1、 1 外文翻译 Price volatility and tracking abilit Diffusion of off-balance-sheet financial innovations: information complementarity and market competition Material： Pacific-Basin Finance Journal 12 (2004) 525 540 Author： Michael K. Fung By studying the Hong Kong banking industry, the objective of this st
2、udy is to examine the role of information complementarity and market competition in governing the diffusion of off-balance-sheet(OBS) financial innovations. Specifically, two OBS financial innovations are information complementary if the adoption of one lowers the uncertainty of adopting another. In
3、 addition, Market competition may speed up the diffusion of OBS financial innovations because competitive firms are able to capture the full profit potential from successful innovations. A simultaneous equation model is devised to estimate the impacts of information complementarity, market competiti
4、on, and a number of other factors on the diffusion of OBS financial innovations. Results of estimation suggest that information complementarity and market competition are the primary driving forces behind the diffusion process. Over the past two decades, there has been a massive increase in the deve
5、lopment of new financial instruments, many of which have been off-balance-sheet (OBS) financial innovations. OBS financial innovations arise from forward, swap and option transactions undertaken in the foreign exchange, interest rate and equity markets. A wave of financial innovation in the banking
6、sector has swept through Hong Kongs financial markets in recent years. One of the most important strategic developments has been the move by banks into new areas of OBS activities. The interest in the process of financial innovation stems from the significant impact it can have on the practice and c
7、haracteristics of financial institutions and markets. OBS activities have both risk-increasing and risk-reducing attributes. Increased OBS earnings can potentially compensate for increased OBS risk exposure. In addition, incomes from OBS activities provide a key source of noninterest income for many
8、 banks, especially the largest and most creditworthy ones. Recent growth in financial innovation has transformed the Hong Kong banking industry. Interestingly, the empirical pattern of adopting OBS financial innovations by banks is very much similar to that of adopting technological innovations; ado
9、ptions 2 are usually delayed and nonsynchronous. Previous research on the diffusion of financial innovations has emphasized the importance of firm size and creditworthiness. By studying the Hong Kong banking industry, the objective of this study is to examine the role information complementarity and
10、 market competition in governing the diffusion of OBS financial innovations. The risk of adopting any innovations is the uncertainty about potential costs and benefits. Two financial innovations are information complementary if the adoption of one lowers the uncertainty of adopting another. The adop
11、tions of some innovations may lower the risk and uncertainty of adopting others because the adopting banks are able to collect useful information about the profitability of other nonadopted financial innovations. For instance, information complementarity might arise from sharing customer information
12、 as different types of OBS products are often offered to the same pool of customers. As such, different types of OBS financial innovations are able to share a common customer base with reputable credit relationship with banks. Based on a static production function, Jagtiani et al. (1995) find no con
13、clusive evidence for cost complementarity between different types of financial products. In this study, we propose that the diffusion process of financial innovations with information complementarity is essentially a dynamic process of learning and information sharing, in which the adoption of some
14、innovations will stimulate the adoption of others. This study investigates the diffusion process of OBS financial innovations by incorporating this dynamic nature of information complementarity into the diffusion model. Evidenced by the empirical results from this study, information complementarity
15、acts as a major driving force behind the diffusion process. Market competition is another factor governing the diffusion of OBS financial innovations. According to Arrow (1962), firms engaging in neck-to-neck competition are more innovative than monopolist because the former can extract the full pro
16、fit potential from innovations, while the latter is already making abnormal profit in the preinnovation period. We will call this Arrow effect throughout the rest of this article. Schumpeter (1934, 1942) holds an opposite view; that is, large firms with market power are proportionately more innovati
17、ve than small firms because the former are more able to finance a large number of parallel R&D projects to reduce uncertainty and to benefit from economies of scale and scope. We will call this Schumpeterian effect throughout the rest of this article. However, the Schumpeterian effect is supposed to
18、 be insignificant in the case of financial innovations because 3 innovations in financial products, unlike most scientific innovations, require little capital investment and can be developed within a very short period of time. As a matter of fact, empirical findings from this study suggest that the
19、Arrow effect dominates and that market competition in the banking industry encourages the diffusion of OBS financial innovations. In this study, we examine the impacts of information complementarity and market competition on the diffusion of off-balance-sheet (OBS) financial innovations in the Hong
20、Kong banking industry. In particular, three types of OBS financial innovations are studied carefully, namely, contingent liabilities, exchange rate contracts, and interest rate contracts. Information complementarity in adopting different types of OBS financial innovations occurs if the adoption of a
21、n innovation lowers the risk and uncertainty of adopting others. The major reason for information complementarity between different types of OBS financial innovations to occur is information sharing, such as the sharing of information on profitability and a common customer base. Information compleme
22、ntarity implies that the diffusion paths for different types of OBS financial innovation are interdependent on each other. The impacts of market competition on the diffusion of OBS financial innovations are twofold. First, it encourages innovative activities as competitive firms are able to capture
23、the full profit potential from successful innovations. Second, it discourages innovative activities if monopoly profits are needed to finance expensive R&D projects. Because the adoptions of OBS financial innovations could be accomplished with negligibly low costs and within a short period of time,
24、we expect the positive impact to dominate. Formal statistical analyses suggest that information complementarity is the main driving force behind the diffusion of OBS financial innovations. Interestingly, the strength of information complementarity in inducing diffusions is related to the time sequen
25、ce of adoptionsthe earlier-adopted OBS financial innovations tend to have a stronger stimulating effect on the later-adopted ones, and vice versa. This finding lends additional support to the existence of information complementarity between different types of OBS financial innovations. In addition,
26、we find a positive impact of market competition, and an insignificant impact of market power, on the diffusion of OBS financial innovations. 4 中间业务金融创新的扩散 ： 信息互补和市场竞争 资料来 源 ：太 平洋金 融期 刊 , 2 0 0 4 年 1 2 期 作者 ： 麦克 .冯 本文研究的主旨在于通过分析香港的银行业 ， 验证信息的互补性和市场竞争在主导银行中间业务（ OBS）的金融创新的扩散中的作用 。 具体来说 ， 不同的中间业务金融创新具有信
27、息互补性 ， 如果采用其中之一 ， 会降低另一个的不确定性 。此外 ， 市场的竞争可能会加快金融创新业务的扩散 ， 因为有竞争力的企业能够捕捉到通往成功创新的全部利润潜力 。 同时 ， 本文设计了方程模型用于估量信息互补、市场竞争和其他因素在中间业务金融创新中的作用 。 方程计算结果表明 ， 信息的互补性和市场竞争是中间业务金融创新行为扩散的主要推动力 。 在过 去的 20 年里 ,新型金融工具大量出现并得到了长足的发展 ,其中许多已成为中间业务（ OBS）的金融创新项目 。 OBS 金融创新源自各种远期 ， 交换和外汇兑换、利率和股票市场中的期权交易 。 在近几年 ， 一波银行业的金融创新风
28、潮已经席卷了香港的金融市场 。 其中一个最重要的战略发展的变化是银行已经转移到了中间业务的新领域 。 其感兴趣的金融创新源于过程 ,它将会显著影响金融机构和金融市场的运行和特点 。 中间业务同时具有风险增长和风险降低的性质 。中间业务收入的增长可以掩盖潜在风险的增长 。 此外 ， 对于很多银行 ， 尤其是最大最信誉卓著的银行来说 ， 中 间业务是非利息收入的关键来源 。 最近 ， 金融创新的增长已经使香港的银行业面貌发生变化 。 有趣的是 ， 银行通过实证模式而采用的 OBS 财务革新 ，与 采用在技术上的革新十分相似 ， 无论 哪种， 都会有延时 。 之前对于金融创新扩散的研究表明 ， 公司
29、的规模跟信誉度决定了相关财务革新消息的散播 。 本文主要通过研究香港银行业 ， 检视信息互补和市场竞争在有效的管理 OBS 金融创新的扩散中起到的作用 。 采取任何的金融创新手段在成本和收益上都存在这不确定的风险 。 如果采用一种能降低采用另一种的不确定性 ， 这样的两个金融创新就是信息互补的 。 一些金融创新业务能降低采用另一些创新业务的风险和不确定性是因为运用了他们的银行能够和没有运用这种金融创新的方法进行比较 ， 从而收集更多的关于盈利能力的信息 。 比如 ， 信息的互补性很可能来源于分享客户信息 ， 因而不同类型的中间业务金融产品常常提供给同一组的客户 。 这样 ， 不同的中间业务金融
30、创新能够共享具有良好信誉和银行关系的客户群 。 Jagtianietal 通过构造一个静态的生产函数研究发现没有证据表明两个不同的金融产品存在成本互补的关系 。 在本研究中 ， 我们提出的金融创新与扩散过程中信息的互补性 ， 实质上是一种动态的学习和信 息共享过程 ， 在采用一种新兴金融工具的过程中 ， 有可能会对其他新兴金融工具产生影响 。 本文在扩散模型中加5 入动态信息的特性参数 ， 旨在探讨中间业务金融创新的扩散过程 。 然后得出本研究的实证结果 ： 信息的互补行为是金融业务扩散过程的主要驱动力 。 市场竞争是另一个影响中间业务金融创新扩散的重要因素 。 根据 Arrow 的研究 ，
31、处于竞争之中的公司比处于垄断地位的公司更具有创新性是因为前者能从创新中发掘更多的盈利潜力 ， 而后者已经在创新前期获得了超额的利润 。 在这篇文章的剩余部分 ， 我们称这种现象为“ Arrow”效应 。 而 Schumpeter 则对此持相反的观点 ， 他认为 ， 更具市场影响力的大公司比小公司更具备创新的可能性 ， 因为前者有更多的财力能够同时负担多项研发项目 ， 从而减少不确定性 ， 并从经济规模和范围中获益 。 在本文中 ， 我们将此称之为“ Schumpeter”效应 。 然而 ， 对于金融创新来说 ， “ Schumpeter”效应应该是微不足道的 ， 因为金融产品的创新不像科技创新
32、 ， 它只需要极少的资金投入 ， 便可以在短时间内设计出来 。 事实上 ，本文的实证研究结果表明 ， “ Arrow”效应占了主导地位 ， 银行业的市场竞争导致了中间业务金融创新的扩散 。 本文通过对香港银行业的研究 ， 验证了信息的互补性和市场竞争在中间业务金融创新扩散中的影响 。 尤其是详细研究了三种类型的中间业务金融创新 ， 即合同或有负债、汇率和利率合同 。 信息的互补 性在不同类型的中间业务金融创新中能起作用的主要原因是信息分享， 如信息共享的利润和共同的客户群体 。 而市场竞争对中间业务金融创新扩散的影响有双重意义 ， 首先 ， 它鼓励创新 ， 有竞争力的企业能够从创新中捕捉到全部
33、的利润潜力 ； 其次 ， 如果垄断需要负担高额的研发费用 ， 那它就会阻止创新 。 而中间业务的金融创新具备低成本和短周期的特点 ， 因此会起到积极的作用 。 统计分析计算结果表明 ， 信 息的互补性是主导中间业务金融创新扩散的主要驱动力 。 有趣的是 ， 导致这种扩散的信息互补性的强度取决于采用的时间序列 ，更早采用的中间业务金融创新比晚些时间采用的具有更强的促进作用 ， 反之亦然 。 这一发现给信息互补性在两种不同类型的中间业务金融创新中起到的作用提供了额外的支持 。 此外 ， 我们发现 ， 在中间业务金融创新的扩散中 ， 市场竞争具有明显的正面效应 ， 而市场影响力的效用则是微不足道的 。
