外文文獻(xiàn)翻譯---中間業(yè)務(wù)對(duì)商業(yè)銀行業(yè)績(jī)的影響（節(jié)選）

1、<p>　　1650單詞，9400英文字符，3000漢字</p><p>　　文獻(xiàn)出處：Aktan B, Chan S G, Zikovic S, et al. Off-balance sheet activities impact on commercial banks performance: an emerging market perspective[J]. Ekonomska Istraziv

2、anja ,2013, 26: 117-132.</p><p>　　http://www.wenku1.com/news/C4A836B239768545.html</p><p><b>　　原文</b></p><p>　　OFF-BALANCE SHEET ACTIVITIES IMPACT ON COMMERCIAL BANKS<

3、;/p><p>　　PERFORMANCE: AN EMERGING MARKET PERSPECTIVE</p><p>　　Bora; Sok ; Sasa; Pinar</p><p><b>　　ABSTRACT</b></p><p>　　This paper examines the effect of off-

4、balance sheet (OBS) activities on performance of the banks listed on Istanbul Stock Exchange (ISE). We use four measures of performance including bank's risk exposures, profitability, leverage, and liquidity position

5、. We find that both bank-specific risk and foreign exchange rate risk are positively related with OBS activities. This indicates that OBS activities increase bank-specific and foreign exchange risk exposures of the banks

6、 in Turkey. The positive r</p><p>　　Keywords: Banking; Off-balance sheet activities; Risk exposure; Istanbul Stock Exchange; Turkey</p><p>　　1. INTRODUCTION</p><p>　　商業(yè)銀行的中間業(yè)務(wù)In tod

7、ay's financial markets, one of the striking developments is the increasing tendency of banks to engage in off-balance sheet (OBS) activities. In recent years the development and deregulation of the financial markets,

8、 improvements in financial innovation and decreases in banks' margins, as a result of low-quality loan applicants, encourage the banks to offer new products and services to increase their profits (Jurman, 2005). Edwa

9、rds and Mishkin (1995) argue that the rate of traditi</p><p>　　Decreasing profitability of traditional banking and increasing competitiveness of markets actually forces banks to undertake OBS activities. Ebr

10、ahim and Hasan (2004) analysed the banks' profits from traditional and non-traditional activities. They argue that improvement of non-interest earnings of the banks arose from the development of new types of financia

11、l instruments.</p><p>　　OBS or fee-related items such as guarantees, commitments and derivatives sometimes become the main sources of bank revenues. By engaging in OBS activities, besides providing high earn

12、ings, banks can avoid regulatory costs or taxes since reserve requirements and deposit insurance premiums are not imposed on OBS activities. However, these activities can involve risks such as market, operational and cre

13、dit risks, which might affect bank's solvency and liquidity. On the other hand, significant growt</p><p>　　This paper aims to examine the effect of OBS activities on the performance of the banks listed o

14、n Istanbul Stock Exchange (ISE). We examine the effect of OBS activities on bank's risk exposures, profitability, leverage, and liquidity position. Since we could not find any study dealing with this topic in Turkey

15、we try to fill this gap.</p><p>　　The paper proceeds as follows; section 2 presents the background on banking system and OBS activities in Turkey, section 3 provides a review of the literature, section 4 dis

16、cusses methodology and data, section 5 presents our empirical results and analysis. Section 6 presents our conclusions.</p><p>　　II. TURKISH BANKING SYSTEM AND THE DEVELOPMENT OF THE OFF- BALANCE SHEET TRANS

17、ACTIONS</p><p>　　After 1982, in Turkey, commitments were excluded from the balance sheet and became the main item of OBS. It continued to be the major item in the following years. With the increase in public

18、 sector borrowing during 1990s the repo transactions became more attractive and their share increased within OBS items. Repo transactions were subsequently excluded from OBS items and included into balance sheet. Since 2

19、000 the use of derivative financial instruments has become widespread and after excluding </p><p>　　III. PREVIOUS STUDIES</p><p>　　There are a number of studies on the changing patterns of the s

20、tructure of banks' income with the inclusion of OBS activities. Among them, Rogers and Sinkey (1999:8) investigated the relationship between the non-traditional activities and some variables by analyzing financial st

21、atements of 8.931 banks for the period 1989-1993. They found a negative and significant relationship between net interest margin and non-traditional activities. In addition, they argued that mostly the big banks focused

22、o</p><p>　　Davis and Tuori (2000) analyzed the structure of banks' income in OECD countries for the period 1979-1995, using the data on bank profitability. They found evidence of changes in the income st

23、ructure from interest incometo non-interest income, with rapid growth of OBS activities in most of the EU countries. In addition, their results indicate that larger banks tend to maintain high levels of non-interest inco

24、me. In addition to the analysis done on the changing patterns of the structure of banks'</p><p>　　Hassan (1993:33) examined the relationship between OBS activities and market risk of large commercial ban

25、ks of the US. He found that OBS activities contribute to the overall diversification of the bank portfolio risk by reducing the total risk. Nevertheless, OBS items do not influence the systematic risk of banks and this m

26、ay be due to the fact that OBS items are not a concern of well- diversified stockholders.</p><p>　　Chaudhry (1994) investigated the impact of OBS activities on commercial banks' exposure to market-based

27、risk in the US by utilizing a two-stage model. He found that larger banks are more efficient in interest rate risk management as compared to the smaller ones. In contrast, in their study, DeYoung and Roland, (2001) found

28、 that the banks' earnings volatility increased when banks tilted their product mixes towards fee based activities and away from traditional intermediation activities. Lepetit e</p><p>　　More recently, Ka

29、rim and Gee (2007: 5) examined how OBS activities of the locally owned commercial banks in Malaysia affected the performance of the banks through banks' exposure to various forms of risks, bank profit, leverage and l

30、iquidity by conducting a panel regression and indicated that only the market risk is significantly positively related with OBS activities. According to them, this might be due to the fact that OBS activities were not the

31、 main source of funds for these banks since the</p><p>　　As we mentioned in the previous section, although there has been an increasing trend in the OBS bank activities in Turkey, there are no studies which

32、examine the effects of OBS activities on the bank's performance.</p><p>　　IV. METHODOLOGY AND DATA</p><p>　　This study examines the influence of OBS activities on the performance of Turkish

33、commercial banks in terms of banks' risk, profitability, leverage, and liquidity. The study starts with the analysis of the effect of OBS activities on bank risk exposures. The first estimation takes into account the

34、 influence of OBS activities on banks' market risk, unsystematic risk, and total risk. The traditional market model which assumes that banks are subject to systematic risk and unsystematic risk will be </p>&l

35、t;p>　　Systematic risk is non-diversifiable since it resulted from changes in the market and economic environment where the bank operates and therefore, known as market risk. On the other hand, the bank-specific risk i

36、s measured by unsystematic risk and can be diversified with proper portfolio management. The traditional market model is given by Equation.</p><p>　　V. EMPIRICAL FINDINGS</p><p>　　A. Off-Balance

37、 Sheet Activities and the Risks of Locally-Owned Commercial Banks</p><p>　　The results of the Hausman test are presented in Table 1. The null hypothesis that the unobserved effect is independent from other e

38、xplanatory variables cannot be rejected. Hence, the random effect model will be used to estimate the relationship between OBS activities and bank's performance.</p><p>　　B. Off-Balance Sheet Activities a

39、nd Bank's Profitability</p><p>　　To further analyze the impact of OBS activities on bank's performance, we also run the estimation with stock returns and returns on equity ratio as the dependent vari

40、ables. This is because, besides risk exposures, OBS activities might also affect bank's profitability. The results of the estimation of the effect of OBS activities on bank's profitability are presented in Table

41、5. Based on the results, it is clear that OBS activities improve bank's stock returns, which is statistically significant </p><p><b>　　譯文</b></p><p>　　中間業(yè)務(wù)對(duì)商業(yè)銀行業(yè)績(jī)的影響:一個(gè)新興的市場(chǎng)角度<

42、;/p><p>　　博拉；索克；莎莎；皮納爾</p><p><b>　　摘要</b></p><p>　　本文分析了伊斯坦布爾證交所上市的商業(yè)銀行，其中間業(yè)務(wù)對(duì)銀行經(jīng)營(yíng)業(yè)績(jī)的影響。我們使用四個(gè)績(jī)效評(píng)估措施，包括：銀行的風(fēng)險(xiǎn)承擔(dān)、盈利能力、杠桿率和流動(dòng)性狀況。我們發(fā)現(xiàn)，銀行本身固有的風(fēng)險(xiǎn)和匯率風(fēng)險(xiǎn)都與商業(yè)銀行的中間業(yè)務(wù)有著積極的關(guān)系。這表明，中間業(yè)

43、務(wù)增加了土耳其商業(yè)銀行的固有風(fēng)險(xiǎn)和外匯風(fēng)險(xiǎn)。這種關(guān)系可能會(huì)警告銀行在市場(chǎng)上使用中間業(yè)務(wù)的投機(jī)行為。研究結(jié)果還表明，由于銀行的套期保值觀念，提高銀行的股票回報(bào)，會(huì)在股本回報(bào)率上會(huì)產(chǎn)生負(fù)面影響。此外，中間業(yè)務(wù)活動(dòng)杠桿或流動(dòng)性沒有顯著地影響。 </p><p>　　關(guān)鍵詞: 銀行業(yè); 中間業(yè)務(wù); 風(fēng)險(xiǎn); 伊斯坦布爾證交所; 土耳其</p><p><b>　　1 引言</b>

44、;</p><p>　　在今天的金融市場(chǎng)，在商業(yè)銀行中，一個(gè)引人注目的發(fā)展趨勢(shì)是銀行越來越傾向于從事中間業(yè)務(wù)，即資產(chǎn)負(fù)債表外活動(dòng)。近年來，金融市場(chǎng)的發(fā)展和管制的放松、金融創(chuàng)新的改善和銀行利潤(rùn)的降低，并且由于低質(zhì)量的貸款申請(qǐng)者，這些都促使銀行提供新的產(chǎn)品和服務(wù)來增加他們的利潤(rùn)(杰瑞曼，2005)。愛德華茲和米什金(1995)認(rèn)為，傳統(tǒng)銀行的利率已經(jīng)降低了，而中間業(yè)務(wù)活動(dòng)卻一直在增加。傳統(tǒng)銀行的盈利能力下降，以及不斷

45、增加的市場(chǎng)競(jìng)爭(zhēng)力，都迫使銀行進(jìn)行中間業(yè)務(wù)活動(dòng)。易卜拉欣博士和哈桑(2004)分析了銀行傳統(tǒng)業(yè)務(wù)和非傳統(tǒng)業(yè)務(wù)的利潤(rùn)。他們認(rèn)為，銀行提高非利息收入，主要是源于新形式的金融工具。</p><p>　　中間業(yè)務(wù)或與服務(wù)費(fèi)有關(guān)的項(xiàng)目，如：擔(dān)保、委托和衍生品有時(shí)成為銀行收入的主要來源。商業(yè)銀行通過從事中間業(yè)務(wù)活動(dòng)，除了能夠獲得較高的收益，銀行還可以避免監(jiān)管成本和稅收成本，因?yàn)?，存款?zhǔn)備金率和存款保險(xiǎn)保費(fèi)等等費(fèi)用是不計(jì)入銀行的

46、中間業(yè)務(wù)的。不過，這些活動(dòng)可能涉及到一些風(fēng)險(xiǎn)，如市場(chǎng)、業(yè)務(wù)和信貸風(fēng)險(xiǎn)，這可能會(huì)影響到銀行的償付能力和流動(dòng)性。另一方面，商業(yè)銀行的金融衍生品活動(dòng)的顯著增長(zhǎng)，為其帶來了豐厚的利潤(rùn)，但也承擔(dān)了國內(nèi)市場(chǎng)的信貸風(fēng)險(xiǎn)和國際市場(chǎng)的外匯風(fēng)險(xiǎn)。金融衍生品減輕了這些風(fēng)險(xiǎn)，因此銀行就可以不用對(duì)其中間業(yè)務(wù)進(jìn)行大的調(diào)整。</p><p>　　本文旨在研究在伊斯坦布爾證交所上市的商業(yè)銀行，其中間業(yè)務(wù)對(duì)銀行經(jīng)營(yíng)業(yè)績(jī)的影響。我們使用四個(gè)績(jī)效評(píng)估

47、措施，包括：銀行的風(fēng)險(xiǎn)承擔(dān)、盈利能力、杠桿率和流動(dòng)性狀況。對(duì)銀行績(jī)效的影響主要通過銀行的各種形式風(fēng)險(xiǎn)、銀行利潤(rùn)、杠桿率和流動(dòng)性等表示出來。只有市場(chǎng)風(fēng)險(xiǎn)與銀行中間業(yè)務(wù)的活動(dòng)顯著正相關(guān)。因?yàn)槲覀儼l(fā)現(xiàn)，目前在土耳其還沒有人對(duì)這方面進(jìn)行相關(guān)的研究，因此，我們?cè)噲D填補(bǔ)這個(gè)空白。</p><p>　　本文的內(nèi)容框架如下，第二部分介紹了土耳其商業(yè)銀行的背景，及其中間業(yè)務(wù)；第三部分則提供了一個(gè)文獻(xiàn)綜述；第四部分則是研究討論方法；

48、第五部分是實(shí)證研究結(jié)果與分析。第六部分是結(jié)論。</p><p>　　2 土耳其的商業(yè)銀行及其中間業(yè)務(wù)的發(fā)展</p><p>　　1982年之后，土耳其，委托性收費(fèi)被排除在資產(chǎn)負(fù)債表之外，成為銀行的資產(chǎn)負(fù)債表外活動(dòng)，也稱為中間業(yè)務(wù)的項(xiàng)目之一。在接下來的幾年里，它仍然是銀行主要的中間業(yè)務(wù)項(xiàng)目。隨著公共部門在90年代借貸的增加，回購交易變得更有吸引力，回購交易隨后被排除在列入資產(chǎn)負(fù)債表之外，并成

49、為商業(yè)銀行的中間業(yè)務(wù)。自2000年以來，隨著金融衍生工具的普遍使用，繼安全托管和質(zhì)押證券之后，衍生品構(gòu)成為銀行最主要的中間業(yè)務(wù)項(xiàng)目，在2008年底，占到了中間業(yè)務(wù)項(xiàng)目總數(shù)的43%。而安全托管和質(zhì)押證券項(xiàng)目，作為中間業(yè)務(wù)的子業(yè)務(wù)項(xiàng)目。根據(jù)研究，保管和質(zhì)押證券項(xiàng)目自2005年以來約占95%。圖1展示了衍生品交易2002 - 2007年期間的增加趨勢(shì)。由于這一事實(shí)，自全球金融危機(jī)以來，銀行減少了其資產(chǎn)負(fù)債表的外匯項(xiàng)目。</p>

50、<p>　　3 先前的相關(guān)研究，文獻(xiàn)綜述</p><p>　　有許多學(xué)者，對(duì)銀行中間業(yè)務(wù)的收入結(jié)構(gòu)的變化模式進(jìn)行了研究。其中，羅杰斯和辛基在1999年通過分析1989 - 1993年期間銀行的財(cái)務(wù)報(bào)表，對(duì)銀行的一些非傳統(tǒng)業(yè)務(wù)活動(dòng)和一些變量之間的關(guān)系進(jìn)行了研究。他們發(fā)現(xiàn)凈息差和非傳統(tǒng)的活動(dòng)之間存在顯著且消極的關(guān)系。此外，他們認(rèn)為，主要的大銀行都專注于非商業(yè)化活動(dòng)。</p><p>

51、　　戴維斯和托瑞于2000年對(duì)1979 - 1995年期間，對(duì)經(jīng)合組織會(huì)員國家的銀行收入結(jié)構(gòu)進(jìn)行了分析，使用的是銀行的盈利數(shù)據(jù)。他們發(fā)現(xiàn)，在大多數(shù)歐盟國家，銀行的利息收入結(jié)構(gòu)發(fā)生了變化，銀行的利息收入得到了快速的增長(zhǎng)。此外，他們的研究結(jié)果表明，大型銀行都傾向于維持高水平的非利息收入。除了對(duì)銀行的收入結(jié)構(gòu)變化進(jìn)行分析，還對(duì)銀行的中間業(yè)務(wù)活動(dòng)進(jìn)行了分析，他們還對(duì)與這些活動(dòng)相關(guān)的風(fēng)險(xiǎn)做了實(shí)證調(diào)查。在這些研究中，博伊德和格雷厄姆(1986)檢查

52、了1971 - 1983年期間，銀行多樣化非傳統(tǒng)銀行活動(dòng)的風(fēng)險(xiǎn)。他們發(fā)現(xiàn)非銀行活動(dòng)和風(fēng)險(xiǎn)之間沒有明顯的關(guān)系。然而，1971 – 1977年期間，非銀行活動(dòng)呈正相關(guān)風(fēng)險(xiǎn)趨勢(shì)。他們強(qiáng)調(diào)，當(dāng)對(duì)銀行的中間業(yè)務(wù)活動(dòng)沒有進(jìn)行嚴(yán)格的監(jiān)管時(shí)，風(fēng)險(xiǎn)和中間業(yè)務(wù)活動(dòng)之間存在顯著的聯(lián)系。</p><p>　　哈桑(1993)檢查了中間業(yè)務(wù)活動(dòng)和大型商業(yè)銀行的市場(chǎng)風(fēng)險(xiǎn)之間的關(guān)系。他發(fā)現(xiàn)中間業(yè)務(wù)活動(dòng)導(dǎo)致銀行的總體多元化投資組合風(fēng)險(xiǎn)降低了總風(fēng)

53、險(xiǎn)。然而，中間業(yè)務(wù)活動(dòng)并不影響銀行的系統(tǒng)性風(fēng)險(xiǎn)，這可能是由于這樣的事實(shí): 中間業(yè)務(wù)活動(dòng)本身沒有問題，是多元化的股東問題。</p><p>　　喬杜里(1994)研究了中間業(yè)務(wù)活動(dòng)對(duì)美國商業(yè)銀行的市場(chǎng)風(fēng)險(xiǎn)的影響，使用的是兩階段模型。相比于較小的銀行，他發(fā)現(xiàn)大銀行能夠更有效對(duì)利率風(fēng)險(xiǎn)進(jìn)行管理。而羅蘭則認(rèn)為相反，他發(fā)現(xiàn)隨著銀行的中間業(yè)務(wù)的增加，遠(yuǎn)離傳統(tǒng)的中介活動(dòng)后，其收益獲得顯著的增加。拉彼得等（2005)發(fā)現(xiàn)，增加銀

54、行的中間業(yè)務(wù)活動(dòng)可以顯著降低銀行的風(fēng)險(xiǎn)，相比于銀行的傳統(tǒng)中介活動(dòng)。</p><p>　　最近,卡里姆和吉姆于2007年檢查了商業(yè)銀行的中間業(yè)務(wù)活動(dòng)如何影響了馬來西亞本地的商業(yè)銀行。對(duì)銀行績(jī)效的影響主要通過銀行的各種形式風(fēng)險(xiǎn)、銀行利潤(rùn)、杠桿率和流動(dòng)性等表示出來。只有市場(chǎng)風(fēng)險(xiǎn)與銀行中間業(yè)務(wù)的活動(dòng)顯著正相關(guān)。根據(jù)他們的說法，這可能是由于中間業(yè)務(wù)的內(nèi)在特性。此外，他們發(fā)現(xiàn)股票收益率與銀行中間業(yè)務(wù)是負(fù)相關(guān)關(guān)系。股本回報(bào)率、

55、杠桿率和流動(dòng)性等與中間業(yè)務(wù)則沒有明顯關(guān)系。</p><p>　　正如我們?cè)谇耙还?jié)中提到的，土耳其商業(yè)銀行的中間業(yè)務(wù)活動(dòng)雖然有增加的趨勢(shì)，但是沒有相關(guān)的研究來探討商業(yè)銀行的中間業(yè)務(wù)活動(dòng)銀行績(jī)效的影響。 </p><p>　　4 本研究方法和數(shù)據(jù)</p><p>　　本文研究了土耳其商業(yè)銀行的中間業(yè)務(wù)對(duì)其績(jī)效的影響，主要是從商業(yè)銀行的銀行風(fēng)險(xiǎn)、盈利能力、影響力和流動(dòng)性等

56、幾方面來分析的。這項(xiàng)研究剛開始分析了商業(yè)銀行中間業(yè)務(wù)對(duì)銀行風(fēng)險(xiǎn)承擔(dān)的影響。對(duì)這一影響，需要考慮銀行的非系統(tǒng)性風(fēng)險(xiǎn)、市場(chǎng)風(fēng)險(xiǎn)和總風(fēng)險(xiǎn)等。傳統(tǒng)的市場(chǎng)模型，假設(shè)銀行系統(tǒng)性風(fēng)險(xiǎn)和非系統(tǒng)性風(fēng)險(xiǎn)，用于評(píng)估市場(chǎng)風(fēng)險(xiǎn)，本文利用非系統(tǒng)性風(fēng)險(xiǎn)，對(duì)商業(yè)銀行的總風(fēng)險(xiǎn)進(jìn)行了研究。</p><p>　　系統(tǒng)性風(fēng)險(xiǎn)是不可分散的風(fēng)險(xiǎn)，因?yàn)樗S著市場(chǎng)和經(jīng)濟(jì)環(huán)境的變化而變化，因此，也被稱為市場(chǎng)風(fēng)險(xiǎn)。另一方面，銀行需要對(duì)非系統(tǒng)性風(fēng)險(xiǎn)進(jìn)行特別的評(píng)估，并

57、且可以適當(dāng)?shù)剡M(jìn)行多元化投資組合管理。</p><p><b>　　5 實(shí)證研究結(jié)果</b></p><p>　　A 中間業(yè)務(wù)活動(dòng)和本地的商業(yè)銀行的風(fēng)險(xiǎn)</p><p>　　研究結(jié)果表明，中間業(yè)務(wù)對(duì)銀行績(jī)效的影響是獨(dú)立于其他解釋變量的。因此，隨機(jī)效應(yīng)模型將被用來評(píng)估中間業(yè)務(wù)活動(dòng)和商業(yè)銀行績(jī)效之間的關(guān)系。</p><p>　

58、　B. 中間業(yè)務(wù)活動(dòng)和銀行的盈利能力</p><p>　　為了進(jìn)一步分析中間業(yè)務(wù)活動(dòng)對(duì)商業(yè)銀行績(jī)效的影響，我們將股票收益和股本回報(bào)率率作為評(píng)估的指標(biāo)。這是因?yàn)?，除了風(fēng)險(xiǎn)外，中間業(yè)務(wù)活動(dòng)也會(huì)影響銀行的盈利能力。中間業(yè)務(wù)活動(dòng)對(duì)商業(yè)銀行績(jī)效的影響，根據(jù)研究結(jié)果，兩者有很明顯的關(guān)系，中間業(yè)務(wù)活動(dòng)可以提高銀行的股票回報(bào)。然而,股本回報(bào)率卻與中間業(yè)務(wù)活動(dòng)呈現(xiàn)負(fù)相關(guān)的關(guān)系。這一消極的關(guān)系可能是因?yàn)楣蓶|的期望回報(bào)率的下降，并且中