商业银行寿险营销策略研究及优化外文翻译资料

 2023-01-01 06:01

商业银行寿险营销策略研究及优化

摘要:A common theme in the current banking literature, with few exceptions, is that the relationship of size with the various performance and risk measures has been modeled as monotonic. However, the co-existence of opposing forces that interact with bank size, such as the benefits of diversification and overhead spreading and the costs of monitoring and delegation, indicates that a non-monotonic relationship is more plausible. In this study, we provide robust empirical evidence of an inverse U-shape relationship between size and banks market to book value of assets using a sample of US bank holding companies. It appears that bank management is aware of the side effects of growth on market value, as only a small fraction of the banks in our sample is located on the downward slopping region of the relationship.

关键词:bank income; Bank size and market value;region of the relationship

引用文献一:

外文文献题目(中文翻译):银行收入多元化是否有益? 来自新兴经济体的证据

原文作者 Ceacute;line Meslier Ruth Tacneng Amine Tarazi

发达国家(即美国)对银行收入多元化的研究表明,对非利息活动的高度依赖会降低经风险调整后的利润(Stiroh,2004a,Stiroh,2004b,Stiroh,2006; Stiroh and Rumble,2006)。在本文中,我们发现多元化对菲律宾的银行有利,这与新兴国家的现有研究相一致(三亚和沃尔夫,2011; Pennathur等,2012; Nguyen等,2012)。菲律宾银行具有不同的非利息收入结构。对于一般的菲律宾银行而言,交易活动在非利息收入中所占的比例要比美国的平均银行要高。大部分收费收入是从传统的银行中介活动获得的,而交易收入却是非传统的,因为其增长与净利息收入增长的相关性较小。从标准的投资组合方法来看,这可能表明转向交易活动而非转向收费活动可能会带来更高的多元化收益。我们的经验结果支持这一假设,表明这种趋势向交易活动转移,特别是从政府证券交易开始,导致银行利润增加和风险调整后的利润。 我们还研究了银行所有权如何影响收入多元化与绩效的关系。我们的研究结果表明,与国内银行相比,外国银行在收入多样化方面具有优势。由于外国银行倾向于专门从事非利息活动,因此非利息收入的边际增加往往会进一步增加其风险调整后的利润。在新兴国家,外国银行通常对本地市场了解不足,并且在收集软信息方面处于不利地位,这不仅对小企业而且对大企业都是至关重要的。因此,支付他们专门从事非利息创收活动而不是传统的中介活动的费用。 我们通过解决与新兴经济体类似的特定监管问题(针对中小企业的强制性信贷计划),使调查更加深入。为了解决有限的融资渠道,这限制了中小型企业在菲律宾的增长和扩张,政府对中小型企业实行了最低限度的银行贷款。我们发现收入多样化,更确切地说,是向非利息收入的转变,以使对中小企业贷款较少的银行受益。这一结果表明,对于这些银行来说,以损失利润的形式出现的额外机会成本进一步阻止了它们直接向中小企业贷款。遵守法规的其他方式的存在,即通过购买特定的政府证券,可能已经加速了通常归因于强制性信贷计划的银行效率低下,但是却牺牲了旨在增加可持续获取外部融资机会的此类发展计划的社会目的。中小企业。假设将较高比例的贷款组合分配给中小企业的银行拥有适当的贷款技术,可以解决不透明的小企业借款人,并且在分散到非利息活动中的专业知识相对较少,这可能是由于转换成本较高而引起的。根据世界银行(2013)的报告,这种放贷要求没有鼓励中小企业发展,而是导致对贷款进行重新贴标签或重新分类,以便符合要求,而不是扩大对新的中小企业客户的覆盖范围。因此,与现有系统相比,信用担保系统可能更有可能成功增加中小企业获得外部融资的机会。总体而言,我们的研究结果表明,在新兴经济体中,银行业非传统中介活动的发展在盈利能力和风险方面具有不同的含义。具体而言,银行所有权(外国/国内)和参与中小企业融资以及制定促进小额贷款事项的特定法规。

外文文献出处:Is bank income diversification beneficial? Evidence from an emerging economy[J] . Ceacute;line Meslier,Ruth Tacneng,Amine Tarazi. Journal of International Financial Markets, Institutions amp; Money . 2014

附外文文献原文

Research on bank revenue diversification in developed countries, namely the U.S., has documented that a higher reliance on non-interest activities lowers risk-adjusted profits (Stiroh, 2004a, Stiroh, 2004b, Stiroh, 2006, Stiroh and Rumble, 2006). In this paper, we find diversification to be beneficial for Philippine banks, consistent with existing studies on emerging countries (Sanya and Wolfe, 2011, Pennathur et al., 2012, Nguyen et al., 2012). Philippine banks have a different non-interest income structure. For an average Philippine bank, the share of trading activities in non-interest income is relatively higher compared with an average U.S. bank. Whereas most of the fee-based income is obtained from traditional bank intermediation activities, trading income is nontraditional as its growth is less correlated with net interest income growth. From a standard portfolio approach, this may indicate that there may be higher diversification benefits from shifts toward trading activities rather than shifts toward fee-based activities. Our empirical results support this hypothesis, suggesting that that shifts toward trading activities, particularly from trading government securities, lead to higher bank profits and risk-adjusted profits.

We also examine how bank ownership may affect the income diversification–performance relationship. Our findings indicate that foreign banks have the upper hand in diversifying income compared with domestic banks. As foreign banks tend to specialize in non-interest activities, a marginal increase in non-interest income tends to increase further their risk-adjusted profits. In emerging countries, foreign banks generally suffer from insufficient knowledge of the local market and disadvantage in terms of collecting soft information, which may be vital in lending not only to small businesses but also to larger firms. Thus it pays for them to specialize in non-interest income generating activities rather than traditional intermediation activities.

We take our investigation deeper by tackling a specific regulatory aspect that is akin to emerging economies – the presence of mandated credit programs to SMEs. In order to address limited access to finance, which constrains SME growth and expansion

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商业银行寿险营销策略研究及优化

摘要:A common theme in the current banking literature, with few exceptions, is that the relationship of size with the various performance and risk measures has been modeled as monotonic. However, the co-existence of opposing forces that interact with bank size, such as the benefits of diversification and overhead spreading and the costs of monitoring and delegation, indicates that a non-monotonic relationship is more plausible. In this study, we provide robust empirical evidence of an inverse U-shape relationship between size and banks market to book value of assets using a sample of US bank holding companies. It appears that bank management is aware of the side effects of growth on market value, as only a small fraction of the banks in our sample is located on the downward slopping region of the relationship.

关键词:bank income; Bank size and market value;region of the relationship

引用文献一:

外文文献题目(中文翻译):银行收入多元化是否有益? 来自新兴经济体的证据

原文作者 Ceacute;line Meslier Ruth Tacneng Amine Tarazi

发达国家(即美国)对银行收入多元化的研究表明,对非利息活动的高度依赖会降低经风险调整后的利润(Stiroh,2004a,Stiroh,2004b,Stiroh,2006; Stiroh and Rumble,2006)。在本文中,我们发现多元化对菲律宾的银行有利,这与新兴国家的现有研究相一致(三亚和沃尔夫,2011; Pennathur等,2012; Nguyen等,2012)。菲律宾银行具有不同的非利息收入结构。对于一般的菲律宾银行而言,交易活动在非利息收入中所占的比例要比美国的平均银行要高。大部分收费收入是从传统的银行中介活动获得的,而交易收入却是非传统的,因为其增长与净利息收入增长的相关性较小。从标准的投资组合方法来看,这可能表明转向交易活动而非转向收费活动可能会带来更高的多元化收益。我们的经验结果支持这一假设,表明这种趋势向交易活动转移,特别是从政府证券交易开始,导致银行利润增加和风险调整后的利润。 我们还研究了银行所有权如何影响收入多元化与绩效的关系。我们的研究结果表明,与国内银行相比,外国银行在收入多样化方面具有优势。由于外国银行倾向于专门从事非利息活动,因此非利息收入的边际增加往往会进一步增加其风险调整后的利润。在新兴国家,外国银行通常对本地市场了解不足,并且在收集软信息方面处于不利地位,这不仅对小企业而且对大企业都是至关重要的。因此,支付他们专门从事非利息创收活动而不是传统的中介活动的费用。 我们通过解决与新兴经济体类似的特定监管问题(针对中小企业的强制性信贷计划),使调查更加深入。为了解决有限的融资渠道,这限制了中小型企业在菲律宾的增长和扩张,政府对中小型企业实行了最低限度的银行贷款。我们发现收入多样化,更确切地说,是向非利息收入的转变,以使对中小企业贷款较少的银行受益。这一结果表明,对于这些银行来说,以损失利润的形式出现的额外机会成本进一步阻止了它们直接向中小企业贷款。遵守法规的其他方式的存在,即通过购买特定的政府证券,可能已经加速了通常归因于强制性信贷计划的银行效率低下,但是却牺牲了旨在增加可持续获取外部融资机会的此类发展计划的社会目的。中小企业。假设将较高比例的贷款组合分配给中小企业的银行拥有适当的贷款技术,可以解决不透明的小企业借款人,并且在分散到非利息活动中的专业知识相对较少,这可能是由于转换成本较高而引起的。根据世界银行(2013)的报告,这种放贷要求没有鼓励中小企业发展,而是导致对贷款进行重新贴标签或重新分类,以便符合要求,而不是扩大对新的中小企业客户的覆盖范围。因此,与现有系统相比,信用担保系统可能更有可能成功增加中小企业获得外部融资的机会。总体而言,我们的研究结果表明,在新兴经济体中,银行业非传统中介活动的发展在盈利能力和风险方面具有不同的含义。具体而言,银行所有权(外国/国内)和参与中小企业融资以及制定促进小额贷款事项的特定法规。

外文文献出处:Is bank income diversification beneficial? Evidence from an emerging economy[J] . Ceacute;line Meslier,Ruth Tacneng,Amine Tarazi. Journal of International Financial Markets, Institutions amp; Money . 2014

附外文文献原文

Research on bank revenue diversification in developed countries, namely the U.S., has documented that a higher reliance on non-interest activities lowers risk-adjusted profits (Stiroh, 2004a, Stiroh, 2004b, Stiroh, 2006, Stiroh and Rumble, 2006). In this paper, we find diversification to be beneficial for Philippine banks, consistent with existing studies on emerging countries (Sanya and Wolfe, 2011, Pennathur et al., 2012, Nguyen et al., 2012). Philippine banks have a different non-interest income structure. For an average Philippine bank, the share of trading activities in non-interest income is relatively higher compared with an average U.S. bank. Whereas most of the fee-based income is obtained from traditional bank intermediation activities, trading income is nontraditional as its growth is less correlated with net interest income growth. From a standard portfolio approach, this may indicate that there may be higher diversification benefits from shifts toward trading activities rather than shifts toward fee-based activities. Our empirical results support this hypothesis, suggesting that that shifts toward trading activities, particularly from trading government securities, lead to higher bank profits and risk-adjusted profits.

We also examine how bank ownership may affect the income diversification–performance relationship. Our findings indicate that foreign banks have the upper hand in diversifying income compared with domestic banks. As foreign banks tend to specialize in non-interest activities, a marginal increase in non-interest income tends to increase further their risk-adjusted profits. In emerging countries, foreign banks generally suffer from insufficient knowledge of the local market and disadvantage in terms of collecting soft information, which may be vital in lending not only to small businesses but also to larger firms. Thus it pays for them to specialize in non-interest income generating activities rather than traditional intermediation activities.

We take our investigation deeper by tackling a specific regulatory aspect that is akin to emerging economies – the presence of mandated credit programs to SMEs. In order to address limited access to finance, which constrains SME growth and expansion

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