1、1 外文翻译 原文 The Competitiveness of State-owned Commercial Banks in China Material source:University of Hertfordshire,Business School,Finance and Economics,for the Degree of Doctor of Philosophy Author:Jianlu Shang 1. Background of the current study After three decades of market-oriented reform, the Ch
2、inese banks are considered to be successful facing the financial crisis in 2008. The three floated Chinese banks (ICBC, BOC and CCB) “are now the worlds largest by market value after the financial crisis destroyed the value of most US and European banks”(BBC news, 2009). An increasing amount of theo
3、retical and empirical studies have examined the challenges and opportunities facing the Chinese banking industry from 1990s (e.g. Xu, 1998; Lardy, 1998; Huang, 1998; Chen, et. al., 2005; Fu and Heffernan, 2007). A critical analysis of the Chinese banking sector in the broad context of Chinas accessi
4、on to the WTO and economic reform is highly significant. A large body of theoretical and empirical studies have established that greater financial development fosters growth and that financial development is related to a countrys institutional characteristics, including its legal framework (Levine a
5、nd Haubrich, 2004). A cross-country literature has found that growth in external dependent sectors is faster with more-competitive banking systems (Claessens and Laeven, 2004). Well-developed financial markets make it easier for firms to attract needed financing (Rajan and Zingales, 1998) as well as
6、 for improving the overall economic efficiency through risk-taking, risk-sharing and risk-reduction mechanisms offered by the modern banking and financial facilities. Although some of the relationships between competition and banking system performance have been analysed in the theoretical literatur
7、e and even empirically in some country studies, cross-country empirical research has so far mainly investigated the effects of regulations and specific structural or other factors on banking performance. For example, in a broad survey of rules governing banking systems, Barth et al. (2001) document
8、for 107 countries various regulatory restrictions that were in place in 1999 2 on commercial banks, including various entry and exit restrictions and practices. Using this data, Barth et al. (2004) document (among other things) that tighter entry requirements are negatively linked with bank efficien
9、cy, leading to higher interest-rate margins and overhead expenditures, and that restricting foreign bank participation tends to increase bank fragility. 2. Internal Organisation, Competitive Strategies and Performance of the Banking Groups Having examined the macroeconomic environment and the market
10、 conditions that determine the competitiveness of Chinese domestic banks, this chapter turns to investigate the internal factors that affect the competitiveness of individual banking groups. In particular, the internal organisation and competitive strategies adopted by the state-owned commercial ban
11、ks will be examined in detail. In the meantime, empirical evidence will be presented to give a general qualitative indication of the performance of the banking groups, whilst a formal assessment of the performance will be conducted and presented in some later chapters. To examine the performance of
12、the banking groups, it is useful to evaluate the internal organisation and risk management system. Since the market-oriented economic reform in 1978, China has entered into a stage of financial deregulation and liberalization. With the growth of the national economy, more and more financial institut
13、ions are set up, which brought great changes in the financial structure. From recapitalisation of three big SOCBs to the current trend in liberalisation through stock market floatation, the process of reform is being accelerated. To examine the organisational and management structure of the Chinese
14、banks, it useful to categorise the banks operating in China by their administrative territory. The first group consists of nation-wide banks including the four SOCBs, three policy banks, some of JSCBs and the postal savings and Non-bank Financial Institutions. The second group covers the territorial
15、 banks, including city commercial banks, rural commercial banks, urban credit cooperatives (UCCs) and rural credit cooperatives (RCCs). The third group is the foreign-funded financial institutions. The branches are set up in accordance with administrative divisions. The basic setting mode is: the he
16、ad offices are located in the Chinese political and cultural capital- Beijing; the provincial branches are located in the province capitals; the city-level branches are located in the district central cities; the county-level branches 3 are located in the county centres. The sub-branches and savings
17、 offices under city-level and county-level branches are the main business-dealing institutions. There are three management levels: head office, provincial and city (or county) level management offices. The main business dealing institutions are the sub-branches and the saving offices. The different
18、management levels have different decision-making rights. One of the advantages is that it can reduce the management risk. But it increases the management cost and reduces efficiency. 3. Competitive strategies by individual banking groups The banks in China were all state-owned before 1984 except the
19、 foreign capital banks. With the establishment of Joint-stock Commercial Banks and city commercial banks, the local government and state-owned enterprises started to share the ownership of the commercial banks. Most of the city commercial banks are supported by the local governments, and thus the lo
20、cal governments are still highly influential in the decision-making process of these banks. The current organisational structure of Chinese banks resembles the unitary organisational structure, which is set according to the regionalism transversely and business functions breadth-wise. Chinas state-o
21、wned commercial banks adopt the branch system. Their branches spread throughout the country. In recent years, they establish a number of branches (office) abroad eventually. They have huge amount of workers and branches. As shown in the tables below, the number of workers and branches in ICBC and AB
22、C remain much higher than these in BOC and CCB. Some analysts (e.g., Li, et al., 2001; Chen, et. al., 2005) ascribe the poor performance of ICBC and ABC to the excessive amount of workers and branches. The SOCBs have implemented changes to consolidate operations and increase efficiency. During 1998-
23、2005 the number of branches of SOCBs has declined by 46 percent while the number of employees has declined by 23 percent. 4. Performance of the banking sector Comparing to the international banks, the efficiency of Chinese commercial banks is rather low. As shown in the table below, the numbers of s
24、taff and branched in SOCBs are ten and twenty-six times as great of that of international banks. Consequently, in terms of some qualitative indicators of bank performance, such as deposit per worker and per branch, international banks are usually far more productive than the Chinese SOCBs by up to o
25、ne hundred seventy-three times! 5. The financial performance of the state-owned commercial banks To measure the performance of a firm, two of the most preferred ratios are 4 Return on Equity (ROE) and Return on Assets (ROA) (Hollis, 2005). Each ratio provides insight into a financial institution tha
26、t allows management to make strategic decisions that can dramatically affect its structure and profitability. In the case of credit unions, ROA has been the predominant analytical tool to measure profitability; however, ROE is just as comprehensive and could be the better indicator (Hollis, 2005). R
27、eturn on assets equals Net Income divided by Total Assets. It shows how efficient asset is used. Return on equity is calculated by dividing Net Income by average Equity. This tells us how efficient the invested capital is used. Having examined the efficiency of Chinese banking industry, this chapter
28、 further examines the relationship between market structure, market conditions in general, bank conduct and performance at the Chinese provincial level. Mainland China consists of thirty-one provincial-level administrative units which exhibit a significant degree of heterogeneity in natural endowmen
29、ts, economic structure, history of economic growth and development, and the current level of living standard. Insofar as commercial banking is concerned, there are also important differences in the history and current level of banking and financial development as well as banking market conditions. T
30、herefore, it should come as no surprise that the financial performance of banking institutions also differs across the provincial units. Nevertheless, to the best of the authors knowledge, there is so far little hard evidence on the inter-provincial differences in banking performance or what signifi
31、cant factors are underlying such, if any, differences. The present study aims to fill in this empirical gap in the research concerning the Chinese banking sector. Although China has been a unified country since the first emperor of the Qin Dynasty conquered the whole country in 221BC, the Chinese hi
32、story is beleaguered by constant wars and rebellions to seize power by different warlords and peasant leaders from different parts of China. Even during the intermittent periods of peace and prosperity, the local Chinese governments and officials always enjoyed a high level of autonomy in the admini
33、stration and management of the political, social and economic affairs of their regions. The fiscal structure in particular has always been effectively a system of highly autonomous federal states under the rule of a central government. More recently, despite three decades of market-oriented economic
34、 reform that started in 1979, this fragmented administrative structure remains largely intact even to the present day and constitutes perhaps the single most important barrier to the integration of the whole Chinese economy. More recently, although the Chinese domestic banking market was also open t
35、o 5 international competition from foreign banking institutions, the dominant mode of entry into the Chinese market by foreign banks was strategic alliance or joint venture with the SOCBs. It is little wonder that despite the long process of economic reform which encompasses reform in banking and fi
36、nancial services, the big four state-owned commercial banking groups still dominated the banking market in every provincial unit. For example, despite the continuous fall due to rising competition from other banks in recent years, the share of total provincial deposits and loans by the big four grou
37、ps still ranged from 45 percent to 94 percent, with an average of 60 percent in 2003 (the figures are derived from various issues of the ACFB 1998-2004). Table 24 presents a number of measures that capture the central features of the individual provincial banking markets. 译文 中国商业银行竞争力分析 资料来源：赫特福德大学，
38、商学院，哲学博士学位论文 作者：商健鲁 1. 目前的研究背景 经历了 30年的市场化改革，中国的银行 ,被认为是成功的面对 2008年的金融危机 在的银行 。 而 中国的 三家 银行（工商银行，建设银行，中国银行） “ 是是目前 世界上最大的市场价值 的银行， 在金融危机 摧毁了大多数美国和欧洲 的银行 价值以后 ”， 20世纪 90年代开始越来越多的理论和实证研究 阐述 了中国银行业所面临的机遇和挑战， 在 中国加入 WTO 和经济改革的大背景下 ，对 中国银行业的批判性分析是非常重要的。 大量的理论和实证研究已证实 ， 经济增长 与 金融发展关系到一个国家的制度特征， 也 包括其法律框架。
39、一个国家的文献发现， 越依赖外部增长越具有竞争力的银行系统 ，发展完善的金融市场使 其 更容易为企业吸引 到资金， 以及通过提高风险承担 能力来加强其 综合经济效益，风险分担 机制提供了 现代银行和金融 的 设施 。 虽然一些文献对银行体系之间的竞争与绩效的关系进行了实证分析 ， 但是到目前为止 ,越野实证研究主要研究了银行业规范效果和具体结构或其他因素对银行业的业绩的影响。例如，在一个广泛的调研细则的银行系统 ， 证明文件于 1999年以 107国家 为例， 已经对商业银行实行地方监管限制，包括各种出入境限制和做法。通过这些数据，更严格的 限制 与银行效率呈负相关，导6 致更高的利润率和开销
40、支出 , 并限制外国银行的参与 ，这 往往会增加银行的脆弱性。 2. 银行的内部组织，竞争策略与绩效 审议宏观经济环境和市场条件，决定了中国国内银行的竞争力，本章转向探讨了影响个别银行集团竞争力的内在因素。特别需 要指出的是 , 内部组织和国有商业银行所采取的竞争策略将被详细的探讨。在此期间， 银行小组将 经验证据提交给一般的银行集团执行情况的质量指标，同时 给出大致的性 能 来进行正式的评估 。 检验该银行集团的表现，它 对评估其 内部组织和风险管理制度 是非常有效的 。自从 1978年中国以市场为导向的经济体制改革，我国已经进入了放松金融管制和自由化的阶段。随着国民经济的增长，越来越多的金
41、融机构的设立，这使金融结构的 发生了 巨大变化。从 目前的开放趋势来看，三大 国有商业银行资本 重组到 股票市场 挂牌上市 ，改革的进程正在加快。 探讨中资银行的组织和管理架构，在 对 中国境内 的 行政区域经营的银行进行分类是十分有用的。 第一组由全国性银行，包括四大国有商业银行，三家政策性银行，股份制商业银行和一些邮政储蓄和非银行金融机构。 第二组 ， 涵盖了 本土 银行 ， 包括城市商业银行、农村商业银行、城市信用合作社 (UCCs)和农村信用合作社 。 第三个群体是外商投资金融机构。 按照行政区划分建立的 分支机构。基本设置模式是 ： 总行在中国政治和文化 中心 ， 首都 北京；省级分
42、行设在该省 省会 ，市级分行在该地区中心城市位置 ；县级分支机构均坐落在县城中心。 储蓄所下的支行以及市级、县级 的 分支 是主要业务 相关 机构。有三个管理层次：总行，省，市（或县）级管理办公室。主要的商业交易制度是各家支行和储蓄的办公室。不同管理层次有不同的决策权。他的优势之一是它可以降低经营风险，但它增加了管理成本，降低了效率。 3. 个别银行集团的竞争战略 随着股份制商业银行和城市商业银行 的设立 ，地方政府和国有企业开始分担商业银行的所有权。 大多数商业银行是由地方政府的支持，因此，地方政府仍然在这些银行的决策过程中极具影响力。 目前中资银行的组织结构类似于单一的组织结构，它是按照区
43、域设置和业务职能横向发展的。中国的 国有商业银行采用分支系统，其分支机构遍布全国各地。近年来，他们建立了多家分支机构（办事处），最终在国外，他们有大量 员工 和分支机构。大量的 员工 和分支机构在工商银行和农业银行的数目仍远高于建设银行和中国银行的数目。一些分析家 认为这 归咎于工行和美国广播公司业绩不佳 以及员工 和分支机构过量。国有商业银行已实施 改革 ，以巩固和提高运营 的 效率。 4. 银行业的性能 7 与国际银行相比 ， 我国商业银行的效率是相当低的。工作人员人数和国有商业银行分支与国际银行相比十分悬殊。因此，银行业绩的一些定性指标，例如人均存款和每个分支 条件，国际银行通常更加富有
44、成效，最多比中国国有商业银行 高 173倍。 5. 国有商业银行的财务绩效 要衡量一个企业绩效，最优先考虑的股本回报率（ ROE）和资产回报率（ ROA）（霍利斯， 2005） 这两个比率 。 每个金融机构 运用该比率 ，使 其 管理部门作出 相应的 战略决策，极大地影响其结构和盈利能力的洞察力。在信用 合作 社 的案例中 ，资产报酬率一直是主要的分析工具，以衡量 其 盈利能力；然而，净资产收益率也同样全面 的反映了盈利能力 ，可能 会 是更好的指标（霍利斯，2005） 。 资产回报率等于净利润除以资产总额 。 它 反映 了资产如何 被有效的使用 。股本回报率是股本回报率是将现年税前盈利除以年初与年 底 的 总股本 平均数字而计算出来的。这就告诉我们，如何 运用 有效的资金 进行 投资。
