外文翻译-----西方银行公司治理对中国的影响

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1、 本科毕业论文外文翻译 外文题目： The influence of western banks on corporate governance in China 出 处： University of Cambridge 作 者： Jane Nolan 原 文 ： The influence of western banks on corporate governance in China Abstract This study draws on in-depth qualitative interviews to investigate the variety of institutiona

2、l forces which influence the adoption of western corporate governance mechanisms in Chinese banks. Following path dependency models of institutional change it was shown that cognitive and normative institutions, including a who you know or guan xi credit culture, mean that the practical influence of

3、 western banks on corporate governance reforms was perceived to be ineffectual in most cases. Given the failure of western credit-rating systems in the sub-prime crisis, it is likely that this perception will increase in the future. The majority of western actors believed that the main reason Chines

4、e banks seek to co-operate with western institutions was to enhance the legitimacy of the Chinese bank in the global financial environment, rather than to actively change existing governance me chanisms. Keywords: banking,corporate governance,institutional change,legitimacy seeking Introduction The

5、development of Chinas economy has, to date, been driven by its considerable supply of cheap lab our and its many and varied production opportunities. Whether or not capital was allocated efficiently has been of little consequence and, until fairly recently, the financial sector has been characterize

6、d by state-owned banks lending to state-owned enterprises on the basis of social policy principles rather than profitability and managerial competence. Yet as Chinas economy advances the development of the financial sector is set to become ever more important. Banks cannot indefinitely continue to m

7、ake huge loans to inefficient enterprises which will never be repaid and many financial institutions remain compromised by the corporate governance problems associated with having the state as both official regulator and principal shareholder (IFC 2005, Li et al. 2008)That said, the reform of Chinas

8、 banks is now well underway and the basic methods employed for restructuring have been large capital injections, the setting up of bad-banks and asset management companies, initial public offerings, partnerships with foreign banks(with the aim of improving management and IT development) and the incl

9、usion of overseas board members to help improve corporate governance. Some see these moves as part of a broader interest by Chinese officials in developing an economic institutional environment which is more reflective of the international business community (Guthrie 1998, Wang 2007). And, at a theo

10、retical level, these adjustments raise some important questions about the nature of institutional change in Chinas economic transition, such as whether China will develop its own unique form of corporate governance, or whether it will converge towards the more market-based models commonly found in t

11、he west. While the opening of the market to western banks has been seen as a key plank of there form program me, at the time of writing, many economies in the western world are struggling to cope with the fall-out from the sub-prime mortgage debacle, and the credibility of western banks is under sev

12、ere strain (Bloomberg 2009). Some have argued that recent events could see economic power shift from west to east and much attentions now focused on the nature of Chinas position in the global economic order (Brown 2008,Time 2009). Chinas banks are now very large, with three in the worlds top 10 by

13、marketcapitalization.1 However, such large assets should not detract from the problems which remain in the Chinese banking system including a shallow talent pool, a shortage of managerial and technical expertise, a local currency that is not convertible and weak corporate governance mechanisms. This

14、 study aims to investigate the institutional forces which affect the adoption of western corporate governance mechanisms in Chinese banks. The data comes from a series of in-depth qualitative interviews with senior managers who were either employed in western banks with stockholdings in Chinese inst

15、itutions, held non-executive directorships of Chinese banks, or had participated in other financial advisory roles. The following sections will enlarge on the corporate governance literature in relation to both western and Chinese banks and discuss the theoretical frameworks which can help explain h

16、ow goals, beliefs and organizations are structured by institutions. Next, the research methodology will be outlined and the findings will be introduced structured around the institutional forces which influence both internal and external governance mechanisms as well as related technical assistance

17、projects. The study concludes with a discussion of the importance of legitimacy-seeking in motivating Chinese banks to seek collaboration with western institutions and will underscore the importance of local informal institutions in ensuring path dependent change. Finally, some of the key assumption

18、s of western models of governance will be challenged, particularly the belief that market forces alone can ensure the efficient allocation of credit. Theory In the west it is possible to distinguish at least two forms of corporate governance: International Finance Corporations (IFC) technical assist

19、ance to Chinese banks. Bank Pre-investment At investment Post-investment Bank of Shanghai Since 1995 IFC supported, with funding form Japan and EU, human resources management review, credit analysis, credit policies and procedures Arranged for the adoption of IAS* audits Review of credit procedures,

20、 stress test to monitor portfolio risks, SME business diagnostics and SME banking strategy. Bank of Beijing Credit risk management, business strategy development Arranged for the adoption of IAS audits Training for board members, portfolio stress test. China Minsheng Banking Corporation$700,000 in t

21、echnical assistance at time of establishment； advice on strategic issues and business development, training of staff on credit analysis Arranged for the adoption of IAS audits At the request of Minsheng identified independent director, supported diagnostic review of SME lending and SME strategy deve

22、lopment； supported energy efficiency loan program； introduced methodology for portfolio stress test. Nanjing City Commercial Bank Supported risk management training through Price Waterhouse and Coopers Arranged for the adoption of IAS audits With funding from Italy offered series of training programs on risk control； supported board members training； introduced portfolio stress test method . United