外文文獻翻譯---中間業(yè)務對商業(yè)銀行業(yè)績的影響（節(jié)選）

1、<p>　　1650單詞，9400英文字符，3000漢字</p><p>　　文獻出處：Aktan B, Chan S G, Zikovic S, et al. Off-balance sheet activities impact on commercial banks performance: an emerging market perspective[J]. Ekonomska Istraziv

2、anja ,2013, 26: 117-132.</p><p>　　http://www.wenku1.com/news/C4A836B239768545.html</p><p><b>　　原文</b></p><p>　　OFF-BALANCE SHEET ACTIVITIES IMPACT ON COMMERCIAL BANKS<

3、;/p><p>　　PERFORMANCE: AN EMERGING MARKET PERSPECTIVE</p><p>　　Bora; Sok ; Sasa; Pinar</p><p><b>　　ABSTRACT</b></p><p>　　This paper examines the effect of off-

4、balance sheet (OBS) activities on performance of the banks listed on Istanbul Stock Exchange (ISE). We use four measures of performance including bank's risk exposures, profitability, leverage, and liquidity position

5、. We find that both bank-specific risk and foreign exchange rate risk are positively related with OBS activities. This indicates that OBS activities increase bank-specific and foreign exchange risk exposures of the banks

6、 in Turkey. The positive r</p><p>　　Keywords: Banking; Off-balance sheet activities; Risk exposure; Istanbul Stock Exchange; Turkey</p><p>　　1. INTRODUCTION</p><p>　　商業(yè)銀行的中間業(yè)務In tod

7、ay's financial markets, one of the striking developments is the increasing tendency of banks to engage in off-balance sheet (OBS) activities. In recent years the development and deregulation of the financial markets,

8、 improvements in financial innovation and decreases in banks' margins, as a result of low-quality loan applicants, encourage the banks to offer new products and services to increase their profits (Jurman, 2005). Edwa

9、rds and Mishkin (1995) argue that the rate of traditi</p><p>　　Decreasing profitability of traditional banking and increasing competitiveness of markets actually forces banks to undertake OBS activities. Ebr

10、ahim and Hasan (2004) analysed the banks' profits from traditional and non-traditional activities. They argue that improvement of non-interest earnings of the banks arose from the development of new types of financia

11、l instruments.</p><p>　　OBS or fee-related items such as guarantees, commitments and derivatives sometimes become the main sources of bank revenues. By engaging in OBS activities, besides providing high earn

12、ings, banks can avoid regulatory costs or taxes since reserve requirements and deposit insurance premiums are not imposed on OBS activities. However, these activities can involve risks such as market, operational and cre

13、dit risks, which might affect bank's solvency and liquidity. On the other hand, significant growt</p><p>　　This paper aims to examine the effect of OBS activities on the performance of the banks listed o

14、n Istanbul Stock Exchange (ISE). We examine the effect of OBS activities on bank's risk exposures, profitability, leverage, and liquidity position. Since we could not find any study dealing with this topic in Turkey

15、we try to fill this gap.</p><p>　　The paper proceeds as follows; section 2 presents the background on banking system and OBS activities in Turkey, section 3 provides a review of the literature, section 4 dis

16、cusses methodology and data, section 5 presents our empirical results and analysis. Section 6 presents our conclusions.</p><p>　　II. TURKISH BANKING SYSTEM AND THE DEVELOPMENT OF THE OFF- BALANCE SHEET TRANS

17、ACTIONS</p><p>　　After 1982, in Turkey, commitments were excluded from the balance sheet and became the main item of OBS. It continued to be the major item in the following years. With the increase in public

18、 sector borrowing during 1990s the repo transactions became more attractive and their share increased within OBS items. Repo transactions were subsequently excluded from OBS items and included into balance sheet. Since 2

19、000 the use of derivative financial instruments has become widespread and after excluding </p><p>　　III. PREVIOUS STUDIES</p><p>　　There are a number of studies on the changing patterns of the s

20、tructure of banks' income with the inclusion of OBS activities. Among them, Rogers and Sinkey (1999:8) investigated the relationship between the non-traditional activities and some variables by analyzing financial st

21、atements of 8.931 banks for the period 1989-1993. They found a negative and significant relationship between net interest margin and non-traditional activities. In addition, they argued that mostly the big banks focused

22、o</p><p>　　Davis and Tuori (2000) analyzed the structure of banks' income in OECD countries for the period 1979-1995, using the data on bank profitability. They found evidence of changes in the income st

23、ructure from interest incometo non-interest income, with rapid growth of OBS activities in most of the EU countries. In addition, their results indicate that larger banks tend to maintain high levels of non-interest inco

24、me. In addition to the analysis done on the changing patterns of the structure of banks'</p><p>　　Hassan (1993:33) examined the relationship between OBS activities and market risk of large commercial ban

25、ks of the US. He found that OBS activities contribute to the overall diversification of the bank portfolio risk by reducing the total risk. Nevertheless, OBS items do not influence the systematic risk of banks and this m

26、ay be due to the fact that OBS items are not a concern of well- diversified stockholders.</p><p>　　Chaudhry (1994) investigated the impact of OBS activities on commercial banks' exposure to market-based

27、risk in the US by utilizing a two-stage model. He found that larger banks are more efficient in interest rate risk management as compared to the smaller ones. In contrast, in their study, DeYoung and Roland, (2001) found

28、 that the banks' earnings volatility increased when banks tilted their product mixes towards fee based activities and away from traditional intermediation activities. Lepetit e</p><p>　　More recently, Ka

29、rim and Gee (2007: 5) examined how OBS activities of the locally owned commercial banks in Malaysia affected the performance of the banks through banks' exposure to various forms of risks, bank profit, leverage and l

30、iquidity by conducting a panel regression and indicated that only the market risk is significantly positively related with OBS activities. According to them, this might be due to the fact that OBS activities were not the

31、 main source of funds for these banks since the</p><p>　　As we mentioned in the previous section, although there has been an increasing trend in the OBS bank activities in Turkey, there are no studies which

32、examine the effects of OBS activities on the bank's performance.</p><p>　　IV. METHODOLOGY AND DATA</p><p>　　This study examines the influence of OBS activities on the performance of Turkish

33、commercial banks in terms of banks' risk, profitability, leverage, and liquidity. The study starts with the analysis of the effect of OBS activities on bank risk exposures. The first estimation takes into account the

34、 influence of OBS activities on banks' market risk, unsystematic risk, and total risk. The traditional market model which assumes that banks are subject to systematic risk and unsystematic risk will be </p>&l

35、t;p>　　Systematic risk is non-diversifiable since it resulted from changes in the market and economic environment where the bank operates and therefore, known as market risk. On the other hand, the bank-specific risk i

36、s measured by unsystematic risk and can be diversified with proper portfolio management. The traditional market model is given by Equation.</p><p>　　V. EMPIRICAL FINDINGS</p><p>　　A. Off-Balance

37、 Sheet Activities and the Risks of Locally-Owned Commercial Banks</p><p>　　The results of the Hausman test are presented in Table 1. The null hypothesis that the unobserved effect is independent from other e

38、xplanatory variables cannot be rejected. Hence, the random effect model will be used to estimate the relationship between OBS activities and bank's performance.</p><p>　　B. Off-Balance Sheet Activities a

39、nd Bank's Profitability</p><p>　　To further analyze the impact of OBS activities on bank's performance, we also run the estimation with stock returns and returns on equity ratio as the dependent vari

40、ables. This is because, besides risk exposures, OBS activities might also affect bank's profitability. The results of the estimation of the effect of OBS activities on bank's profitability are presented in Table

41、5. Based on the results, it is clear that OBS activities improve bank's stock returns, which is statistically significant </p><p><b>　　譯文</b></p><p>　　中間業(yè)務對商業(yè)銀行業(yè)績的影響:一個新興的市場角度<

42、;/p><p>　　博拉；索克；莎莎；皮納爾</p><p><b>　　摘要</b></p><p>　　本文分析了伊斯坦布爾證交所上市的商業(yè)銀行，其中間業(yè)務對銀行經(jīng)營業(yè)績的影響。我們使用四個績效評估措施，包括：銀行的風險承擔、盈利能力、杠桿率和流動性狀況。我們發(fā)現(xiàn)，銀行本身固有的風險和匯率風險都與商業(yè)銀行的中間業(yè)務有著積極的關系。這表明，中間業(yè)

43、務增加了土耳其商業(yè)銀行的固有風險和外匯風險。這種關系可能會警告銀行在市場上使用中間業(yè)務的投機行為。研究結果還表明，由于銀行的套期保值觀念，提高銀行的股票回報，會在股本回報率上會產(chǎn)生負面影響。此外，中間業(yè)務活動杠桿或流動性沒有顯著地影響。 </p><p>　　關鍵詞: 銀行業(yè); 中間業(yè)務; 風險; 伊斯坦布爾證交所; 土耳其</p><p><b>　　1 引言</b>

44、;</p><p>　　在今天的金融市場，在商業(yè)銀行中，一個引人注目的發(fā)展趨勢是銀行越來越傾向于從事中間業(yè)務，即資產(chǎn)負債表外活動。近年來，金融市場的發(fā)展和管制的放松、金融創(chuàng)新的改善和銀行利潤的降低，并且由于低質(zhì)量的貸款申請者，這些都促使銀行提供新的產(chǎn)品和服務來增加他們的利潤(杰瑞曼，2005)。愛德華茲和米什金(1995)認為，傳統(tǒng)銀行的利率已經(jīng)降低了，而中間業(yè)務活動卻一直在增加。傳統(tǒng)銀行的盈利能力下降，以及不斷

45、增加的市場競爭力，都迫使銀行進行中間業(yè)務活動。易卜拉欣博士和哈桑(2004)分析了銀行傳統(tǒng)業(yè)務和非傳統(tǒng)業(yè)務的利潤。他們認為，銀行提高非利息收入，主要是源于新形式的金融工具。</p><p>　　中間業(yè)務或與服務費有關的項目，如：擔保、委托和衍生品有時成為銀行收入的主要來源。商業(yè)銀行通過從事中間業(yè)務活動，除了能夠獲得較高的收益，銀行還可以避免監(jiān)管成本和稅收成本，因為，存款準備金率和存款保險保費等等費用是不計入銀行的

46、中間業(yè)務的。不過，這些活動可能涉及到一些風險，如市場、業(yè)務和信貸風險，這可能會影響到銀行的償付能力和流動性。另一方面，商業(yè)銀行的金融衍生品活動的顯著增長，為其帶來了豐厚的利潤，但也承擔了國內(nèi)市場的信貸風險和國際市場的外匯風險。金融衍生品減輕了這些風險，因此銀行就可以不用對其中間業(yè)務進行大的調(diào)整。</p><p>　　本文旨在研究在伊斯坦布爾證交所上市的商業(yè)銀行，其中間業(yè)務對銀行經(jīng)營業(yè)績的影響。我們使用四個績效評估

47、措施，包括：銀行的風險承擔、盈利能力、杠桿率和流動性狀況。對銀行績效的影響主要通過銀行的各種形式風險、銀行利潤、杠桿率和流動性等表示出來。只有市場風險與銀行中間業(yè)務的活動顯著正相關。因為我們發(fā)現(xiàn)，目前在土耳其還沒有人對這方面進行相關的研究，因此，我們試圖填補這個空白。</p><p>　　本文的內(nèi)容框架如下，第二部分介紹了土耳其商業(yè)銀行的背景，及其中間業(yè)務；第三部分則提供了一個文獻綜述；第四部分則是研究討論方法；

48、第五部分是實證研究結果與分析。第六部分是結論。</p><p>　　2 土耳其的商業(yè)銀行及其中間業(yè)務的發(fā)展</p><p>　　1982年之后，土耳其，委托性收費被排除在資產(chǎn)負債表之外，成為銀行的資產(chǎn)負債表外活動，也稱為中間業(yè)務的項目之一。在接下來的幾年里，它仍然是銀行主要的中間業(yè)務項目。隨著公共部門在90年代借貸的增加，回購交易變得更有吸引力，回購交易隨后被排除在列入資產(chǎn)負債表之外，并成

49、為商業(yè)銀行的中間業(yè)務。自2000年以來，隨著金融衍生工具的普遍使用，繼安全托管和質(zhì)押證券之后，衍生品構成為銀行最主要的中間業(yè)務項目，在2008年底，占到了中間業(yè)務項目總數(shù)的43%。而安全托管和質(zhì)押證券項目，作為中間業(yè)務的子業(yè)務項目。根據(jù)研究，保管和質(zhì)押證券項目自2005年以來約占95%。圖1展示了衍生品交易2002 - 2007年期間的增加趨勢。由于這一事實，自全球金融危機以來，銀行減少了其資產(chǎn)負債表的外匯項目。</p>

50、<p>　　3 先前的相關研究，文獻綜述</p><p>　　有許多學者，對銀行中間業(yè)務的收入結構的變化模式進行了研究。其中，羅杰斯和辛基在1999年通過分析1989 - 1993年期間銀行的財務報表，對銀行的一些非傳統(tǒng)業(yè)務活動和一些變量之間的關系進行了研究。他們發(fā)現(xiàn)凈息差和非傳統(tǒng)的活動之間存在顯著且消極的關系。此外，他們認為，主要的大銀行都專注于非商業(yè)化活動。</p><p>

51、　　戴維斯和托瑞于2000年對1979 - 1995年期間，對經(jīng)合組織會員國家的銀行收入結構進行了分析，使用的是銀行的盈利數(shù)據(jù)。他們發(fā)現(xiàn)，在大多數(shù)歐盟國家，銀行的利息收入結構發(fā)生了變化，銀行的利息收入得到了快速的增長。此外，他們的研究結果表明，大型銀行都傾向于維持高水平的非利息收入。除了對銀行的收入結構變化進行分析，還對銀行的中間業(yè)務活動進行了分析，他們還對與這些活動相關的風險做了實證調(diào)查。在這些研究中，博伊德和格雷厄姆(1986)檢查

52、了1971 - 1983年期間，銀行多樣化非傳統(tǒng)銀行活動的風險。他們發(fā)現(xiàn)非銀行活動和風險之間沒有明顯的關系。然而，1971 – 1977年期間，非銀行活動呈正相關風險趨勢。他們強調(diào)，當對銀行的中間業(yè)務活動沒有進行嚴格的監(jiān)管時，風險和中間業(yè)務活動之間存在顯著的聯(lián)系。</p><p>　　哈桑(1993)檢查了中間業(yè)務活動和大型商業(yè)銀行的市場風險之間的關系。他發(fā)現(xiàn)中間業(yè)務活動導致銀行的總體多元化投資組合風險降低了總風

53、險。然而，中間業(yè)務活動并不影響銀行的系統(tǒng)性風險，這可能是由于這樣的事實: 中間業(yè)務活動本身沒有問題，是多元化的股東問題。</p><p>　　喬杜里(1994)研究了中間業(yè)務活動對美國商業(yè)銀行的市場風險的影響，使用的是兩階段模型。相比于較小的銀行，他發(fā)現(xiàn)大銀行能夠更有效對利率風險進行管理。而羅蘭則認為相反，他發(fā)現(xiàn)隨著銀行的中間業(yè)務的增加，遠離傳統(tǒng)的中介活動后，其收益獲得顯著的增加。拉彼得等（2005)發(fā)現(xiàn)，增加銀

54、行的中間業(yè)務活動可以顯著降低銀行的風險，相比于銀行的傳統(tǒng)中介活動。</p><p>　　最近,卡里姆和吉姆于2007年檢查了商業(yè)銀行的中間業(yè)務活動如何影響了馬來西亞本地的商業(yè)銀行。對銀行績效的影響主要通過銀行的各種形式風險、銀行利潤、杠桿率和流動性等表示出來。只有市場風險與銀行中間業(yè)務的活動顯著正相關。根據(jù)他們的說法，這可能是由于中間業(yè)務的內(nèi)在特性。此外，他們發(fā)現(xiàn)股票收益率與銀行中間業(yè)務是負相關關系。股本回報率、

55、杠桿率和流動性等與中間業(yè)務則沒有明顯關系。</p><p>　　正如我們在前一節(jié)中提到的，土耳其商業(yè)銀行的中間業(yè)務活動雖然有增加的趨勢，但是沒有相關的研究來探討商業(yè)銀行的中間業(yè)務活動銀行績效的影響。 </p><p>　　4 本研究方法和數(shù)據(jù)</p><p>　　本文研究了土耳其商業(yè)銀行的中間業(yè)務對其績效的影響，主要是從商業(yè)銀行的銀行風險、盈利能力、影響力和流動性等

56、幾方面來分析的。這項研究剛開始分析了商業(yè)銀行中間業(yè)務對銀行風險承擔的影響。對這一影響，需要考慮銀行的非系統(tǒng)性風險、市場風險和總風險等。傳統(tǒng)的市場模型，假設銀行系統(tǒng)性風險和非系統(tǒng)性風險，用于評估市場風險，本文利用非系統(tǒng)性風險，對商業(yè)銀行的總風險進行了研究。</p><p>　　系統(tǒng)性風險是不可分散的風險，因為它隨著市場和經(jīng)濟環(huán)境的變化而變化，因此，也被稱為市場風險。另一方面，銀行需要對非系統(tǒng)性風險進行特別的評估，并

57、且可以適當?shù)剡M行多元化投資組合管理。</p><p><b>　　5 實證研究結果</b></p><p>　　A 中間業(yè)務活動和本地的商業(yè)銀行的風險</p><p>　　研究結果表明，中間業(yè)務對銀行績效的影響是獨立于其他解釋變量的。因此，隨機效應模型將被用來評估中間業(yè)務活動和商業(yè)銀行績效之間的關系。</p><p>　

58、　B. 中間業(yè)務活動和銀行的盈利能力</p><p>　　為了進一步分析中間業(yè)務活動對商業(yè)銀行績效的影響，我們將股票收益和股本回報率率作為評估的指標。這是因為，除了風險外，中間業(yè)務活動也會影響銀行的盈利能力。中間業(yè)務活動對商業(yè)銀行績效的影響，根據(jù)研究結果，兩者有很明顯的關系，中間業(yè)務活動可以提高銀行的股票回報。然而,股本回報率卻與中間業(yè)務活動呈現(xiàn)負相關的關系。這一消極的關系可能是因為股東的期望回報率的下降，并且中