[雙語翻譯]銀行盈利能力外文翻譯--轉(zhuǎn)型期國家銀行盈利能力的決定因素什么最重要？（英文）

1、ResearchinInternationalBusinessandFinance38(2016)69–82ContentslistsavailableatScienceDirectResearchinInternationalBusiness andFinancejournalhomepage:www.elsevier.com/locate/ribafFulllengtharticleDeterminantsofbankprofita

2、bilityintransitioncountries: Whatmattersmost?KhurshidDjalilov a,?, JeniferPiesse b,ca BournemouthUniversity,4thfloor,ExecutiveBusinessCentre,89HoldenhurstRoad,Bournemouth,BH88EB,UKb BournemouthUniversity,5thfloor,Execut

3、iveBusinessCentre,89HoldenhurstRoad,Bournemouth,BH88EB,UKc UniversityofStellenbosch,SouthAfricaa r t i cl e i nfoArticlehistory:Received26May2015Receivedinrevisedform30January2016Accepted29March2016Availableonline

4、7April2016JELclassification:C23G21L2P27Keywords:TransitioncountriesBankprofitabilityGovernmentspendingMonetaryfreedoma bs t r ac tThe aim of this paper is to investigatethe determinantsof bankprofitabilityin

5、the earlytransitioncountriesof Central and EasternEurope(CEE), and in the late transitioncoun-triesof the former USSR.We applya GMM techniquefor the period covering2000–2013.Theresultsshow that profitabi

6、litypersistsand the determinantsofbankprofitabilityvaryacrosstransitioncountries.Particularly,the bankingsector of earlytransitioncountriesismorecompetitive.However,theimpactof credit risk on bank profitabilityis

7、 positive inearlytransitioncountries,but negativein late transitioncountries.Governmentspendingandmonetaryfreedomnegativelyinfluencebank profitabilityonly in late transitioncoun-tries.Moreover,better capitalise

8、dbanksare more profitablein early transitioncountriesimplyingthat thesebankingsectorsare more robust.A rangeofpossible approachesthatgovernmentscan take to further developbankingsectorsare discussed.©20

9、16 Publishedby Elsevier B.V.1.IntroductionIthasnowbeenalmostthreedecadessincethecollapseofthesocialistsystem,andmanypreviouslycentrallyplannedeconomieshaveestablishedmarket-basedeconomies.Mostcountrieshavefollowedasim

10、ilarapproachtoovercomingthelegacyoftheSovietsystem.Althoughthespeedandsequenceofreformvariedacrosscountries,allwereinfluencedbytheWorldBankandInternationalMonetaryFund,thesocalledWashingtonconsensus,whichfocusedonliberal

11、isation,stabilisationandprivatisation.Thesoviet-stylemono-bankswereabolishedandrestrictionsontheinternalconvertibilityofmoneyremoved,statecontrolofinterestrateswassuspended,andtheprivatisationofstate-ownedbankstookplacev

12、eryearlyalthoughwithvaryingdegreesofsuccess(FriesandTaci,2002).Inaddition,transitioncountriescompletedtwomajorreforms.Thefirstwastheintroductionofatwo-tierbankingsystemtoseparatethecentralbankfromthecommercialbankingsect

13、or.Thisalsoincludedthedivisionoflargeindustrialbanksintosmallerorganisationstocreatecompetitioninthesector.Thisresultedinamoveawayfromasystemwheretheprimarygoalofthebankswastotransferstatefundstostate-ownedenterprisesfor

14、investmentprojectsapprovedbycentralplanningtoasystemappropriatetoamarketeconomy.Theincumbentsystemswereinefficientintermsofresourceallocationandthequalityofbankingsupervision,andrisk? Correspondingauthor.E-mailaddresses:

15、kdjalilov@bournemouth.ac.uk(K.Djalilov),jpiesse@bournemouth.ac.uk(J.Piesse).http://dx.doi.org/10.1016/j.ribaf.2016.03.0150275-5319/©2016PublishedbyElsevierB.V.K.Djalilov,J.Piesse/ResearchinInternationalBusinessandFi

16、nance38(2016)69–8271domesticmarketeconomypriortothecollapseoftheSovietUnionin1991asdecisionsweremadecentrally.WhenreformstoestablishamarketeconomyintheBalticStatesandinseveralcountriesinCEEbeganduringtheGorbacheveraofthe

17、late1980s,othercountriesoftheformerUSSRdidnotfollowsuit.Thus,thereexistedasharpcontrastbetweencountriessuchasHungary,PolandandtheformerCzechoslovakia,andtheBalticStates,whichonlyhadasystemofcentralplanningfortheperiodfol

18、lowingtheSecondWorldWaruntilthe1990s,andthoseinCentralAsia.Thishistoricallegacyhashadasignificantimpactonhowquicklyamarketeconomycanbeestablished,andemphasisestheimportanceoftheinitialconditionsatthestartofthetransitiono

19、nthedirectionandspeedoffinancialsectordevelopmentanditsimpactonfinancialdevelopmentandeconomicgrowth.Secondly,manyformerSovietcountriesarerichinmineralandenergyresources.Thishasimplicationsfortheireconomicgrowth,butalsop

20、rovidesasourceofpotentialinternalconflictthatisassociatedwiththeproblemofresourceallocation.Thirdly,someformerUSSRcountries,especiallythoselocatedinCentralAsia,aregeographicallyextensive,andthepoliticalinstabilityinneigh

21、bouringcountries,suchasAfghanistan,canbecontagious.Forthesecountries,maintainingeconomicgrowthandensuringfinancialstabilityarevitaltoretainingsocialcohesionandsustaineddevelopment.Fourthly,early(CEEandtheBalticStates)and

22、late(formerUSSR)transitioncountrieshavetakensignificantlydifferentapproachestothetransitionfromaplannedtoamarketeconomy.ThefirstgrouppursuedarevolutionaryapproachandmostofthembecameEUmembersin2004,whilelatetransitioncoun

23、triestookanevolutionary(stepbystep)approach,whichhaslastedformorethantwodecades.Therefore,researchdistinguishingthesetwogroupsoftransitioncountriesprovidesnewempiricalfindings.2.2.Theliteratureonthedeterminantsofbankprof

24、itabilityTheexistingliteratureusesseveralvariables,bothinternalandexternaltotheorganisation,toexplainbankprofitability,dependingonthefocusoftheresearch.Themicroeconomicdeterminantsofprofitabilityarethoselinkedtomanagemen

25、t,strategyandperformance,whilstthemacroeconomicdeterminantsrelatetothenatureofthenationalinstitutionsandeconomicenvironmentwithinwhichthebanksoperate.Followingearlierstudies(Bourke,1989;Short,1979)recentresearchhasexamin

26、edbankprofitabilityatthecountrylevel(BenNaceurandGoaied,2008;Berger,1995a;DalyandZhang,2014;Guruetal.,2002;MamatzakisandRemoundos,2003;PasiourasandKosmidou,2007;SufianandHabibullah,2012,2010)orcross-countryanalyses(Alber

27、tazziandGambacorta,2009;Goddardetal.,2004a;HsiehandLee,2010;MolyneuxandThornton,1992;NaceurandOmran,2011).Althoughtheresultsvaryconsiderablyasdataavailabilityisnotconsistentacrosscountriestherearesomecommonelements,parti

28、cularlyinthechoiceofelementsinternaltothefirm,suchassizeandcapitalandriskmanagement,thatimpactbankprofitability.Sizeisanimportantdeterminantofperformanceifthereareeconomiesordiseconomiesofscale.Additionally,somestudiescl

29、aimthattheeffectofexternalvariablesonprofitabilityiscloselylinkedtobanksize(Demirgüc ¸-KuntandHuizinga,2000).Basedontheseresultsthestudiescanbedividedintotwogroups:thosethatfindapositivelinkbetweensizeandprofit

30、ability(Flaminietal.,2009;Smirlock,1985)andthosethatfindthistobenegative(PasiourasandKosmidou,2007;StirohandRumble,2006).Thepositiveeffectisdrivenbythefindingthatlargerbankshavemorediversificationintheirproductsandservic

31、es,andthisreducesthelevelofriskandthusresultsinhigheroperationalefficiencyandprofitability.Inaddition,largerbankscanraiserelativelycheapcapitalandthusappeartobemoreprofitable(Short,1979).Furthermore,somestudiesfindthatin

32、anon-competitiveenvironmentlargerbankswithasignificantmarketshareenjoyhigherprofitsbyofferinglowerdepositrates,whichareconsideredlessrisky,andbymaintaininghighlendingrates(Flaminietal.,2009).Incontrast,theopposingviewist

33、hatanincreaseinbanksizeleadstohigherlevelsofmarketingandoperationalandbureaucraticcosts,andresultsinanegativelinkbetweenprofitabilityandsize.Thus,thescaleeffectonprofitabilityremainsambiguous.Riskmanagementisalsoincluded

34、inmoststudiesandpoorassetqualityandlowlevelsofliquidityaretwomajorfactorsinfluencingbankfailureinthesector.Twotypesofrisk,creditandliquidityrisk,aremostcommonlyaddressedinthesestudies.Particularlyduringperiodsofincreased

35、uncertainty,bankstendtodiversifytheirportfoliosandraisetheirliquidholdingstoreducetheirrisk.Theratioofloanlossprovisionstoloansisoftenusedasaproxyforcreditrisk(Athanasoglouetal.,2008;Trujillo-Ponce,2013)withahigherratioi

36、ndicatinglowercreditquality,whichultimatelyleadstoalowerprofitability.However,asliquiditymanagement,assetmanagementandthelevelofcashflowtomaintaintheabilityofthebanktomeetcurrentliabilitieswhentheycomedue,customandpracti

37、cesuggeststhattheratioofloanstototalassetsisthepreferredmetric(SufianandHabibullah,2010).Again,resultsvaryonthesignofthisvariablewhendeterminingthelinkbetweenliquidityandprofitabilityfrompositive(Bourke,1989)tonegative(M

38、olyneuxandThornton,1992).However,existingstudiesfindanegativelinkbetweencreditriskandprofitability(MillerandNoulas,1997).Capitalisthethirdcommonvariablethatisinternaltothebank,andthisplaysanimportantroleinthedeterminatio

39、nofbankprofitabilityinmanystudies.Thismayproxyriskandregulatorycostsinthepresenceofcapitalrequirements(Flaminietal.,2009).However,thelinkbetweencapitalandprofitabilityisagaincontroversialintheliterature.Thetraditionalvie

40、wsuggeststhatahighercapitalassetratioincreasesfundingcostsandthuslowersprofitability,asmanypapersconsiderthecostofcapital,particularly,thecostofequitytobethemostexpensivebankliabilityintermsofexpectedreturn(García-H

41、erreroetal.,2009;Trujillo-Ponce,2013).Somestudiessuggestthatanunexpectedincreaseincapitalraisesprofitabilitylinkingthisintotwohypotheses.Thefirstsupportstheviewthatincreasingcapitallowerspaymentsonunsecureddebt,whilethes