美国银行业的合并史【外文翻译】.doc

1、1本科毕业论文外文翻译外文文献译文美国银行业的合并史资料来源美国经济前景作者安妮B马塔萨约瑟夫N海妮1927年的麦克法登法国家银行法的一部分，这是影响国家特许银行分支在州内或州际的能力。在一个州内的基础上，它给了州议会的权力是在他们国家的边界治理所有银行的分支活动，无论是国家和国家特许。此外，后来由1935年的银行法修正案，禁止国家银行跨州分支。这一禁令延长联邦储备委员会国家特许银行，几乎所有的银行经营范围是有限的，一个州银行有一个实际存在的经营范围。李格尼尔法案是由于多种原因，其中最重要的是不够与时俱进。它承认，并提供了一个新的银行发展格局，已逐步成功地找到了手段规避MCFADDEN和道格拉

2、斯修订参数。此外，20世纪80年代的储蓄和贷款危机创造了一个银行监管机构，为了急于寻找失败的储蓄机构的健康买家，准备允许银行开展跨州兼并和收购。这样一来，扩大了银行面临金融服务公司的竞争，包括国内和国际的，这些都是来至于法律过时的阻碍。很显然，银行业需要一个更公平的竞争机会，如果它能避免银行停滞不前的命运。最后，是实现银行资产规模扩大的一个因素，使一家银行的资产健康和稳定的增长，最终影响其盈利能力和银行体系的福祉。李格尼尔法案解决了银行跨区域经营的五个方面的问题州际银行收购，州际银行兼并，跨地区开设州际银行分支，外资银行州际分支，和州际分支机构的银行价格。整个立法过程，成为州际银行及分支，特别

3、是国家的银行监管机构，以及立法的支持者和评论家的关注焦点。李格尼尔法案制定开始，就允许一个彻头彻尾的国有银行分支重新进入跨区域经营状态，在其中，它的总部设在该国已明确表示允许这项活动，并适当调节获得批准的以外。允许各国不采取跨区域经营行动，在其边界内就从头开设州际银行分支，从而禁止在他们的国家活动。诺分行是受到所有国家保2护，以及他们所在的社区再投资法案（CRA）的规定，关于社会贷款的法律的规定。然而，他们没有受到10或30浓度的规则束缚。在国家没有授权时从头设立分支并没有退出，开设州际分支是可能的，只有通过购买另外银行并把它转换成自己的一个分支。从1996年到1997年，银行业金融机构在美国

4、的人数减少了415。在只有7个州的机构增加。由于是在1997年只有1故障减少，这在一些机构的兼并和收购，其中编号为602的反映。415机构数量的减少和603之间的差额占并购和失败，是在1997年的188从头银行。李格尼尔法案实施的过程中，为了包含维护小型机构的若干规定，财政要启动的新的可行的规定。虽然不能消除扩张的刺激，但是在市场份额的限制上面能够起到限制一些银行的计划的效果，以增加他们的区域或国家在经营中的主导地位。此外，在继承亚历山大汉密尔顿的保护幼稚产业的历史传统，国家允许5年收购的国有银行控股，以保护年轻的银行。因此，小银行就有机会成为服务社会的对象，而且还能与前景使投资者一起向未来更

5、大的竞争对手销售过程中获得更多的利益。小的新的分支银行还为在基层工作和受助于别人的人提供个性化的服务，但是他们并不太乐于满足的现状和前景，不再对他们的社区之外的总部抱有幻想和设在银行的人员和企业的支持。害怕失去自己的位置，或者因为他们不希望为一家大公司工作，许多小银行参与兼并或收购人员由此来打开新的机构，在他们的社区。抱怨说，大银行的分支机构，频繁的人事变动，并给予较差的服务，大型机构客户已迅速的支持从头机构。反过来，这些机构已经历了几个较大的经济优势，从而提高了他们的盈利能力低开销，在合理的成本获得他们的新的通信网络和计算机的能力，这些技术的准备。显然，与602家机构并购和188家新机构开设

6、的新银行，新银行的数量没有减少由于兼并和收购的机构补偿。但是，进一步的分析表明，从头银行和并购从头银行并购活动，其中较大的国家之间的关系。从头银行之间的并购数量的相关系数为0604101。从头银行的并购结果与T统计量为52的回归系数为01695，说明之间从头银行和并购的积极和统计学上显著的关系，简单回归。从头开设分支机构的银行部分抵消了减少机构和社区服务，兼并和收购的影响。李格尼尔法案促进了分支发展的另一个因素在于，允许银行控股合并3到分支网络的州际银行和保持独立的法人实体，以减少他们的成本。它还提供了机会赢得额外的收入，通过经济的规模的扩大和其他效率的提高。免费常设机构合并或收购机构在其他国

7、家也发现了分支机构使用经济有利。联邦存款保险公司的统计表明，从1996年到2004年，在美国的银行机构数量由415下降，但增加的分行数目由1849。因此，分行数目增加了近45倍量的机构数目下降。在一些机构的变化和分行数目的变化之间的相关系数为96。在一些机构的净变化的分行数目的净变化的回归产生的回归系数为379，与T统计量的368，表明之间的数量下降的负面和统计学意义的关系银行业金融机构及分行数目增加。因此，出现的机构数目减少超过分行数目增加补偿。这里提供的数据统计分析，似乎支持，分支网络的扩展和建立从头机构已超过李格尼尔法案颁布后已发生的银行机构数量减少的补偿假说。因此，它是不是很清楚的表明

8、李格尼尔法案，允许州际银行开设异地经营分支，必然降低和放松服务小客户，小社区，和小企业管制力度。4外文文献原文THECONSOLIDATIONOFAMERICANBANKINGMATERIALSOURCEJOURNALOFECONOMICPERSPECTIVESAUTHORANNBMATASARANDJOSEPHNHEINEYTHEMCFADDENACTOF1927,WHICHWASAPARTOFTHENATIONALBANKACT,AFFECTEDTHEABILITYOFNATIONALLYCHARTEREDBANKSTOBRANCHEITHERINTRASTATEORINTERSTATEO

9、NANINTRASTATEBASIS,ITGAVESTATELEGISLATURESTHEPOWERTOGOVERNWITHINTHEIRSTATESBORDERSTHEBRANCHINGACTIVITIESOFALLBANKS,BOTHNATIONALANDSTATECHARTEREDADDITIONALLY,AFTERAMENDMENTBYTHEBANKINGACTOF1935,ITPROHIBITEDNATIONALBANKSFROMBRANCHINGACROSSSTATELINESWHENTHISPROHIBITIONWASEXTENDEDTOSTATECHARTEREDBANKSBY

10、THEFEDERALRESERVEBOARD,VIRTUALLYALLBANKSWERELIMITEDTOHAVINGAPHYSICALPRESENCEINONLYONESTATETHEDOUGLASAMENDMENTTOTHEBANKHOLDINGCOMPANYACTOF1956EXTENDEDTHEPROHIBITIONONINTERSTATEBRANCHINGTOINTERSTATEBANKING,TOOMULTIBANKBANKHOLDINGCOMPANIESBHCSWERENOTPERMITTEDTOOPERATEBANKSINMORETHANONESTATEUNLESSANINDI

11、VIDUALSTATEVOLUNTARILYPERMITTEDOUTOFSTATEBHCSFROMBUYINGABANKORESTABLISHINGONEDENOVOWITHINTHEIRBORDERSDURINGTHEYEARSAFTER1975,ALLSTATES,OTHERTHANHAWAII,PERMITTEDSOMEDEGREEOFINTERSTATEACTIVITYBYBHCSWITHINTHEIRBORDERSBYENTERINGINTOREGIONALCOMPACTS,DEVELOPINGEITHERREGIONALORNATIONALRECIPROCITYAGREEMENTS

12、,ORSIMPLYOPENINGTHEIRBORDERSTOOUTOFSTATEBHCSWITHOUTRESTRICTIONRIEGLENEALWASADOPTEDFORAMULTITUDEOFREASONS,NOTLEASTOFWHICHWASTHATITWASOVERDUEITRECOGNIZEDANDPROVIDEDPARAMETERSFORANEWBANKINGREALITYTHATHADPROGRESSIVELYANDSUCCESSFULLYFOUNDMEANSFORCIRCUMVENTINGMCFADDENANDTHEDOUGLASAMENDMENTADDITIONALLY,THE

13、SAVINGSANDLOANCRISISOFTHE1980SHADCREATEDACLIMATEINWHICHBANKINGREGULATORS,EAGERTOFINDHEALTHYBUYERSFORFAILINGTHRIFTS,WEREPREPAREDTOALLOWFORMERGERSANDACQUISITIONSACROSSSTATELINESFORSEVERALPRECEDINGYEARS,TOO,BANKSFACEDEXPANDINGCOMPETITIONFROMFINANCIALSERVICESFIRMS,BOTHDOMESTICANDINTERNATIONAL,WHICHWEREN

14、OTIMPEDEDBYTHESE5OUTDATEDLAWSITBECAMEAPPARENTTHATTHEBANKINGINDUSTRYHADTOBEGIVENANOPPORTUNITYTOCOMPETEONAMORELEVELPLAYINGFIELDIFITWERETOAVOIDTHEDESTINYOFTHETHRIFTINDUSTRYROSE,1997,P41FINALLY,THEREWASTHEREALIZATIONTHATASSETSIZEWASAFACTORINTHEFINANCIALHEALTHOFABANKANDTHATTHECONTINUATIONOFPOLICIESWHICHL

15、IMITEDBANKSGROWTHULTIMATELYIMPAIREDTHEIRPROFITABILITYANDTHEWELLBEINGOFTHEBANKINGSYSTEMMATASARANDHEINEY,1997,P9RIEGLENEALADDRESSEDFIVEAREASOFINTERSTATEBANKINGANDBRANCHINGACTIVITYINTERSTATEBHCACQUISITIONS,INTERSTATEBANKMERGERS,DENOVOINTERSTATEBANKBRANCHING,FOREIGNBANKINTERSTATEBRANCHING,ANDINTERSTATEA

16、FFILIATEBANKINGVEDDERPRICE,1994,PP12THROUGHOUTTHELEGISLATION,THECONCERNSOFTHECRITICSOFINTERSTATEBANKINGANDBRANCHING,ESPECIALLYTHESTATESREGULATORS,ANDTHEGOALSOFTHELEGISLATIONSPROPONENTSAREINEVIDENCECOMMENCINGWITHENACTMENT,RIEGLENEALALLOWSANOUTOFSTATEBANKTOBRANCHDENOVOINTOASTATEOTHERTHANTHEONEINWHICHI

17、TISHEADQUARTEREDIFTHESTATEHASEXPRESSLYPERMITTEDTHISACTIVITYANDAPPROVALISOBTAINEDFROMTHEAPPROPRIATEREGULATORSTATESAREPERMITTEDTOTAKENOACTIONREGARDINGDENOVOINTERSTATEBRANCHINGWITHINTHEIRBORDERS,THUSPROHIBITINGTHISACTIVITYWITHINTHEIRSTATEVEDDERPRICE,1994,P6DENOVOBRANCHESARESUBJECTTOALLTHELAWSOFTHESTATE

18、INWHICHTHEYARELOCATEDASWELLASTOTHECOMMUNITYREINVESTMENTACTCRAPROVISIONSREGARDINGCOMMUNITYLENDINGGOELZERETAL,1994,P4THEYARENOTBOUND,HOWEVER,BYTHE10PERCENTOR30PERCENTCONCENTRATIONRULESROSE,1997,P48INSTATESTHATHAVENOTAUTHORIZEDDENOVOBRANCHINGANDHAVENOTOPTEDOUT,INTERSTATEBRANCHINGISPOSSIBLEONLYBYPURCHAS

19、INGABANKANDCONVERTINGITINTOABRANCHORBRANCHES“INTERSTATEBRANCHING“1995,P12THEMERGERANDACQUISITIONACTIVITYFOSTEREDBYTHEFDICIAEXPANDEDSUBSTANTIALLYUNDERRIEGLENEALASREFLECTEDINTABLE1WITHFEWEXCEPTIONS,STATESEXPERIENCEDAREDUCTIONINTHENUMBEROFINSTITUTIONSSERVICINGTHEIRCITIZENSANDBUSINESSESASWELLASANINCREAS

20、EINTHEAVERAGEASSETSIZEOFTHEIRCOMMERCIALBANKSINITIALLY,THEREFORE,ITAPPEAREDTHATTHEPROPONENTSANDCRITICSOFINTERSTATEBRANCHINGANDBANKINGWEREACCURATEINTHEIRFORECASTSREGARDINGTHESTRUCTUREOFTHEINDUSTRY6THEREHASBEENALONGHELDPRESUMPTIONINAMERICANSOCIETYTHATTHEAVERAGECITIZEN,SMALLBUSINESS,ANDSMALLCOMMUNITIES,

21、PARTICULARLYRURALONES,CANTURNONLYTOSMALLBANKINGINSTITUTIONSFORTHEIRFINANCIALNEEDSSAFEGUARDINGSMALLBANKS,THEREFORE,HASBEENANUNDERLYINGPOLITICALCONCERNANDWASLARGELYRESPONSIBLEFORESTABLISHMENTOFTHEFDICASWELLASPASSAGEOFTHEMCFADDENACTANDDOUGLASAMENDMENTSNOTEDABOVEOPPONENTSOFRIEGLENEALWEREIDEOLOGICALDESCE

22、NDANTSOFTHELEGISLATORSOFTHE1930STHEYANTICIPATEDTHATINTENSECOMPETITIONFROMOUTOFSTATEINSTITUTIONSWOULDCAUSEMANYSMALLBANKSTODISAPPEAREITHERTHROUGHFAILURECAUSEDBYANINABILITYTOCOMPETEWITHLARGERINSTITUTIONSORTHROUGHACQUISITIONBYORMERGERWITHTHOSELARGERINSTITUTIONSFIGURE1REVEALSTHATTHEIRCONCERNREGARDINGFAIL

23、URESWASUNWARRANTEDBECAUSEBANKINGFAILURESAREVIRTUALLYNONEXISTENTANYMORETHEHYPOTHESISOFTHISPAPERISTHATTHROUGHTHEEXPANSIONOFBRANCHINGNETWORKSANDANINCREASEDPACEINTHEESTABLISHMENTOFDENOVOINSTITUTIONS,THEBANKINGINDUSTRYHASCONTINUEDTOSERVICESMALLERCUSTOMERS,BOTHBUSINESSANDPERSONAL,INSMALLERCOMMUNITIESASWEL

24、LASLARGERONESBRANCHESANDDENOVOBANKSFILLEDNICHESCREATEDORLEFTVACANTBYLARGEBANKSEXPANSIONISMANDMADETHEFEARSOFTHEDETRACTORSOFRIEGLENEALLESSRELEVANTORMUTEFROM1996TO1997,THEBANKINGFINANCIALINSTITUTIONSINTHEUNITEDSTATESFELLBY415ONLYSEVENSTATESINTHEBODYINCREASESBECAUSEITISONLYONEFAILUREIN1997TOREDUCE,WHICH

25、INSOMEINSTITUTIONSMERGERSANDACQUISITIONS,WHICHREFLECTTHENUMBER602REDUCETHENUMBEROF415INSTITUTIONSAND603ACCOUNTEDFORTHEDIFFERENCEBETWEENTHEACQUISITIONANDFAILURE,IN1997,188BANKSFROMSCRATCHRIEGLENEAL,HOWEVER,CONTAINEDSEVERALPROVISIONSWHICHSAFEGUARDEDSMALLERINSTITUTIONSANDMADEITFINANCIALLYFEASIBLEFORNEW

26、ONESTOBESTARTEDWHILENOTELIMINATINGTHESTIMULUSFOREXPANSION,THELIMITATIONSONTHEMARKETSHARENOTEDABOVECURTAILEDTHEPLANSOFSOMEBANKSTOINCREASETHEIRREGIONALORNATIONALDOMINANCEADDITIONALLY,INTHETRADITIONOFALEXANDERHAMILTONSHISTORICPROTECTIONOFINFANTINDUSTRIES,STATESWEREPERMITTEDTOPROTECTYOUNGBANKSFORFIVEYEA

27、RSFROMACQUISITIONBYOUTOFSTATEBHCSSMALLBANKS,THEREFORE,HADANOPPORTUNITYTO7BECOMEPROFITABLEEITHERFORPURPOSESOFSERVINGTHEIRCOMMUNITYORWITHTHEPROSPECTOFMAKINGTHEIRINVESTORSWEALTHYINFUTURESALESTOLARGERCOMPETITORSWAHL,2000,P2SMALLDENOVOBANKSALSOWERETHERECIPIENTSOFGRASSROOTSSUPPORTFROMPERSONSANDBUSINESSESD

28、ISENCHANTEDWITHTHEPROSPECTOFLESSPERSONALIZEDANDLESSRESPONSIVESERVICEBYBANKSHEADQUARTEREDOUTSIDEOFTHEIRCOMMUNITYINFEAROFLOSINGTHEIRPOSITIONORBECAUSETHEYDIDNOTWANTTOWORKFORALARGECORPORATION,MANYOFFICERSOFSMALLBANKSINVOLVEDINAMERGERORACQUISITIONCHOSETOOPENNEWINSTITUTIONSINTHEIRCOMMUNITYWAHL,2001,P1COMP

29、LAININGTHATTHEBRANCHESOFBIGBANKSHAVEFREQUENTPERSONNELCHANGESANDGIVEPOORERSERVICE,CUSTOMERSOFLARGERINSTITUTIONSHAVEBEENQUICKTOSUPPORTDENOVOINSTITUTIONSTHESEINSTITUTIONS,INTURN,HAVEEXPERIENCEDSEVERALECONOMICADVANTAGESNOTAVAILABLETOTHEIRLARGERCOUNTERPARTS,WHICHHASINCREASEDTHEIRPROFITABILITYLOWEROVERHEA

30、D,THEABILITYTOOBTAINTHEIRNEWCOMMUNICATIONSNETWORKSANDCOMPUTERSATREASONABLECOST,ANDTHEY2KPREPAREDNESSOFTHISTECHNOLOGYFORTHEMILLENNIUMWAHL,2002,PP12CLEARLY,WITH602MERGERSANDACQUISITIONSAND188DENOVOBANKS,THENUMBEROFDENOVOBANKSDIDNOTCOMPENSATEFORTHEREDUCTIONOFINSTITUTIONSDUETOMERGERSANDACQUISITIONSHOWEV

31、ER,FURTHERANALYSISSUGGESTSARELATIONSHIPBETWEENDENOVOBANKINGANDMERGERSANDACQUISITIONSINWHICHTHENUMBEROFDENOVOBANKSISHIGHERINSTATESINWHICHMERGERSANDACQUISITIONSACTIVITYISGREATERTHECORRELATIONCOEFFICIENTBETWEENTHENUMBEROFDENOVOBANKSANDTHENUMBEROFMERGERSANDACQUISITIONSIS604101THESIMPLEREGRESSIONOFDENOVO

32、BANKSONMERGERSANDACQUISITIONSRESULTSINAREGRESSIONCOEFFICIENTOF1695WITHATSTATISTICOF52,INDICATINGAPOSITIVEANDSTATISTICALLYSIGNIFICANTRELATIONSHIPBETWEENDENOVOBANKSANDMERGERSANDACQUISITIONSDENOVOBANKINGPARTIALLYOFFSETSTHEEFFECTOFMERGERSANDACQUISITIONSINREDUCINGTHENUMBEROFINSTITUTIONSANDSERVICETOCOMMUN

33、ITIESCONSOLIDATIONOFBANKINGINSTITUTIONSINMOSTSTATESHASBEENOFFSETSIMULTANEOUSLYBYTHEGROWTHOFBRANCHINGNETWORKSTHEREAREAMULTITUDEOFREASONSFORTHISLATTERPHENOMENONBANKSINACTIVETAKEOVERSTATESHAVEIMPROVEDPERFORMANCEBECAUSEMANAGERS,ESPECIALLYTHOSEWITHANEQUITYINTERESTINTHEBANK8ORWHOARECOMPENSATEDONTHEBASISOF

34、IMPROVEDPERFORMANCE,HAVEANINCENTIVETOMAXIMIZETHEVALUEOFTHEFIRMINORDERTOPROTECTTHEIROWNINTERESTSINASMUCHASBRANCHESAREALESSCOSTLYMETHODOFORGANIZATIONTHANSEPARATECORPORATEENTITIES,THEFORMER,THEREFORE,BECOMESAMOREATTRACTIVEALTERNATIVEINMARKETSWHEREMERGERSANDTAKEOVERSAREMOREAPTTOOCCURBRANCHINGALSOALLOWSF

35、ORIMPROVEDPERFORMANCETHROUGHOUTTHEINDUSTRYBECAUSEEFFICIENTBANKSAREABLETOEXPANDWITHOUTMAJORBARRIERSTOENTRYTHISIMPROVEDEFFICIENCYINCONJUNCTIONWITHGENERALIZEDDEREGULATIONISCONSISTENTWITHEXPERIENCESINOTHERDEREGULATIONSITUATIONSSUCHASTRUCKINGANDAIRLINESWHERETHEREHASBEENANATURALEVOLUTIONANDGROWTHOFEFFICIE

36、NCY,TOOANOTHERFACTORTHATALSOFOSTEREDBRANCHINGISTHEPROVISIONINRIEGLENEALTHATALLOWEDBHCSTOCONSOLIDATETHEIRINTERSTATEBANKSINTOABRANCHINGNETWORKANDTOREDUCETHEIROSTSASSOCIATEDWITHMAINTAININGSEPARATECORPORATEENTITIESITALSOPROVIDEDOPPORTUNITIESFORGARNERINGADDITIONALREVENUESTHROUGHECONOMIESOFSCALEANDOTHERFF

37、ICIENCIESFREESTANDINGINSTITUTIONSTHATMERGEDWITHORACQUIREDINSTITUTIONSINOTHERTATESALSOFOUNDTHEUSEOFBRANCHESECONOMICALLYADVANTAGEOUSROUSSAKIS,2004P35FDICSTATISTICSINDICATETHATFROM1996TO2004,THENUMBEROFBANKINGINSTITUTIONSINTHEUSDECREASEDBY415,BUTTHENUMBEROFBRANCHESINCREASEDBY1,849THEREFORE,THENUMBEROFB

38、RANCHESINCREASEDBYALMOST45TIMESTHEAMOUNTBYWHICHTHENUMBEROFINSTITUTIONSDECREASEDTHECORRELATIONCOEFFICIENTBETWEENTHECHANGEINTHENUMBEROFINSTITUTIONSANDTHECHANGEINTHENUMBEROFBRANCHESIS96THEREGRESSIONOFTHENETCHANGEINTHENUMBEROFBRANCHESONTHENETCHANGEINTHENUMBEROFINSTITUTIONSPRODUCESAREGRESSIONCOEFFICIENTO

39、F379,WITHATSTATISTICOF368,INDICATINGANEGATIVEANDSTATISTICALLYSIGNIFICANTRELATIONSHIPBETWEENTHEDECREASEINTHENUMBEROFBANKINGINSTITUTIONSANDTHEINCREASEINTHENUMBEROFBRANCHESTHEREFORE,ITAPPEARSTHATTHEDECREASEINTHENUMBEROFINSTITUTIONSISMORETHANCOMPENSATEDFORBYTHEINCREASEINTHENUMBEROFBRANCHESTHESTATISTICAL

40、ANALYSISOFTHEDATAPROVIDEDHERESEEMSTOSUPPORTTHEHYPOTHESISTHATHEEXPANSIONOFBRANCHINGNETWORKSANDTHEESTABLISHMENTOFDE9NOVOINSTITUTIONSHAVEORETHANCOMPENSATEDFORTHEDECREASEINTHENUMBEROFBANKINGINSTITUTIONSTHATHAVECCURREDAFTERRIEGLENEALTHEREFORE,ITISNOTATALLCLEARTHATTHEDEREGULATIONSOFRIEGLENEAL,WHICHALLOWEDINTERSTATEBANKINGANDBRANCHING,NECESSARILYDECREASEDERVICETOSMALLCUSTOMERS,SMALLCOMMUNITIES,ANDSMALLBUSINESSES