财务实力作为衡量银行竞争力指标：来自印度银行的经验证据外文翻译资料

外文原文

FINANCIAL STRENGTH AS AN INDICATOR FOR MEASURING BANK COMPETITIVENESS: AN EMPIRICAL EVIDENCE FROM INDIAN BANKING INDUSTRY

Author(s):Gurusamy Rajendran, Priya Ponraj

Source:Journal of Applied Economic Sciences (JAES)

Abstract

Liberalization and globalization has led Indian banking companies to focus on quality of service, speed and cost to face severe competition. The paper measures the bank competitiveness among the select Indian commercial banks in terms of financial strength. A bank is said to be competitive if it is financially strong. Financial strength of the bank is measured in terms of financial ratios viz. efficiency ratio, profitability ratio, capital adequacy ratio, income-expenditure ratio, deposits and return ratios. Factor analysis is used to structure and detect the components of financial strength. The competitive position mapping of the public sector, private sector and foreign banks is obtained by applying discriminant analysis. It is found that foreign banks are the most competitive compared to the private and public sector banks in terms of the profitability ratio, returns ratio and capital adequacy ratio.

Keywords: competitiveness, Indian commercial banks, financial ratios, financial performance, factor analysis, discriminant analysis.

1.Introduction

Competitiveness is a dynamic concept, expressed as the ability of firms to react to changing economic and technological development. The competitiveness of a firm is reflected in its superiority in production resources, managerial capabilities, innovativeness, customer relationship marketing, long term planning which help the firm to sustain in the market. This paper attempts to measure competitiveness among Indian commercial banks. Due to globalization and liberalization, Indian banks are forced to develop controlling and management methods that ensure a quick reaction to market and product changes. This has made the banks to transform the available capital to the most profitable transactions in order to gain financial strength. It is, therefore, necessary for banks to assess their financial position accurately to sustain in the growing competitive financial market.

The impact of regulatory changes on banks can be judged by the gross measures of performance, such as profitability, capital adequacy, income-expenditure, cost, deposit and efficiency ratios. The purpose of the paper is to identify the components of financial strength; to measure competitiveness among the banks with the help of factor analysis and discriminant analysis; and to map the competitive positions of the public, private and foreign banks.

1.2 The Indian Banking System

The Indian Banks is structured into three sectors via, the public sector, the private sector and foreign sector banks. There are twenty seven public sector banks: eight state banks (SBI amp; seven associates) and nineteen nationalized banks, twenty nine private banks (twenty one old private banks and eight new private banks) and thirty foreign banks as on 2009. The liberalization and globalization has led to many changes in the Indian banking sector. The Narasimham Committee Report (1991) pointed out that the major reform process in the Indian banking industry would improve the operational and allocative efficiency of the financial system. As a result, the agendas of reforms in the financial sector were to administer the interest rate structures, reserve requirements for banks, strengthening the capital base of the financial institutions, facilitating the entry of new institutions, exploring indirect monetary policy instruments and strengthening prudential regulations. Due to these reforms, the banking sector in India has undergone many changes. Entry of private and foreign banks created a competitive scenario for the public sector banks. The composition of the Indian banking sector changed with the emergence of new private and foreign banks. The new private banks expanded extensively in the retail market as well as their market share increased at the expense of nationalized banks (Petya 2003). A new milestone in the history of Indian banking industry took place in December 1993, State Bank of India became the first public sector bank to raise capital from the public. In 1994, all nationalized banks were allowed to rise up to 40% of their market. As in 2009, in total seventeen public sector banks and eighteen private sector banks were listed in the Indian stock market. The entry of new private sector and foreign banks, introduction of new products, development in information technology and operational freedom to banks have ensured a competitive environment in Indian banking industry.

2.Literature Survey

Financial measures as a tool of performance evaluation of financial institutions, has received greater attention over the past several years. There is several research methods applied to financial performance evaluation with the help of various financial ratios. These methods include: Multivariate statistical analysis (Fielding et al. 1985; Kosmidou, Pasiouras, Zopounidis, and Doumpos 2006), Data envelopment analysis (Grosskopf, and Valdmanis 1987; Seiford, and Zhu 1999; Lin 1998; Ho, and Zhu 2004; Wai, and Brian 2004), Analytic hierarchy process (Lin 2000; Shih 2000); Fuzzy Set theory; Grey relation analysis (Ho, and Wu 2006); Balanced score card (Maisel1992); CAMEL model, Free Disposal hull analysis, Neural Network Analysis (Montuiho, and Phillips 2002) and Financial statement analysis (Pantalone, and Platt 1987; Espanhbodi 1991).

Many comparative studies have been conducted to evaluate the financial performance between domestic banks and foreign banks (Claessens, Asli, Kunt, and Harry 2001; Jeon, and Miller 2002; Tufan, Hamarat, Cristea, and Vasilescu 2007). Demi

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附录A 译文

财务实力作为衡量银行竞争力指标：来自印度银行的经验证据

作者：Gurusamy Rajendran, Priya Ponraj

来源：Journal of Applied Economic Sciences (JAES)

摘要：

自由化和全球化导致印度银行业公司关注于服务质量，效率和成本，以面对激烈的竞争。本文根据财务实力衡量了挑选的印度商业银行的竞争力。如果一家银行财务实力雄厚，则说明该银行具有竞争力。银行的财务实力是根据财务比率衡量的，例如：效率比率，盈利能力比率，资本充足率，收支比率，存款和回报率。因子分析用于构造和检测财务实力的组成部分。通过判别分析法获得了公营银行，私营部门和外资银行的竞争地位图。研究发现，在盈利能力比率、回报率和资本充足率方面，外资银行与私营银行和公营银行相比最具竞争力。

关键词：竞争力；印度商业银行；财务比率; 财务绩效; 因子分析; 判别分析

1.介绍

竞争力是一个动态的概念，表现为企业对不断变化的经济和技术发展做出反应的能力。企业的竞争力体现在企业在生产资源、管理能力、创新能力、客户关系营销、长期规划等方面的优势，这些优势有助于企业在市场中的持续发展。本文试图衡量印度商业银行的竞争力。由于全球化和自由化，印度银行被迫发展控制和管理方法，以确保对市场和产品的变化做出迅速反应。为了获得财务实力，银行将可用资本转向为最盈利的交易，因此，为了立足于竞争日益激烈的金融市场，银行有必要准确评估其财务状况。

监管变化对银行的影响可以通过总体绩效指标来判断，例如盈利能力、资本充足率、收支比率、成本、存款和效率比率等。本文的目的是为了确定财务实力的构成要素、采用因子分析法和判别分析法来衡量银行间的竞争力，并绘制公营银行，私营银行和外资银行的竞争地位图。

1.2印度银行系统

印度银行由公营银行，私营部门和外资银行三个部门构造而成。截至2009年，印度共有27家公营银行，包括8家国家银行（印度国家银行和另外七家联营银行）和19家国有化银行；还有29家私营银行（21家旧私人银行和8家新私人银行）和30家外资银行。自由化和全球化导致印度银行业发生了许多变化。纳拉辛哈（Narasimham）委员会（1991）报告指出，印度银行业的重大改革进程将提高金融体系的运营效率和配置效率。因此，财务部门的改革议程是为了管理利率结构和银行存款准备金率、加强金融机构的资本基础、便利新机构的加入、探索间接调控货币政策并加强审慎监管。由于这些改革，印度的银行业经历了许多变化。私营银行和外资银行的加入为公营银行创造了一种竞争局面。随着新的私营银行和外资银行的出现，印度银行业的构成发生了变化。新私营银行在零售市场上广泛扩张，同时其市场份额的增加也是在国有化银行为代价的（Petya 2003）。1993年12月，印度国家银行成为印度第一家向公众筹集资金的公营银行，这是印度银行业历史上的一个新里程碑。1994年，所有国有化银行的市场份额都被允许提高到40%。截至2009年，印度股市共有17家公营银行和18家私营银行上市。新的私营银行和外资银行的加入、新产品的引进、信息技术的发展和银行的经营自由都确保了印度银行业的竞争环境。

2. 文献综述

财务指标作为金融机构绩效评价的工具，近年来受到了越来越多的关注。借助于不同的财务比率，有几种研究方法应用于财务绩效评价。这些方法包括：多元统计分析（Fielding等。1985；Kosmidou，Pasiouras，Zopoundis，和 Doumpos 2006），数据包络分析（Grosskopf，和 Valdmanis 1987；Seiford，和 Zhu 1999；Lin 1998；Ho，和 Zhu 2004；Wai，和 Brian 2004），层次分析法（Lin 2000；Shih 2000）；模糊集理论；灰色关联分析（Ho，和 Wu 2006）；平衡计分卡（Maisel1992）；骆驼模型，自由处置分析、神经网络分析（Montuiho，和 Phillips 2002）和财务报表分析（Pantolone，和 Platt 1987；Espanhbodi 1991）。

为了评价国内银行与外资银行的财务绩效，学者们进行了大量的比较研究（Claessens, Asli, Kunt, 和 Harry 2001; Jeon, 和 Miller 2002; Tufan, Hamarat, Cristea, 和 Vasilescu 2007）。Demirguc Kunt和Huizinga（1998）在他们的报告中得出一个结论：外资银行的利润率高于发展中国家的国内银行。基于股权结构，运用DEA方法对印度商业银行的财务绩效和效率进行了大量研究（Sarkar、Sarkar和Bhumik 1998；Petya 2003；Bikram De 2003、Gupta和Jain 2004；Mahesh和Meenakshi 2006；Sathye 2005；Tissa和Edirisuriya 2004；Amita 2004；Mitali sen 2004；Shanmugam和Das 2004；Goyal等人。2004年；Bodla和Verma，2007年）。De（2007）通过将NPA、运营成本和净息差作为关键决定因素来衡量印度商业银行的盈利能力，发现私营银行的效率高于公营银行。决定银行业绩的其他变量有:非利息收入、净利润、拨备、或有事项和经营费用。在评估这些金融变量对银行的影响时，我们将了解外资银行的进入对国内银行的影响。因此，本文旨在从财务实力角度出发衡量所选的印度商业银行的竞争力。

3.数据和方法

本文从公营银行、私营银行和外资银行中各挑选了四家银行作为代表进行研究。印度国家银行（SBI）、旁遮普国家银行（PNB）、巴罗达银行（BOB）、印度中央银行（CBI）隶属于公营银行。私营银行包括住房发展和金融公司（HDFC）、印度工业信贷和投资公司（ICICI）、埃塞克斯银行（Axis）和联邦银行（Federal）。外资银行有苏格兰皇家银行（RBS）、花旗银行（CITI）、香港上海汇丰银行（HSBC）、渣打银行（STD）。这些银行是根据其所在行业2009年的最高存款量所挑选出来的。数据来自印度储备银行网站。选取21个比率作为衡量银行竞争力的指标，将银行竞争力划分为效率比率、盈利比率、资本充足率、收支比率、存款比率和收益比率7个方面。1999年至2009年期间的研究将因子分析应用于二十一个比率的集合，以定义这六个比率。财务实力变量的竞争性Z分数计算公式如下：

其中：Wi（i=1-3hellip;hellip;hellip;，n）：因子分析得到的方差百分比。

Fi（i=1,2，hellip;hellip;hellip;，n）：获得的银行组成部分的因子得分。

X：总累积得分，由旋转负荷的平方之和所占的百分比表示。（Man，amp;Qian，2007）。

研究证明，财务比率是分析所选印度商业银行竞争力的重要指标（Li，和 Lin 2005；Wang，和 Li 2007；Tufan，Hamarat，Cristea，和 Vasilescu 2007）。运用判别分析法对公营银行、私营银行和外资银行进行了分类验证。学者们使用判别分析法来区分失败银行和成功银行（Spahr 1989；Hamilton和Khan 2001；Xing、Xing、Lange和Gibson 2001），并区分竞争性银行和非竞争性银行。本研究使用判别分析法来构建公营银行、私营银行和外资银行的竞争地位图。

3.1比率说明

效率比率指标包括:不良资产(NPA)、单位员工业务(BPE)、单位员工利润(PPE)。盈利能力比率指标包括：毛利率、营业利润率、净利润率。资本充足率指标包括：一级资本和二级资本。收支比率指标包括：利息收入比率、非利息收入比率、净息差比率。存款比率指标包括：信贷、现金、投资、定期存款（TDTD）占存款总额的比率。回报率指标包括：投资、股权、预付款和资产的回报率。

4. 数据分析

表1 财务实力变量的旋转分量矩阵