Review of Literature and Theories on Determinants of Commercial Bank Profitability【外文翻译】.doc

1、1本科毕业论文外文翻译外文文献原文REVIEWOFLITERATUREANDTHEORIESONDETERMINANTSOFCOMMERCIALBANKPROFITABILITYMATERIALSOURCEFINDARTICLE/BUSINESS/JOURNALOFPERFORMANCEMANAGEMENT/2010AUTHORRASIAG,DEVINAGECOMMERCIALBANKSHAVEALWAYSPLAYEDANIMPORTANTROLEINTHETREMENDOUSECONOMICDEVELOPMENTTHATHASTAKENPLACEINTHEREGIONOVERRECENTYE

2、ARSINTHELIGHTOFTHESEDEVELOPMENTS,THEOBJECTIVEOFTHISREVIEWISTOIDENTIFYTHEDETERMINANTSOFPROFITABILITYOFCOMMERCIALBANKSTHEDETERMINANTSOFPROFITABILITYANDTHEORIESTHEREOFUSEDINTHISREVIEWARETHOSEFREQUENTLYDESCRIBEDINCONVENTIONALBANKINGSTUDIESANDLITERATURETHEPROFITABILITYDETERMINANTSWEREBASICALLYDIVIDEDINTO

3、TWOMAINCATEGORIES,NAMELYTHEINTERNALDETERMINANTSANDTHEEXTERNALDETERMINANTSTHEINTERNALDETERMINANTSINCLUDEMANAGEMENTCONTROLLABLEFACTORSSUCHASLIQUIDITY,INVESTMENTINSECURITIES,INVESTMENTINSUBSIDIARIES,LOANS,NONPERFORMINGLOANS,ANDOVERHEADEXPENDITUREOTHERDETERMINANTSSUCHASSAVINGS,CURRENTACCOUNTDEPOSITS,FIX

4、EDDEPOSITS,TOTALCAPITALANDCAPITALRESERVES,ANDMONEYSUPPLYALSOPLAYAMAJORROLEININFLUENCINGTHEPROFITABILITYSIMILARLY,EXTERNALDETERMINANTSINCLUDETHOSEFACTORSWHICHAREBEYONDTHECONTROLOFMANAGEMENTOFTHESEINSTITUTIONSSUCHASINTERESTRATES,INFLATIONRATES,MARKETGROWTHANDMARKETSHAREPROFITABILITYDETERMINANTSOFCOMME

5、RCIALBANKSBOURKE1986INDICATEDTHATTHEDETERMINANTSOFCOMMERCIALBANKPROFITABILITYCANBEDIVIDEDINTOTWOMAINCATEGORIESNAMELYTHEINTERNALDETERMINANTSWHICHAREMANAGEMENTCONTROLLABLEANDTHEEXTERNALDETERMINANTSWHICHAREBEYONDTHECONTROLOFTHEMANAGEMENTOFTHESEINSTITUTIONSTHEINTERNALDETERMINANTSCANBEFURTHERSUBDIVIDEDAS

6、FOLLOWSAINTERNALDETERMINANTSFINANCIALSTATEMENTSVARIABLESNONFINANCIALSTATEMENTVARIABLETHEEXTERNALDETERMINANTSONTHEOTHERHANDCANBELISTEDASFOLLOWSBEXTERNALDETERMINANTSFINANCIALDEREGULATIONSIMPACTONCOMPETITIVECONDITIONSCONCENTRATIONMARKETSHAREINTERESTRATEONPROFITABILITY2OWNERSHIPSCARCITYOFCAPITALANDINFLA

7、TIONEXPENSEMANAGEMENTHASLEM1968FOUNDTHAT,INORDERTOIMPROVEPROFIT,THEMANAGEMENTSHOULDFIRSTEMPHASIZEONEXPENSEMANAGEMENT,THENFUNDSOURCEMANAGEMENTANDLASTLYFUNDUSEMANAGEMENTHASLEM1968ALSOSUGGESTEDTHATTHEFOLLOWINGAREASWERECRITICALANDNEEDEDPARTICULARATTENTIONGROSSANDNETRETURNSONLOANS,INCLUDINGNETLOSSESORREC

8、OVERIES,GROSSANDNETRETURNSONSECURITIES,INCLUDINGTHENETLOSSES,RECOVERIES,ANDPROFITS,CAPITALRATIOSTOTOTALASSETS,RISK,ASSETSANDDEPOSITS,INTERESTPAIDONTIMEANDSAVINGSDEPOSITS,PROPORTIONOFBUSINESSLOANSTOINDIVIDUALSINTHELOANPORTFOLIO,PROPORTIONOFOTHERSECURITIESINCLUDINGTAXEXEMPTBONDSTOTOTALASSETS,INDIVIDUA

9、LEXPENSEITEMSESPECIALLYTHOSERELATEDTOTOTALASSETSOPERATINGCOSTSCOMPRISEOFALLEXPENSESRELATEDTOTHEUSEOFPHYSICALANDLABORFACTORSSINCETHESEEXPENDITURESAREMANAGEMENTCONTROLLABLE,EXPENSESMANAGEMENTISALSOCONSIDEREDASANINTERNALDETERMINANTOFCOMMERCIALBANKPROFITABILITYHASLEM1969,HASLEMANDLONGBRAKE1971,ANDFRASER

10、1976HADANALYZEDBANKOPERATINGRATIOSTODETERMINETHOSERATIOSWHICHCOULDBESTEXPLAININTERBANKDIFFERENCEINPROFITABILITYTHEGENERALCONSENSUSOFTHESESTUDIESWASTHECONSIDERATIONOFEXPENSESMANAGEMENTANDCONTROLASTHEMOSTIMPORTANTFACTORFORACHIEVINGHIGHPROFITABILITYHOWEVER,ROBARDS1987QUOTESTHATTHECOMMONWEAKNESSINTHESES

11、TUDIESWASTHEABSENCEOFATHEORETICALCONSTRUCTTHATRELATESBANKEXPENSESTOBANKEARNINGSLOANCOMPOSITIONANDCOSTMEASURESFRASERANDROSE1971INTHEIRSTUDYUSEDLOANCOMPOSITION,ANDANNUALWAGEANDSALARYPAYMENTSCOSTMEASURESTOAVERAGEASSETSRATIOASANINDEPENDENTVARIABLE,ANDREGRESSEDTHEMWITHTHEINDEXOFBANKOPERATINGPERFORMANCELO

12、ANCOMPOSITIONCOMPRISESFOURSEPARATERATIOS,COMMERCIALANDINDUSTRIALLOANS,REALESTATELOANS,THEINDEXOFBANKOPERATINGPERFORMANCECONSISTEDOFSIXRATIOS,ONEOFWHICHWASDIRECTLYRELATEDTOPROFITABILITYNETCURRENTEARNINGSTOAVERAGETOTALCAPITALSFRASERANDROSEFOUNDTHATBOTHLOANCOMPOSITIONANDCOSTMEASURESHADNOEFFECTONPROFITA

13、BILITYBANKCOSTSANDCOMPOSITIONOFBANKDEPOSITANDBANKCREDITFRASER,ETAL1974USEDCANONICALCORRELATIONANALYSISTOMEASURETHERELATIONSHIP3BETWEENTHEPERFORMANCEOFBANKSANDTHEPROFITABILITYDETERMINANTSAMONGTHEFINANCIALSTATEMENTVARIABLESINCLUDEDINTHEIRSTUDIESWEREBANKCOSTS,COMPOSITIONOFBANKDEPOSITSANDCOMPOSITIONOFBA

14、NKCREDITTHEYFOUNDTHATTHEFACTORWHICHHADTHEGREATESTINFLUENCEONBANKPERFORMANCEWASBANKCOSTS,FOLLOWEDBYCOMPOSITIONOFDEPOSITSANDCOMPOSITIONOFLOANSTIMEANDSAVINGSDEPOSITSTOTOTALASSETSHEGGESTED1977BELIEVEDTHATBANKSWITHAHIGHPERCENTAGEOFTIMEANDSAVINGSDEPOSITSINCURREDHIGHFUNDINGCOSTANDTHUSHADLESSPROFITHEGGESTED

15、USEDRATIOOFNETINCOMEAFTERTAXESTOTOTALASSETSASAPROXYFORPROFITABILITYANDAVERAGERATIOOFTIMEANDSAVINGSDEPOSITSTOTOTALDEPOSITSASAPROXYFORBALANCESHEETMANAGEMENTHISFINDINGSINDICATEDTHATTHERATIOOFTIMEANDSAVINGSDEPOSITSHADASIGNIFICANTNEGATIVEIMPACTONCOMMERCIALBANKPROFITABILITYTHISSUPPORTEDHISCLAIMTHATBANKSWH

16、ICHWEREHEAVILYCOMMITTEDTOTIMEANDSAVINGSDEPOSITEARNEDCONSIDERABLYLOWERRETURNSMARKETINTERESTRATESANDPROFITABILITYFLANNERY1981CARRIEDOUTANEMPIRICALSTUDYOFTHEIMPACTOFMARKETINTERESTRATESONCOMMERCIALBANKPROFITABILITYTHEWIDESPREADNOTIONTHATCOMMERCIALBANKS“BORROWSHORTANDLENDLONG“IMPLIESTHATSHARPMARKETINTERE

17、STRATEINCREASESMAYINDUCEASIGNIFICANTNUMBEROFBANKINGFAILURESFLANNERY1981DEVELOPEDAMETHODFORESTIMATINGAVERAGEASSETANDLIABILITYMATURITIESFORASAMPLEOFLARGEBANKSREGRESSIONMODELSWERETESTEDTODETERMINEIFMARKETRATEFLUCTUATIONHADASIGNIFICANTIMPACTONBANKPROFITABILITYFLANNERY1981FOUNDTHATLARGEBANKSHADEFFECTIVEL

18、YHEDGEDTHEMSELVESAGAINSTMARKETRATERISKBYASSEMBLINGASSETSANDLIABILITYPORTFOLIOSWITHSIMILARAVERAGEMATURITIESANDTHUSWERENOTENDANGEREDBYMARKETRATEFLUCTUATIONSAMONGTHERESEARCHERSWHOHADSTUDIEDTHEEFFECTOFINTERESTRATESONBANKPROFITABILITYWERESAMUELSON1945,ANDHANCOCK1985HANCOCKSFINDINGSHOWEVERSUPPORTEDTHESTUD

19、YCONDUCTEDBYSAMUELSON1945WHICHSHOWEDTHATPROFITSOFTHEBANKSINCREASEDWITHTHERISEOFINTERESTRATESASSETANDLIABILITYPORTFOLIOMIXANDPROFITABILITYDUCAANDMCLAUGHLIN1990HADINDICATEDTHATVARIATIONSINBANKPROFITABILITYARELARGELYATTRIBUTABLETOVARIATIONSINLOANSLOSSPROVISIONSANDNETCHARGEOFFSINTHIS4CONTEXT,MILLERANDNO

20、ULAS1994FOUNDTHATLOANLOSSPROVISIONANDNETCHARGEOFFSHADASIGNIFICANTNEGATIVEEFFECTONLARGEBANKPROFITABILITYTHEYFURTHERANALYZEDTHEEFFECTOFPORTFOLIOCOMPOSITIONONNETCHARGEOFFSTHEIRRESULTSINDICATEDTHATNETCHARGEOFFSWEREINDEEDAFFECTEDBYASSETANDLIABILITYCOMPOSITIONTHUS,THEASSETLIABILITYPORTFOLIODECISIONSOFCOMM

21、ERCIALBANKSCANBEEXPECTEDTOAFFECTTHEPROFITABILITYOFTHESEINSTITUTIONSVIAITSEFFECTONNETCHARGEOFFSBANKLOCATIONANDPROFITABILITYEMERY1971ANDVERNON1971WEREAMONGTHEEARLIESTRESEARCHERSWHOLINKEDBANKSIZEWITHPROFITABILITYEMERY1971DIVIDEDHISSAMPLESINTOFIVECATEGORIESANDFOUNDTHATLARGERBANKSWEREABLETOCAPTUREAGREATE

22、RAMOUNTOFRETURNSUSINGANALYSISOFVARIANCE,EMERY1971FOUNDTHATTHESIZEEFFECTWASSTATISTICALLYSIGNIFICANTTOPROFITABILITYAMONGTHEVARIOUSCATEGORIESOFBANKSHOWEVER,VERNON1971,USEDTOTALASSETSASAPROXYFORSIZEANDFOUNDTHATTHEREWASNOSIGNIFICANTRELATIONSHIPBETWEENSIZEANDPROFITABILITYKWASTANDROSE1982ALSOINCLUDEDLOCATI

23、ONANDFOUNDASIGNIFICANTRELATIONSHIPWITHPROFITABILITYTHEIRRESULTSAPPEARTOCONFIRMTHEFINDINGOFVERNON1971NUMBEROFBANKBRANCHESHEASTERANDZOELLNER1966INCLUDEDNUMBEROFBRANCHESASONEOFTHEINDEPENDENTVARIABLESINTHEIRPROFITABILITYSTUDYTHEYFOUNDTHATTHENUMBEROFBRANCHESHADNOEFFECTONPROFITABILITYEMERY1971STUDIEDTHERE

24、LATIONSHIPBETWEENTHESTATUSOFTHEBRANCHCATEGORIESNAMELYUNITBRANCH,LIMITEDBRANCHANDSTATEWIDEBRANCHUSINGANALYSISOFVARIANCE,EMERYFOUNDTHATTHEREWASASIGNIFICANTDIFFERENCEINTERMSOFRETURNSAMONGTHESETHREECATEGORIESOFBRANCHESVERNON1971INCLUDEDLOCATIONASONEOFTHEPROFITABILITYDETERMINANTSINHISSTUDYANDFOUNDTHATBRA

25、NCHLOCATIONHADASIGNIFICANTRELATIONSHIPWITHPROFITABILITYHEFOUNDTHATBANKSWHICHOPERATEINSTATESINWHICHBRANCHINGWASPERMITTEDWEREMOREPROFITABLETHANTHOSEWHICHOPERATEINOTHERENVIRONMENTLIQUIDITYANDPROFITABILITYSTEVENJLANDBDRODERICK1992,ANDGRAHAMH,1993,SUGGESTEDTHATASTHELOANSTODEPOSITRATIORISESANDHENCELIQUIDI

26、TYFALLS,BANKSWOULDBECOMERELUCTANTTOLEND5ANDTHISWOULDLEADTOHIGHERLOANRATESONTHEOTHERHANDBANKSINALIQUIDSITUATIONASINDICATEDBYLOWLOANSDEPOSITRATIOORRECENTINFLOWSOFDEPOSITWOULDTENDTOOFFERLOWERLOANRATESCOMPAREDTOBANKSINALESSLIQUIDSITUATIONSIOVINANDSUSHKA1984ALSOFOUNDEVIDENCETHATBANKSWITHRAPIDGROWTHINDEPO

27、SITANDHENCEHIGHERLIQUIDITYSETLOWERLOANRATESTHUS,GIVENTHERELATIONSHIPBETWEENLIQUIDITYANDLOANRATES,THERELATIONSHIPBETWEENBANKLIQUIDITYANDPROFITABILITYWOULDDEPENDTOAGREATEXTENTONTHEINTERESTRATEELASTICITYOFDEMANDFORLOANSFROM1983TO1987THEIRFINDINGSINDICATEDTHATMOSTBANKSRESPONDEDTOANINCREASEINCAPITALLEVEL

28、SBYINCREASINGASSETRISKTHUS,INLINEWITHTHERISKRETURNRELATIONSHIPHIGHERCAPITALASSETSRATIOMAYBEASSOCIATEDWITHHIGHEREXPECTEDRETURNSINTHISCONTEXT,MOLYNEUXANDTHORNTON1992,WILLIAMS,MOLYNEUXANDTHORNTON1994ANDMOLYNEUXANDFORBES1995ALSOREPORTEDAPOSITIVERELATIONSHIPBETWEENCAPITALRATIOSANDPROFITABILITYINEUROPEANB

29、ANKINGMARKETSTHEDETERMINANTSOFPROFITABILITYANDTHEORIESTHEREOFUSEDINTHISREVIEWARETHOSEFREQUENTLYDESCRIBEDINCONVENTIONALBANKINGSTUDIESANDLITERATURETHEPROFITABILITYDETERMINANTSWEREBASICALLYDIVIDEDINTOTWOMAINCATEGORIES,NAMELYTHEINTERNALDETERMINANTSANDTHEEXTERNALDETERMINANTSTHEINTERNALDETERMINANTSINCLUDE

30、MANAGEMENTCONTROLLABLEFACTORSSUCHASLIQUIDITY,INVESTMENTINSECURITIES,INVESTMENTINSUBSIDIARIES,LOANS,NONPERFORMINGLOANS,ANDOVERHEADEXPENDITUREOTHERDETERMINANTSSUCHASSAVINGS,CURRENTACCOUNTDEPOSITS,FIXEDDEPOSITS,TOTALCAPITALANDCAPITALRESERVES,ANDMONEYSUPPLYALSOPLAYAMAJORROLEININFLUENCINGTHEPROFITABILITY

31、外文文献译文标题对商业银行盈利性的理论观点资料来源2010年商务管理杂志作者拉西亚戴维娜最近几年在许多地区发生的大幅度的经济增长，商业银行在其中扮演着很重要的角色。根据这样的现状来看，商业银行的重要性不言而喻，所以确定决定商业银行的盈利能力的因素是很有必要的。盈利的决定因素和理论文献在一些传统银行业研究的文献中是经常可以看到的。盈利能力的因素主要分为两大类，即内部因素和外部因素。内部因素包括管理可控因素，如流动性、证券投资、投资子公司，贷款，不良贷款，和费用。其他因素如储蓄、活期帐户存款、定期存款、总资本、资本公6积、和货币供应量在影响其盈利性方面也发挥了重要作用。同样的，外部因素包括这些机构

32、管理所不可控的因素如利率、通货膨胀率、市场增长率和市场份额。伯克（1986）把商业银行盈利能力影响因素分为另外两大类，管理控制因素和外部因素，外部因素无法由内部管理控制。管理控制因素还可以进一步细分如下一）管理控制因素财务报表变量，非财务变量，另一方面外部因素可以罗列如下二）外部因素非金融条款，影响竞争条件，资本集中度，对盈利能力的市场份额利息率，所有权，资本不足和通货膨胀。为提高利润、在管理上应首先强调费用的管理，然后是资金来源的管理，最后是资金去向管理。哈斯勒姆（1968）还在以下方面提出了修改建议，并且需要特别注意总净回报率，贷款，包括净损失或回收率，净毛证券回报，包括净损失、回收率和利

33、润，资本比率（总资产、风险、资产和存款），支付的利息的时间和储蓄存款业务比例个人贷款在贷款组合，其他证券（包括免税债券）占总资产的比例,个人开支项目（特别是有关资产总额。经营成本包括所有使用人力和劳动力的相关费用。由于这些支出都可以被严格管理控制，所以费用管理也被认为是商业银行盈利能力的一个内部因素。哈斯勒姆（1969），朗布雷克（1971），和菲沙（1976）分析了各种银行经营的比率，来确定哪一种比率能够最好地解释对银行盈利能力的影响。这些研究的一般共识是把费用的管理和控制作为商业银行实现较高的盈利水平的最重要的因素。然而，罗巴兹（1987）表示，在这些研究中有一个共同的弱点，就是缺少一个涉

34、及银行费用，银行收益的理论建构。每年工资和薪金支出（成本措施）对平均资产的比例作为一个独立的变量，将它们与银行经营绩效指标做了回归分析。贷款组合包括四个单独的比率，商业和工业贷款、房地产贷款，银行经营绩效指标包括六个比率，其中之一是与盈利性直接相关的（平均资本收益率）。菲沙和罗斯发现，贷款组合和成本的措施并没有影响盈利能力。银行存款和银行信用的组成和费用，弗雷，等人（1974）用典型相关分析来衡量银行绩效和银行盈利能力决定因素之间的联系。在研究包括银行费用的财务报表变量时，他们发现对银行盈利性影响最大的因素是银行费用，其次存款和贷款组成。关于总资产中的定期储蓄存款,海格斯特（1977）认为，银

35、行拥有高比例定期储蓄存款会引起的高比例资金成本，从而减少了利润。海格斯特用税后净收入占总资产的比例来表现利润，用定期储蓄存款占总存款的平均比率来表现资产负债表。他7的研究结果表明，定期储蓄存款对商业银行的盈利能力有重大负面影响。这个结果更让他坚定了自己的观点，那就是，定期储蓄存款收入远远低于应该有的回报。弗兰纳里在1981年进行了实证研究，关于市场利率变动对商业银行的盈利能力的影响。一个众所周知的概念是，商业银“行短借长贷”的情况下，市场利率加速上升，可能引起大量银行的倒闭。弗兰纳里（1981）开发了一种用来估计以大银行为样本的平均资产和负债的方法。他通过回归模型确定了，大幅度的市场利率的波动

36、将给银行的盈利能力带来较大的影响。弗兰纳里（1981）还发现，大型银行有自己的针对市场风险以及有效对冲市场利率变动所带来的影响的资产负债组合，因此较少受到市场波动的影响。萨缪尔森（1945）和汉考克（1985）在研究利率对商业银行盈利性时表明，利率上升，银行利润上升。从资产负债组合和盈利能力的角度，杜卡和麦克劳林（1990）表明，银行盈利不同的主要原因是贷款损失准备金的变化和核销净值的平衡。在这方面，米勒和劳拉（1994）发现，贷款损失准备金和核销净值对大型银行的盈利能力有重大负面影响。他们还分析了影响投资组合构成的核销净值。其结果表明，核销净值确实是受资产负债组成影响的。因此，商业银行通过资

37、产负债组合来影响其核销净值来进步一影响其盈利能力。银行规模和盈利能力也是有着密切的联系，埃默里（1971）和弗农（1971）是对于银行规模与盈利能力的关系的最早研究者。埃默里（1971）将他的样本分为五类，发现规模较大的银行往往能够获得更高的盈利水平。埃默里（1971）采用方差分析发现，规模效应显著影响着各类银行的盈利性。然而，弗农（1971）总资产规模座位代表来研究却发现规模和盈利能力并不存在显著的关系。之后，夸斯特和罗斯（1982）研究了规模与盈利能力的关。其结果似乎证实了弗农（1971）的这一发现。海斯特和佐尔纳（1966）在银行盈利性的研究中以一些银行的分支座位独立的研究变量来研究。他

38、们发现，一些部门并没有影响盈利能力。爱莫瑞（1971）以分支的种类即单位分公司，有限公司和国家的分公司作为研究来研究他们之间的关系。通过方差分析、爱莫瑞发现这三个类别的分支上回报率有着显著的差异。弗农（1971）在把规模当做盈利能力的决定因素的同时，也在他的研究中发现，分支与盈利能力有重大关系。他发现，在一个国家中，银行建立分支是被允许的情况会比其他情况下更有利可图。8最后就是流动性相对与盈利性的比较,史提芬和罗德里克（1992）和格拉汉姆（1993）提出相对于贷款的存款比率上升，导致流动性下降，以至于银行不愿意放贷，于是这将导致更高的贷款利率。另一方面，银行在流动性较好的场所相对于流动性较差

39、的场所往往会有较低的贷款存款比率，或者对于近期流入的存款会倾向于提供更低的贷款比率。史提芬和苏卡（1984）发现的证据还表明，银行存款的快速增长和较高的流动性将带来较低的贷款利率。因此，通过了解流动性和贷款利率之间的关系，可以进一步了解到银行流动性和盈利能力之间的关系，将很大程度上取决于利率的贷款的需求弹性。他们的研究结果表明，大多数银行采取通过增加风险来增加收益的放法。因此，从资产收益角度来看，较高的资本率可以获得较高的回报。在这方面，莫利纽克斯和松顿（1992），威廉姆斯，莫利纽克斯和松顿（1994）和莫利纽克斯和福布斯（1995）也报告了资本比率和盈利能力在欧洲银行业市场具有类似的相关性。