DOC-外文翻译-----外资银行在中国投资的区位选择-其他专业

DOC-外文翻译-----外资银行在中国投资的区位选择-其他专业 本科毕业论文外文翻译 外文 题 快递公司问题件快递公司问题件货款处理关于圆的周长面积重点题型关于解方程组的题及答案关于南海问题 目:Determinants of Location Choice of Foreign Banks Within China 出 处:Financial Innovation and Economic Growth 作 者:Chung-Hua Shen，Qi Liang ， Xiang-Chao Hao 原 文: Determinants of Location Choice of Foreign Banks Within China Abstract This chapter investigates location choice of foreign banks within China based on a panel data of 40 cities. Our empirical results show that the market opportunity is the most crucial factor to affect foreign bank decision to enter China cities. The labor cost is also important and the high labor cost of a city attracts more foreign banks. But the restriction on the locations of Renminbi business operation is very limited. Furthermore, we find that the city infrastructures like hardware and software environments strongly enhance the relation between market opportunity and foreign bank penetration. Keywords :foreign banks ，location choice ，regulation Introduction International banking activity has increased considerably in recent years. This development has motivated an increased interest in identifying the factors responsible for the growth and distribution of banking activity. Recently, China has gradually opened its domestic banking market according to the commitment of joining WTO. This gradual opening immediately attracts foreign banks to accelerate their investments in China, hoping to occupy favorable positions in the future competition. Thus, what factors affecting foreign banks set up overseas offices in China becomes an interesting question. Previous works propose four models to investigate the determinants of international bank behaviors. The following client model, the first one, suggests that foreign banks set up the overseas offices passively in order to maintain strategic relations with the former domestic customers (Nigh et al., 1986; Goldberg and Grosse, 1994; Brealey and Kaplanis, 1996). Next, market opportunity C.-H. Shen (*) National Taiwan University, Taipei, Taiwan, China e-mail: chshen01@ntu.edu.tw J.R. Barth et al. (eds.), China’s Emerging Financial Markets, The Milken Institute Series on Financial Innovation and Economic Growth 8, DOI 10.1007/978-0-387-93769-4_14, _ 2009 by Milken Institute 449indicates that foreign banks are attracted by the market opportunity of the host country (Hultman and McGee, 1989; Yamori, 1998; Forecarelli and Pozzolo, 2005; Outreville, 2007). The fast rising GDP per capita, the mass population, and the development of financial markets are all market opportunity. The third one is the gravity model, which suggests that the mass (usually proxied by GDP) and distance are crucial to affect the decision of multinational banks. Both the physical and spiritual distance are considered in the literature. Finally, a less regulated environment appears an attracting factor for foreign bank entry. Focarelli and Pozzolo (2005) argued that heavily regulated banking systems are typically less accessible to foreign banks, thus reducing the probability of entry. Nigh et al. (1986), Hultman and McGee (1989), and Forecarelli and Pozzolo (2005) also point out that deregulation of the host country exerts a very positive impact on foreign banks. The first aim of this study is to investigate the decisions of foreign banks to locate in Chinese cities. We collect information on foreign bank activities in 40 medium and large cities in China, including setting up of subsidiaries, branches or representative offices. Using the cities as the host, the conventional four models serve as our first basic test. Next, we propose an extended test by examining whether the infrastructure of each city enhances or mitigates the above models, such as will the cities with strong infrastructure enhance the market opportunity? We consider two types of infrastructions – traffic and communication, and human capital. The former type can also be referred to as hardware environment and the latter type the software environment. Studies regarding China’s non-financial foreign direct investment (FDI) have found that regional factors like the special economic zones, level of infrastructure, and labor quality have positive effects on the entry of FDI (Zhou et al., 2002; Wakasugi, 2005; Wei and Wang, 2005; Hong and Anthony, 2006; Kang and Lee, 2007), whereas the impact of labor cost is uncertain (Wei, 2000; Wu, 2000). However, previous studies typically use FDI as the proxy for testing the customers hypothesis without considering that these regional factors may also affect the decision, though possibly indirectly. Our second aim tries to fulfill this void. This study contributes to the literature in three aspects. First, previous studies mainly examine location choice of foreign banks from or to developed countries (Nigh et al., 1986; Goldberg and Grosse, 1994; Yamori, 1998) at the national level. Few studies focus on the location choice of foreign banks in China, an emerging and transition country, and at the sub-national level. Although Leung et al. (2003) investigate why foreign banks come to China with a survival analysis and find that foreign banks has been attracted by the growing business opportunities and improved political environment, yet they do not examine why and how the foreign banks make location choice at the sun national level. In other word, their research focuses on country characters but not city characters within China. Up to now, there are no systematic studies regarding the determinants of foreign banks’ location choice within China, and thus there are no answers for the queries. Determinants of Location Choice of Foreign Banks Within China Next, studies of the determinants that affect foreign banks can be divided into three types based on the number of home countries from and to the host countries. The first type is referred to as one-to-many, denoting banks from one home country to set up overseas offices in many host countries. For example, Miller and Parkhe (1998) examined the determinants that affected US banks when establishing overseas offices in 32 countries. The second type is referred to as many-to-one, denoting banks from many home countries to one host country. Grosse and Goldberg (1991) investigated the factors that affect 35 foreign countries, banks setting up in the United States. Esperanca and Gulamhussen (2001) studied the same issue but with banks from53 countries locating in Greece. The last type is about many-to-many, denoting banks from many home countries to many host countries. Brealey and Kaplanis (1996) investigated factors affecting the top 1,000 banks in the world from 37 countries setting up overseas offices in 82 countries and found that the trade and foreign direct investment between home and host countries are effective; see also Focarelli and Pozzolo (2005). This study appears to be the second case, i.e., many-to-one, where many foreign banks come to China. However, though this study considers only one host country, there are many host cities. Thus, our paper has similarity and dissimilarity with the conventional many-to-one studies. Also, because it is consideration of cities, we use city infrastructure as the conditional variables to examine the indirect way. Third, the use of non-financial FDI commonly find that labor cost plays an important role in affecting the entry of foreign manufacturing firms to China, such as the study by Wakasugi (2005) using Japanese case and Kang and Lee (2007) using Korean cases. Our finding indicates that the labor cost is not an important factor in influencing foreign banks’ entry. Fourth, we divide factors into basic factors (which is the conversional four models) and regional factors (which is our city infrastructure). Thus, we extend the literature in a slight way which helps us understand the importance of software and hardware environments. The remaining part of this chapter is organized as follows. Section 2 introduces the development and major events of foreign banks in the last 30 years; Section 3 is literature review; Section 4 presents our empirical model. Section 5 describes data and sample construction and basic statistics; Section 6 reports the regression results; and Section 7 is our conclusions. History of Foreign Banks in China The history of foreign banks in China dates back to over 100 years. However, when the People’s Republic of China was founded in 1949, the central government allowed only four foreign banks, Hong Kong and Shanghai Banking Corporation (HSBC), Bank of East Asia, Oversea-Chinese Banking Corporation (OCBC), and Standard Chartered Bank, to stay in Shanghai. After thatthe development of foreign banks in China stagnated because of complex international political relation until 1978. At that time, the central government decided to open itself up to the world and launch the great reform practice. From 1978 to 2005, the development of foreign banks in China can be divided into three stages. The first stage is the initial phase of opening-up, which started from mainly in the late 1970. In 1979, Chinese government permitted the Industrial Bank of Japan to establish the representative office of non-business. In 1981, foreign banks were further permitted to set up operational agents in five special economic zones, which are Shenzhen, Zhuhai, Xiamen, Shantou and Island Hainan. The most important impact for foreign bank entries is the pass of the stipulations of establishing foreign branches in 1983 and foreign banks and Chinese-foreign joint venture banks in 1985.1 Xiamen international bank was set up based on the later law. However, the restrictions in setting up foreign bank offices are not deregulated. The second phase further deregulated the location restrictions mostly. Since 1990, China government expanded the number of cities where foreign banks are permitted to set up representative offices or branches in cities outside the special economic zones for the first time. By the end of 1997, foreign banks have set up totally 175 branches in China. The fast growth of foreign banks number, however, slowed down and some of them are even closed after Asian crisis erupted in 1997. In the end of 2001, the total number of foreign banks’ branches in China was only 159, and the net increase of 4 years is only 17. The last phase is deregulation of business restriction, which is partially due to the officially returning to World Trade Organization in 2001. Before this stage, while the location restrictions are largely removed, business operation is prohibited. In 1996, authority first allows Renminbi (RMB) business by Citigroup, HSBC, Societe Generale of Tokyo-Mitsubishi in Shanghai Pudong New Zone for foreign firms only. In 2001, the restrictions are lifted for local firms within 2 years and remove all geographical restrictions. In 2005, 25 cities are allowed for foreign banks to engage inRMBbusiness. Other deregulation continues. All of these changes suggest that foreign banks can largely free to choose the locations they want to invest. 3 Literature Review Previous studies have considered foreign banks’ location choice at the national and sub-national levels. First, a great deal of studies at the national level focus on country characteristics affecting foreign banks’ 1 The exact name of two laws are ‘‘Measures of the People’s Bank of China for Regulations Relating to Establishing Resident Representative Office in China by Overseas Chinese and Foreign Banking Institutions’’ and ‘‘Regulations of People’s Republic of China special economic zones on management of foreign banks and Chinese-foreign joint venture bankslocation choice. These studies can be divided into three types based on the number of countries from and to. The first type is referred to as one-tomany, denoting banks from one home country to set up overseas offices in many host countries. For example, Miller and Parkhe (1998) examined the determinants that affect U.S. banks to establish overseas offices in 32 countries. The second type is referred to as many-to-one, denoting banks from many home countries to one host country. Grosse and Goldberg (1991) investigated the factors that affected the decisions of 35 foreign countries’ banks to set up in the United States, while Esperanca and Gulamhussen (2001) studied whether multinational banks, which come from 53 countries to the United States, follow their non-corporate customers. The last type is about many-to-many, denoting banks from many home countries to many host countries. Brealey and Kaplanis (1996) investigated factors that influenced the top 1,000 world banks from 37 countries to set up overseas offices in 82 countries. They found that the trade and foreign direct investment between home and host countries are effective; see also Focarelli and Pozzolo (2005). Second, only a few studies have considered foreign banks’ location choice at the subnational level. At the subnational level, country characters are the same for all foreign banks, so studies consider state characters within a country, such as the United States. Hultman and McGee (1990) find that Japanese presence in the US banking market is of particular significance and represents slightly over one-half of the total foreign banking presence. Simultaneously they also find most of foreign banking presences are concentrated in two states, which are New York and California. Goldberg and Grosse (1994) also find the amount and type of foreign bank activity varies greatly in states, with New York and California being by far the most important, so they examine the determinants of foreign banking activity by state and find that foreign bank presence is drawn to the states with large bank market size and fewer restrictions to entry. 4 Empirical Models Three different measures for foreign bank penetration (FBP) are used in the literature. They are the percentage of foreign bank’s assets over total bank assets (Nigh et al., 1986; Hultman and McGee, 1989; Goldberg and Grosse, 1994; Focarelli and Pozzalo, 2005), the financial foreign direct investment (Yamori, 1998), and the number of foreign banks’ branches in the local market (Goldberg and Grosse, 1994; Shen and Chou, 2007). This chapter uses the third measure to proxy FBP because of the availability of data. In particular, FBP includes the number of foreign banks’ branches and representative offices in China. 译 文: 外资银行在中国投资的区位选择 摘要 本文以中国40个城市的面板数据为基础探讨银行投资的区位选择。我们的实证表明，市场机会是影响外资银行决定进入中国城市的最关键的因素。劳动力成本也很重要，一个城市的高劳动力成本能吸引更多的外资银行，但是，对经营人民币业务的地点限制是非常有限的。此外，我们发现城市的硬件和软件基础设施大大加强了市场机遇和外资银行的渗透力度。 关键词:外资银行，区位选择，调控 简介 最近几年国际金融活动量已经大幅增加。这一发展促使了固定利率的增长，它是由负责发行的银行活动的增加引起的。当前，中国已按照加入世贸组织的承诺逐步开放国内银行市场。这种开放立即吸引了外资银行并逐步加速在中国的投资，希望能在未来竞争中占据有利位置。因此，是什么因素影响外国银行在中国设立海外办事处成为一个重要的问题。以前的作品提出了四种模式，以探讨国际银行行为的决定因素。以下的客户模型，第一个表明，外国银行设立海外办事处的目的是保持与以前国内客户的战略关系。其次，是创造市场机会，进入中国的新兴金融市场。外资银行是被东道国的市场机会吸引的，人均国内生产总值的快速上升和大量的人口，以及金融市场的发展，是所有市场的机会。第三个是重力场模型，这表明质量(通常以GDP为代表)和距离是影响跨国银行决定的至关重要的因素。无论是身体的还是精神的距离都是文献中所考虑的因素。最后，一个不太规范的环境似乎对外国银行的进入具有吸引力。 佛卡利和保罗认为，外资银行一般较难进入受到严格监管的银行系统，从而减少了进入的可能性。奈等(1986年).尔特曼和麦吉(1989)和佛卡利和保罗(2005)也指出，东道国放松管制为外国银行创造了非常积极的影响。本研究的第一个目的是探讨外资银行在中国设立分支机构的决定因素。我们收集40个大中城市的外资银行在中国的活动，包括设立子公司，分公司或代表处注册信息。作为主体的城市，传统的四种模式将作为我们的第一个基本考察点。下一步，我们 计划 项目进度计划表范例计划下载计划下载计划下载课程教学计划下载 做一个扩展测试，测试在上述模型中是否每个城市的基础设施提高或减轻都会增加市场机会，例如强大 的基础设施。我们考虑两种类型的因素- 交通和通讯，人力资本。前者类型也可以称为硬件环境和软件环境的一种类型。研究关于中国的非金融类对外直接投资(FDI)的发现和区域因素，如经济特区，基础设施水平，劳动力素质对外国直接投资进入的积极影响，而劳动力成本的影响是不确定的(魏，2000年，吴，2000年)。然而，以往的研究通常没有考虑到这些也可能影响区域决定的因素，只是用作测试，尽管可能间接地为客户代理的外国直接投资作假设。我们的第二个目的是试图填补这一空白。这项研究对文献有三个方面的帮助。首先，过去的研究主要是从发达国家的位置研究，或从外资银行的选择出发。很少的研究重点是在中国，一个新兴和转型期国家，区位选择与外资银行在次国家一级。虽然梁等 (2003年)调查为什么外国银行来中国并对其生存情况进行分析，发现外资银行已被越来越多的商业机会和政治环境的改善所吸引，但他们为什么不检查，以及如何使外国银行在国家 标准 excel标准偏差excel标准偏差函数exl标准差函数国标检验抽样标准表免费下载红头文件格式标准下载 上作出选择。换句话说，他们的研究集中于国家字符，但没有在中国城市的特征。到现在为止，没有关于外资银行在中国的区位选择的决定因素系统的研究，从而有没有问题的 答案 八年级地理上册填图题岩土工程勘察试题省略号的作用及举例应急救援安全知识车间5s试题及答案 。 外资银行在中国的区位选择因素 接着，研究影响外资银行决定的因素，它可以在母国和东道国的基础上把国家分为三个种类。第一类是被称为一到多，表示在一个本国银行设立许多东道国的海外办事处。例如，米勒和帕克(1998)研究的决定因素时，受到的影响是美国银行在32个国家设立海外办事处。第二类被称为多到一，许多家银行在一个东道国设立代表处。格洛斯和勾德伯格(1991)调查了外国银行在美国设立的35个影响因素。兰萨和古兰胡森(2001)研究了同样的问题，但是定位于希腊的53个国家。最后一类是多到多，表示许多本国银行许多东道国。贝尔和凯帕尼斯(1996)研究来自37个国家的1000家大银行在世界82个国家设立海外办事处的影响因素，发现和外国之间的贸易对母国和东道国的直接投资是有效的。 这项研究似乎是第二种情况，即多到一，许多外国银行来到中国。然而，尽管这项研究只考虑一个主体的国家，但是有许多主办城市。因此，我们与多到一的研究有相似和不相似的联系。此外，因为它是出于对城市的考虑，我们使用的条件变量是城市基础设施，并且以间接的方式检查。 第三，非金融类外商直接投资普遍使用发现，劳动力成本是影响外国厂商进入中国的一个重要因素，如由若杉研究(2005)利用日本的 案例 全员育人导师制案例信息技术应用案例心得信息技术教学案例综合实践活动案例我余额宝案例 。我们的调查结果表明，劳动力成本不是影响外国银行进入的很重要的因素。 第四，我们的因素分为基本因素(这是转化率四种型号)和区域因素(这是我们的城市基础设施)。因此，我们以一个轻微的延长的方式，帮助我们了解软件和硬件环境的重要性。本章的其余部分组织如下:第2节介绍在过去30年来外资银行的主要事件和发展，第3节是文献回顾，第4节介绍我们的经验模型，第5节描述了数据和样品的建设和基本统计资料，第6节报告回归结果，以及第7节得出我们的结论。 外资银行在中国的历史 外资银行在中国的历史可以追溯到100多年以前。然而，1949年中华人民共和国成立后，中央政府只允许四家外资银行:香港上海汇丰银行有限公司(汇丰银行)，东亚银行，新加坡华侨银行(华侨银行)银行和渣打银行，留在上海。在这以后，外资银行在中国的发展，因为复杂的国际政治关系停滞不前，直到1978年才有所改善。当时，中央作出对外开放的伟大改革实践的决定。从1978年到2005年，外资银行在中国的发展可分为三个阶段。第一阶段是开放的初始阶段，该阶段主要从19世纪70年代末开始。 1979年，中文政府允许日本兴业银行建立非业务代表处。 1981年，外资银行在五个经济特区获准进一步设立业务代表处，这是深圳、珠海、厦门、汕头、海南。 对外资银行进入的最重要的影响是在1983年规定设立外资银行分行，在1985年通过成立的中外合资银行的法律基础上，设立了外国银行和厦门国际银行。然而，对设立办事处的外国银行限制不放开。第二阶段进一步放开对大部分的地区限制。自1990年以来，中国政府扩大了外资银行获准在境外设立特殊经济区第一代表办事处或分支机构的城市范围。到1997年底，外资银行共设立了175个在中国的分支机构。外资银行的数量快速增长，然而，在1997年亚洲金融危机爆发后，这种趋势减缓下来，甚至其中有些银行以倒闭告终。在2001年年底，在中国的外资银行分行总数为159只，而4年净增加只有17%。最后一个阶段是业务的限制，这主要是由于我国在2001年正式重返世界贸易组织的管制。在此之前的阶段，主要是去除地域的限制，而经营是禁止的。 1996年，政府首次允许花旗集团、汇丰银行、法国兴业、东京三菱兴业在上海浦东新区经营外国公司人民币业务。 2001年，限制被取消，对在当地经营两年以上的公司，取消所有地域限制。2005年，25个城市允许外资银行从事人民币业务。其他放松管制仍在继续。所有这些变化表明，外资银行可以在很大程度上自由地选择他们想要投资的地点。回顾以往的文献对国家和次国家一级外资银行的区位选择进行研 究。首先，对关于国家的影响，主要把重点放在国家特点对外资银行的影响上。直接的措施是这两部法律《有关华侨华人和外资银行机构在中国设立常驻代表办公室的措施》和《对中华人民共和国外资银行和中外合资企业经营地点的选择管理的中国经济特区条例》。这些研究可以在国家数量的来去上进行分类。第一类被称为一到多，表示从一个本国银行设立在许多东道国的海外办事处。例如，米勒和Parkhe(1998)研究的是影响美国银行在32个国家设立海外办事处的决定因素。第二类被称为多到一，代表许多家银行从到东道国的国家之一。格洛斯和Goldberg(1991)调查了35个外国银行决定在美国注册的影响因素，而兰萨和Gulamhussen(2001)研究从53个国家来到美国的跨国银行是否按照其非企业客户分类。最后一类是对多到多，表示许多本国银行许多东道国。Brealey和Kaplanis(1996年)的调查来自37个国家的1000家大银行，世界82个国家设立了海外办事处的影响因素。他们发现，贸易和外国之间的母国和东道国的直接投资是有效的。 其次，只有少数的研究已考虑在国家以下一级的外国银行位置的选择。在地方一级，所有外资银行的国家字符是相同的，所以研究考虑一个国家内的国家字符，如美国。尔特曼和麦吉(1990)发现，日本在美国银行市场的的存在具有特别重要的意义，其设立的代表处占了外资银行总数的三分之一以上。同时他们还发现外国银行大多分布在两个洲，就是纽约和加利福尼亚。戈德堡和格洛斯(1994)也发现了大量的外资银行活动因洲与洲之间的地区而异，纽约和加州是目前最重要的，所以他们检查区域对外资银行活动的决定因素，发现外国银行被具有大的市场规模和进入市场限制较少的国家所吸引。三个实证研究对外国银行不同渗透率应采用的措施，他们是在银行总资产的比例、外国银行的资产(奈等人，1986年;尔特曼和麦基，1989; Goldberg和格洛斯，1994; Focarelli和Pozzalo，2005年)，金融类对外直接投资(Yamori，1998)，和外国银行分行在当地市场(Goldberg和格洛斯，1994年，沉，周，2007年)的数量。本章使用的第三项措施来代理投影数据的可用性。特别是，投影包括外资银行在中国的分行数目及代表处。