ASU Electronic Theses and Dissertations
This collection includes most of the ASU Theses and Dissertations from 2011 to present. ASU Theses and Dissertations are available in downloadable PDF format; however, a small percentage of items are under embargo. Information about the dissertations/theses includes degree information, committee members, an abstract, supporting data or media.
In addition to the electronic theses found in the ASU Digital Repository, ASU Theses and Dissertations can be found in the ASU Library Catalog.
Dissertations and Theses granted by Arizona State University are archived and made available through a joint effort of the ASU Graduate College and the ASU Libraries. For more information or questions about this collection contact or visit the Digital Repository ETD Library Guide or contact the ASU Graduate College at gradformat@asu.edu.
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To address the first issue, I draw an important distinction between international investment banks and multinational investment banks. For an international investment bank to be regarded as a multinational, I propose that it must have a strong presence (i.e., holding at least one percent of the market share) in at least two of the seven major capital markets in the world. Using this criterion, I identify 25 multinational investment banks. I then analyze their home countries’ domestic market conditions and propose that the following six factors are important to the development of multinational investment banks: the size of the home country’s gross domestic product (GDP), the total capitalization of its domestic security market, the number of its Global 500 firms, the volume of its foreign direct investment (FDI), the internationalization of its currency, and the openness of its capital market to foreign investors.
By comparisons, I find that China’s domestic market conditions are comparable to the home countries of multinational investment banks with respect to the size of GDP, total market capitalization, the number of Global 500 firms, and the volume of FDI. What China lags behind are the internationalization of currency and the openness of capital market to foreign investors. Given the current trends of development, it is very likely that China will be able to catch up on the latter within ten years, thus meeting all the conditions necessary for the development of multinational investment banks.
Based on the above findings, I suggest that Chinese investment banks seize this historical opportunity, speed up the internationalization of their businesses, and learn from the experiences of global industry leaders to become truly multinational corporations.
本文通过案例分析与实证相结合的方式来解答上述问题。在案例分析部分,分别就银行拓展信托业务和保险业务两个方面展开分析,具体来说,在拓展信托业务方面,以浦发银行收购上海信托为案例分析了浦发银行开拓信托业务后对其经营绩效的影响;在拓展保险业务方面,以北京银行并购首创安泰为例,分析银保混业对北京银行带来的协同效应。在实证分析部分,首先,基于相关的理论以及文献提出三个假说:银行实施混业经营战略,可以提高银行的绩效水平;混业经营通过提高银行规模,增强规模经济优势,促进银行的绩效水平较高;混业经营会提高银行势力水平,从而提升银行的绩效水平。其次,建立回归模型来验证上述三个假说,研究了是否混业以及混业经营的程度对银行绩效的影响。最后,构建中介效应模型验证混业经营作用于银行绩效的渠道,本文主要检验了规模、市场势力两个渠道。
综合上述分析,本文认为混业经营会显著正向影响公司业绩,并且银行势力存在显著的中介传导效应,即银行通过混业经营增加了市场势力、提高了规模经济,从而影响了公司业绩。
案例分析结果支持上述结论,即混业经营会带来银行经营绩效的提升,但是同时也可能会带来短期的风险。
银行是否需要采取混业经营需要根据自身的经营情况,不能盲目扩张。业务的拓展需要与自身现有的业务形成互补,才能实现协同发展效应。在拓展业务的同时,需要注意开拓新的业务是否会给自身带来更多的经营风险。
关键词:混业经营;银行绩效;市场竞争;银行势力
To test the above proposition, I conduct the empirical analysis in three steps. In the first step, I investigate foreign banks’ management model by surveying 13 major foreign banks locally incorporated in Mainland China. The results suggest that these 13 foreign banks can be categorized into three distinct groups based on their management model: intergrators, customer-followers, and parent-followers. The results also indicate that intergrators have the highest level of localization while parent-followers have the lowest level of localization.
In the second step, I conduct DEA (Data Envelope Analysis) and CAMEL (Capital Adequacy, Asset Quality, Management, Earnings, Liquidity Analysis) to assess the operating efficiency of these 13 foreign banks. The assessment is conducted in two ways: 1) the inter-group comparison between foreign banks and local Chinese banks; 2) the intra-group comparison between the three distinct groups of foreign banks identified in the first step. The results indicates that the principal factor driving the operating efficiency of both local Chinese banks and foreign banks is the comprehensive technical efficiency, which includes both the quality of management and the quality of technical elements. I also find the uptrend of technical efficiency of the integrators is more stable than that of the other two groups of foreign banks.
Finally, I integrate the results from step one and step two to assess the relevance between foreign banks’ localization level and operating efficiency. I find that foreign banks that score higher in localization tend to have a higher level of operating efficiency. Although this finding is not conclusive about the causal relationship between localization and operating efficiency, it nevertheless suggests that the management model of the higher performing integrators can serve as references for the other foreign banks attempting to enhance their localization and operating efficiency. I also discuss the future trends of development in the banking industry in China and what foreign banks can learn from local Chinese banks to improve their market positions.