德國銀行資金模式結(jié)構(gòu)和盈利能力的變化【外文翻譯】

1、<p><b>　　外文翻譯</b></p><p><b>　　原文</b></p><p>　　German bank capital model structure and profitability of change</p><p>　　Material Source: R&D Manageme

2、nt34，4，2004</p><p>　　Author: Lars Norden and Martin Weber</p><p>　　We investigate the funding modes of German banks and the implications for lending and profitability during 1992–2002. We find t

3、hat at many banks, deposits from customers decrease in relative terms while interbank liabilities increase as a source of funding. We cannot detect a negative impact of the relative decline in deposits on lending. The de

4、creasing ability of banks to collect deposits and the substitution of deposits by interbank liabilities unfavorably affects the net interest result of ba</p><p>　　In this paper, we investigate the structural

5、 changes in banks’ funding modes and the implications for lending to customers and the effect on bank profitability. Our empirical evidence is based on a micro data set for all German banks that we obtain from the Deutsc

6、he Bundesbank for the period 1992–2002.</p><p>　　First, we find that growth of interbank liabilities is negatively related to the growth of deposits from customers at savings banks and credit cooperatives. T

7、he effect is strongest at savings banks. Thus, we provide empirical evidence for a structural change on the liability side of these banks’ balance sheets. This finding indicates an increasing specialization of retail and

8、 wholesale banks in the same sector, and it is consistent with an overall lengthening of the intermediation chain and with</p><p>　　Second, we do not detect a negative impact of the relative decline in depos

9、its on lending to customers. Instead, lending slightly gains in relative importance over time.</p><p>　　Third, the decreasing ability of banks to collect deposits from customers and the substitution of depos

10、its by interbank liabilities represents one explanation for the declining net interest result for German savings banks and other retail banks with a funding deficit. The implications of our analysis are first, that the e

11、xample of Germany supports the view that the function of deposits matters. On the one hand, following demand-side arguments, checking accounts are unlikely to be affected by the</p><p>　　The German banking s

12、ystem is a typical universal banking system. There are three major pillars: private commercial banks, including the four big banks; state-owned savings banks, including the Landesbanks; and credit cooperatives, including

13、 the cooperative central banks. These three sectors comprise a large number of legally independent banking firms; although they do not represent banking groups or bank holding companies, they may include some. The struct

14、ure of the banking system reflects the f</p><p>　　The savings bank sector has a three-layer pyramidal structure. The top layer consists of one group-central bank that mainly provides the entire savings bank

15、sector with payment, brokerage, and investment banking services. The intermediate layer comprises 12 Landesbanks that serve as money center banks for savings banks from the same and/or neighbored regions. The bottom laye

16、r comprises roughly 500 savings banks that traditionally focus on deposit taking and lending. All banks in this sector are </p><p>　　The cooperative sector has two layers. The top layer, the cooperative cent

17、ral banks, consists of two institutions. Like the Landesbanks, the cooperative central banks focus on commercial and real-estate lending, and serve as money center banks for the credit cooperatives. The bottom layer, com

18、prising the credit cooperatives, focus on deposit taking and lending. Because of mergers and acquisitions, their number decreased from more than 3,000 in 1992 to 1,300 in 2002. Cooperative banks are not pub</p>&l

19、t;p>　　In Germany, there is a mandatory “regional principle” for both savings banks and credit cooperatives. The charters of these banks include a clause that restricts their banking activities to a specific region, th

20、us avoiding competition with institutions from the same sector. The regional principle leads to a geographic specialization of the retail institutions.</p><p>　　All banks are subject to federal banking regul

21、ations and supervision. Moreover, deposits at commercial banks are directly insured up to a fixed amount while deposits at savings banks and credit cooperatives are fully insured by the sector-specific banking associatio

22、ns. Another distinguishing feature is that less than 1% of all banks are publicly listed. Furthermore, the banking system is characterized by a large number of banks and their branches, but only a small number of inhabit

23、ants per bank </p><p>　　Moreover, Germany faces an increasing intrasector consolidation in the cooperative and savings bank sector. Consequently, the absolute number of independent banking firms decreased by

24、 roughly 43% between 1992 and 2002. Finally, the savings banks sector is changing, because in July 2005, European Union law abolished all kinds of public guarantees for savings banks and Landesbanks, considering them to

25、be illegal state aid. This development unfavorably affects the funding costs of the Landesbanks b</p><p><b>　　譯文</b></p><p>　　德國銀行資金模式結(jié)構(gòu)和盈利能力的變化</p><p>　　資料來源:研究與發(fā)展管理34，

26、4，2004 作者：拉斯，馬丁·韋伯</p><p>　　本文研究1992年—2002年期間德國銀行資金模式以及有關(guān)貸款和盈利能力方面。我們發(fā)現(xiàn)許多銀行的存款減少但是相對來說客戶的增加是銀行間責(zé)任的資金來源。我們不能發(fā)現(xiàn)一個負(fù)面因素對相對下降的貸款及存款的影響。銀行能力對吸納存款的減退和替代原有負(fù)債影響凈利息的結(jié)果都顯示出銀行存款赤字,尤其是儲蓄銀行。</p><p&g

27、t;　　在本文中，我們主要研究的是結(jié)構(gòu)性變化模式和銀行資金的影響及客戶借貸對銀行盈利能力的影響。我們實證研究的微觀數(shù)據(jù)取自于1992年—2002年期間德國銀行的年報。</p><p>　　首先,我們發(fā)現(xiàn)銀行資金與負(fù)債增長是負(fù)相關(guān)的，儲蓄銀行和信用合作社客戶增長。尤其是儲蓄銀行。因此,我們提供了實證支持這些結(jié)構(gòu)的變化，其中一方面在這些銀行的資產(chǎn)負(fù)債表中。這一發(fā)現(xiàn)表明，發(fā)展專業(yè)化的銀行和零售銀行不是同一個方面的，而是

28、持續(xù)與總體調(diào)解金融深化鏈的經(jīng)濟(jì)。當(dāng)銀行面臨資金赤字時，一些人成為銀行間借款人，而另一些人，受益于固定資金的順差成為網(wǎng)絡(luò)銀行借貸機(jī)構(gòu)。</p><p>　　第二，我們沒有發(fā)現(xiàn)存款的下降對客戶的貸款產(chǎn)生任何的負(fù)面影響。相反，在客戶貸款的方面比存款的下降更重要一些。</p><p>　　第三，銀行吸納存款的能力下降應(yīng)該給其客戶一種合理有效的解釋，凈利息的下降對德國儲蓄銀行和其他零售銀行產(chǎn)生了大量

29、赤字。我們對其進(jìn)行了以下的分析：一方面，印花稅票的支票賬戶不可能受到的結(jié)構(gòu)變化，因為這些產(chǎn)品有獨特的支付手段。被提供的活期存款完全可以代表銀行和具有強烈特征的金融市場?；钇诖婵詈椭辟~戶提供給專有信息的銀行可用于借款的監(jiān)控。因此，在流動性和信息的協(xié)同下更好的監(jiān)管存款和貸款。另一方面，銀行、非銀行金融中間人,金融市場也都提供金融產(chǎn)品的投資功能。我們的數(shù)據(jù)表明：儲蓄存款的相對重要性穩(wěn)步下降,導(dǎo)致銀行資金結(jié)構(gòu)上的改變，延長了投資產(chǎn)品鏈的調(diào)解模

30、式。其次,因為改變了相對結(jié)構(gòu)的資金,同時由于信貸增長的戰(zhàn)略需要，對零售銀行替代資金的模式產(chǎn)生了影響。顯然依靠活期存款不是足夠的，從長遠(yuǎn)來看,得到大量資金有其自身的局限性，說明市場凍結(jié)了2007年—2009年金融危機(jī)的資金。更靈活的購買債券和商業(yè)票據(jù)，以及資產(chǎn)證券化的試點工作用這些方法來應(yīng)對戰(zhàn)略之間的不良貸款，存款剩余和赤字銀行。第三，結(jié)構(gòu)拉長連鎖意味著金融中介機(jī)構(gòu)調(diào)解變得更加緊迫，金融深化和影響經(jīng)濟(jì)增長的傳感效應(yīng)危機(jī)增加。因此，我們相信

31、中央銀行，</p><p>　　德國銀行系統(tǒng)是典型的全能銀行系統(tǒng)。有三個主要的支柱：私人商業(yè)銀行,國有四大銀行，儲蓄銀行。其中私人商業(yè)銀行包括信用合作社、合作中央銀行。這三個主要支柱包括大量的合法獨立的金融機(jī)構(gòu),盡管他們不代表銀行團(tuán)體或銀行控股的公司，但他們?nèi)匀粚儆谄渲?。銀行系統(tǒng)的結(jié)構(gòu)反映了德國政治經(jīng)濟(jì)體制。其中私人商業(yè)銀行具有不一樣的標(biāo)準(zhǔn)、大小、地理范圍等，這也是因為他均勻的包括合作銀行和信用社。</p&

32、gt;<p>　　儲蓄銀行部門具有3層金字塔的結(jié)構(gòu)。上層是一個中心銀行,主要提供整個儲蓄銀行部門的付款、經(jīng)紀(jì)、和投資銀行的服務(wù)。中間層由12個貨幣中心銀行組成，他作為儲蓄銀行為不同地區(qū)提供資金服務(wù)。底層包括500個傳統(tǒng)儲蓄銀行，用于辦理存款和貸款以及一些關(guān)注性較小的業(yè)務(wù)。底層中所有的銀行都是國家所有的。</p><p>　　私人商業(yè)銀行的合作領(lǐng)域有2層。上層是合作的中央銀行，由兩個機(jī)構(gòu)組成。合作銀行

33、的中央銀行集中在商業(yè)和房地產(chǎn)貸款,其作為貨幣中心銀行的信用合作社。最下面的一層是信用合作社，專注于存款和貸款。因為從1992年到2002年信用社不斷的并購使其數(shù)量從3000下降至1300。而合作銀行不能上市所以他們是私有會員。</p><p>　　德國有強制性區(qū)域的儲蓄銀行和信用社。這些銀行的章程包含許多條款，使他們銀行的活動制約在一個特定的區(qū)域內(nèi)，因此避免了同一個部門的比較競爭。這種區(qū)域原理會導(dǎo)致一個地理專業(yè)化

34、的零售機(jī)構(gòu)。</p><p>　　所有的銀行都必須遵循聯(lián)邦銀行的規(guī)章制度，和各方面的監(jiān)督。此外,商業(yè)銀行存款直接被保險人定額存款時，就組成了儲蓄銀行和信用社的完全被保險人專業(yè)銀行業(yè)協(xié)會。另一個特色是存款利息少于1%的所有銀行都公開被列出。另外,銀行系統(tǒng)的特征是：有大量的銀行及其分支機(jī)構(gòu)，但只有少數(shù)的銀行分支有一部分的居民存款。2001年，每個分支機(jī)構(gòu)僅有1,880個居民存款，2003年，居民存款增加到了2,113

35、個。這說明了德國的金融市場比較小，存款集中程度低。然而，根據(jù)市場集中度的統(tǒng)計說明：在當(dāng)?shù)貐^(qū)域性制度的原則下，市場集中度的密集程度處于較高水平。</p><p>　　此外，德國面臨著越來越多的重組合作，整合儲蓄銀行部門。因此，1992年至2002年，獨立的銀行金融機(jī)構(gòu)分支機(jī)構(gòu)絕對數(shù)量減少了大約43%。所以，這促使儲蓄銀行部門正在改變，因為在2005年7月,歐盟法廢除了各種儲蓄銀行的公共保證制度，把這些作為是非法的國