1、 中文 3716 字 大学 毕业设计（论文）外文翻译 题 目： 转型国家的银行民营化效率 学 院： 经济与管理学院 专 业： 金融学 班 级： 姓 名： 指导教师： 201* 年 6 月 - 1 - Privatization Matters: Bank Efficiency in Transition Countries Author: Bonin, J. P., Hasan, I., & Wachtel, P.c 1. Introduction A construct Banking sectors in the transition economies of Central and So
2、utheastern Europe were restructured dramatically the 1990s.Beginning with a financial organization that, in most cases, was designed to support the central planning apparatus, new governments moved to create modern commercial banking sectors immediately. The first rudimentary step was to divest comm
3、ercial and retail activities from the portfolios of national banks and to set up new joint-stock banks with universal licenses that were fully state-owned initially. Bank privatization was an essential part of the financial reform agendas in these countries. Although much descriptive work exists on
4、these financial sector reforms and bank privatizations, e.g., Bonin, Mizsei, Szkely, and Wachtel (1998), no systematic empirical work was possible until sufficient time had elapsed to make the construction of a meaningful dataset possible. The basic issue to investigate is whether or not privatizati
5、on improves bank performance. Although the theoretical literature indicates that private firms should outperform government-owned firms, empirical evidence is needed to confirm this theoretical hypothesis for banks in transition countries. The empirical literature provides evidence of the influence
6、of ownership on the performance of individual banks and on the effectiveness of the banking sector. In a cross-country study, La Porta, Lopez-De-Silanes, and Shleifer (2002) find that the performance of government-owned banks is inferior to that of private banks. Claessens, Demirgc-Kunt and Huizinga
7、 (2001) investigate performance differences between domestic and foreign banks in eighty countries, both developed and developing, over an eight-year period from 1988 to 1995. These authors find that foreign bank entry was followed by a reduction in both the profitability and the overhead expenses o
8、f domestic banks and that foreign banks in developing countries perform better than do domestic banks. For Latin American countries, Crystal, Dages, and Goldberg (2001) argue that foreign bank entry is 转型国家的银行民营化效率 - 2 - associated with improved production of financial services and more banking comp
9、etition； in addition, they claim that it facilitates the early waves of privatization ofgovernment-owned domestic banks. Hence, this empirical literature provides evidence that ownership matters； in particular, government ownership of banks is less efficient than private ownership and foreign bank e
10、ntry has a salutary effect on banking sectors. Much of the empirical literature on banking in transition countries addresses the impact of foreign bank entry on banking efficiency. Hasan and Marton (2003), Drakos (2003), and Fries and Taci (2003) demonstrate that the entry of more efficient foreign
11、banks creates an environment that forces the entire banking system to become more efficient, both directly and indirectly, in transition countries. Buch (2000) compares interest rate spreads in the three fast-track transition countries, Hungary, Poland and the Czech Republic, from 1995 to 1999. She
12、finds evidence confirming the hypothesis that foreign banks create a more competitive market environment in transition economies, but only after they have attained sufficient aggregate market share. A few studies examine the effects of ownership on individual bank efficiency. For Poland, Nikiel and
13、Opiela (2002) find that foreign banks servicing foreign and business customers are more cost-efficient but less profit-efficient than other banks in Poland. Bonin, Hasan, and Wachtel (2003) examine the performance of banks in eleven transition countries and show that majority foreign ownership is as
14、sociated with improved bank efficiency. However, these authors cannot investigate privatization directly because their data do not distinguish among different types of foreign bank ownership. Studies focusing specifically on the effects of bank privatization are less numerous. Verbrugge, Megginson a
15、nd Owens (2000) document marginal performance improvements and increases in equity among privatized banks in OECD countries. For Argentina, Clark and Cull (1999, 2000) study the privatization process and show that the success of the provincial bank privatization depended on the effectiveness of the
16、buyers. These authors find evidence that credit allocation and efficiency are higher in privatized banks. The transformation of the Argentine banking system occurred mainly through domestic mergers and acquisitions so that foreign banks played only a relatively minor role. In the transition countries, the prevalence of foreign strategic owners in formerly state-owned but subsequently privatized banks makes it
