(nèi)外銀行盈利能力影響因素分析</p><p>　　Pasiouras F, Kosmidou K</p><p><b>　　摘要：</b&g

3、t;</p><p>　　本文使用銀行級數(shù)據(jù)，通過1995 - 2001年期間國內(nèi)和外國銀行在15個歐盟國家的商業(yè)運營情況來了解銀行的具體特點和整體銀行業(yè)環(huán)境對影響盈利能力。結果表明, 國內(nèi)和外國銀行的盈利能力不僅受銀行具體特點的影響，也受金融市場結構和宏觀經(jīng)濟條件的影響。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系對國內(nèi)和國外銀行并不總是相同。</p><

4、p>　　關鍵詞 銀行；歐盟；盈利能力</p><p><b>　　1 介紹</b></p><p>　　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服務、建立、運行和監(jiān)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(nèi)外競爭之中

5、。另外, 最近一些的技術進步對規(guī)模經(jīng)濟和范圍提供了更多的機會，而采用歐元也加速了行業(yè)的變化。此外,宏觀經(jīng)濟政策后大多數(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,并且在競爭中進一步提高，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)擴大被迫增加規(guī)模，通過合并和收購的方式進行了前所未有的整合。</p><p>　　在環(huán)境快速變化的情況下，這些變化給

6、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,在一個合適的環(huán)境生存、發(fā)展和繁榮?？紤]到銀行業(yè)的健康發(fā)展和經(jīng)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(xié)會、政府以及其他金融當局有關。</p><p><b>　　2 文獻綜述</b></p><p>　　參考文

7、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(nèi)外銀行。在下面幾個部分中,我們討論這些類別中的每一個。</p><p>　　3 決定因素和變量選擇</p><p><b>　　3．1 因變量</b></p><p>　　本研究使用平均資產(chǎn)回報率(ROAA)來評估銀

8、行的性能。ROAA是把凈利潤表示為一個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)去設法創(chuàng)造收益。平均資產(chǎn)是用來在會計年度中發(fā)現(xiàn)發(fā)現(xiàn)資產(chǎn)上的任何差異。Golin(2001)指出,平均資產(chǎn)回報率是衡量盈利能力的關鍵。</p><p>　　3．2 決定因素和獨立變量</p><p>　　四個銀行特征用作內(nèi)部決定因素。這些都是銀行的總資產(chǎn)、成本收入比、權益與資產(chǎn)比

9、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(huán)境的影響對銀行的表現(xiàn)。</p><p><b>　　4 數(shù)據(jù)和方法</b></p><p>　　我們的示例是一個平衡面板數(shù)據(jù)集，由在15個歐盟國家的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和樣本特征。</p&

10、gt;<p><b>　　5 實證結果</b></p><p>　　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(xiàn)了把所有的銀行(584)同時考慮的結果。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果。我們定義一個銀行是國外還是國內(nèi)是依靠外國人的股份資本是否超過50%，這個子樣本包括332家國內(nèi)銀行和218家外資銀行。在這個階段，約34個銀

11、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。</p><p>　　除了在集中情況下國內(nèi)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(nèi)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(nèi)銀行是更高的(調(diào)整R2國內(nèi)銀行等于0.6371，而外資銀行等于0.3903),而f統(tǒng)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(2003

12、)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(tǒng)的主機。</p><p>　　由比較高的顯著系數(shù)的股權資產(chǎn)（EQAS）和成本收入比（COST）顯示，在一般情況下，平均資產(chǎn)回報率的主要決定因素是資本實力及費用管理效率。股權資產(chǎn)與平均資本成本是正相關關系，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)查結果與以往的調(diào)查研

13、究是一致的，資本充足的銀行在破產(chǎn)和規(guī)?？s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，是正如預期的那樣的，呈現(xiàn)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(jīng)營利潤。很多學者也發(fā)現(xiàn)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(yè)銀行應采取必要的行動，以實現(xiàn)更有效的成本控制，以進一步增加他們的利潤。外

14、國（-0.309）和國內(nèi)銀行（-0.144）之間的系數(shù)的差異可能是由于不當?shù)墓芾聿僮饕约芭c監(jiān)測機構存在的距離。</p><p>　　關于流動性，結果是喜憂參半?？蛻舻膬糍J款及短期資金比率（LOFUND）在統(tǒng)計上顯著，并與國內(nèi)銀行的盈利能力呈正相關，表明銀行流動性資產(chǎn)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正相關關系，出乎我們的意料，雖

15、然與伯克（1989）和Kosmidou（2006）的研究一致。</p><p>　　無論是國內(nèi)或國外銀行，規(guī)模（SIZE）之間的關系和銀行的業(yè)績是負的。負系數(shù)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(fā)現(xiàn)要么經(jīng)濟規(guī)模和范圍為較小的銀行或金融機構的規(guī)模不夠大。范德Vennet（1998）發(fā)現(xiàn)的證據(jù)表明，在歐盟規(guī)模經(jīng)濟效益只有在根據(jù)資產(chǎn)小于10億歐元的最小銀行才有效，此后報酬不變和規(guī)模不經(jīng)濟的最大銀

16、行超過1000歐億。 </p><p><b>　　6 結語</b></p><p>　　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)。這是合理的假設去認為所有這些變化都必然會對銀行的表現(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)濟增長之間的關系是有據(jù)

17、可查的。與此同時，銀行的破產(chǎn)會對經(jīng)濟產(chǎn)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(jīng)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(xié)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(jīng)濟和銀行系統(tǒng)正經(jīng)歷根本性變化的新歐盟國家都是很有意義的。</p><p><b>　　2外文原文</b></p><p>　　F

18、actors influencing the profitability of domestic and foreign commercial banks in the European Union</p><p>　　F Pasiouras，K Kosmidou</p><p><b>　　Abstract</b></p><p>　　Usi

19、ng 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 t

20、he period 1995–2001. The results indicate that profitability of both domestic and foreign banks is affected not only by bank's specific characteristics but also by financial market structure and macroeconomic conditi

21、ons. All the variables, with the exception of concentration in th</p><p>　　Keywords Banks; European Union; Profitability</p><p>　　1. Introduction</p><p>　　Over the last years a n

22、umber 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 Financia

23、l 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 conditions

24、for all European banking institutions</p><p>　　2. Literature review</p><p>　　Prior literature related to the present paper can be classified in three broad categories. The first consists of stud

25、ies 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 that compare domestic and foreign ba

26、nks. In the following sections we discuss each one of these categories.</p><p>　　3. Determinants and variable selection</p><p>　　3.1. Dependent variable</p><p>　　This study uses ret

27、urn 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

28、 bank's assets are being managed to generate revenues. Average assets are being used in order to capture any differences that occurred in assets during the fiscal year. As Golin (2001) points out, return on average a

29、ssets is the key measure of profitability.</p><p>　　3.2. Determinants and independent variables</p><p>　　Four bank characteristics are used as internal determinants of performance. These are the

30、 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

31、the impact of environment on bank's performance.</p><p>　　4. Data and methodology</p><p>　　Our sample is a balanced panel dataset of 584 commercial banks operating in the 15 EU countries ove

32、r the period 1995–2001 consisting of 4088 observations.5Table 2 and Table 3 present the number of banks by country and ownership and the sample characteristics, respectively.</p><p>　　5. Empirical

33、results</p><p>　　Table 4 reports the empirical estimations of Eq. (2) for banks’ ROAA. The first column presents the results when all the banks (584) are simultaneously considered. Columns two and three pres

34、ent the results when we split the banks according to the country of origin of their owner. We define a bank to be foreign (domestic) when foreigners own more (less) than 50% of its share capital. The sub-samples include

35、332 domestic banks and 218 foreign banks. About 34 banks were excluded from the analysis a</p><p>　　All the variables are significant, with the exception of concentration in the case of domestic banks ROAA,

36、although their impact and relation with ROAA is not always the same for domestic and foreign banks. The explanatory power of the model is much higher for domestic banks (adjusted R2 equal to 0.6371 for domestic banks com

37、pared with 0.3903 for foreign banks) while F-statistic for all models is significant at the 1% level. This implies that additional factors may influence the profitability of</p><p>　　Capital strength and eff

38、iciency in expenses management are the main determinants of ROAA in all cases as the relatively high significant coefficients of the equity to assets (EQAS) and cost to income (COST) ratios show. Equity to assets is posi

39、tive related to ROAA whether we examine domestic or foreign banks and appears to be the most significant determinant of profitability for domestic banks. This finding is consistent with previous studies (e.g., Berger, 19

40、95, Demirguc-Kunt and Huizinga, 1999</p><p>　　Referring to liquidity, the results are mixed. The ratio net loans to customer and short term funding (LOFUND) is statistically significant and positively relate

41、d to the profitability of domestic banks, indicating a negative relationship between bank profitability and the level of liquid assets held by the bank, and consistent with our expectations and some earlier studies (e.g.

42、, Molyneux and Thorton, 1992 and Guru et al., 1999). In the case of foreign banks, the variable is also significant but</p><p>　　The relation between size (SIZE) and bank's performance is negat

43、ive whether we examine domestic or foreign banks. The negative coefficient indicates that in both cases, larger (smaller) banks tend to earn lower (higher) profits and provides support to the studies that found either ec

44、onomies of scale and scope for smaller banks or diseconomies for larger financial institutions. Vander Vennet (1998) found evidence of economies of scale only for the smallest banks with assets under ECU 10 billion i<

45、/p><p>　　6. Concluding remarks</p><p>　　In recent years numerous factors contributed to the increase of competition in the EU banking sector and posed great challenges to banks as the environment i

46、n which they operate changed rapidly. It is reasonable to assume that all these changes must have had some impact on banks’ performance. As Golin (2001) points out adequate earnings are required in order for banks to mai