1、 本科毕业论文外文翻译 外文题目： 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 forei
2、gn 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 r
3、estriction 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 ， r
4、egulation 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
5、 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
6、 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 cu
7、stomers (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: chshen01ntu.edu.tw J.R. Barth et al. (eds.), Chinas Emerging Financial Markets, The Milken Institute Series on Financi
8、al 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
9、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 dist
10、ance 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
11、 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 informat
12、ion 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 infras
13、tructure 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
14、the latter type the software environment. Studies regarding Chinas 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；
15、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 deci
16、sion, 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)
17、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 attract
18、ed 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
19、 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
20、 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 establish
21、ing 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 (20
22、01) 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
