中国商业银行竞争力分析外文翻译.doc

外文翻译 原文 The Competitiveness of State-owned Commercial Banks in China Material source:University of Hertfordshire,Business School,Finance and Economics,for the Degree of Doctor of Philosophy Author:Jianlu Shang 1. Background of the current study After three decades of market-oriented reform, the Chinese banks are considered to be successful facing the financial crisis in 2008. The three floated Chinese banks (ICBC, BOC and CCB) “are now the worlds largest by market value after the financial crisis destroyed the value of most US and European banks”(BBC news, 2009). An increasing amount of theoretical and empirical studies have examined the challenges and opportunities facing the Chinese banking industry from 1990s (e.g. Xu, 1998; Lardy, 1998; Huang, 1998; Chen, et. al., 2005; Fu and Heffernan, 2007). A critical analysis of the Chinese banking sector in the broad context of China‘s accession to the WTO and economic reform is highly significant. A large body of theoretical and empirical studies have established that greater financial development fosters growth and that financial development is related to a country‘s institutional characteristics, including its legal framework (Levine and Haubrich, 2004). A cross-country literature has found that growth in external dependent sectors is faster with more-competitive banking systems (Claessens and Laeven, 2004). Well-developed financial markets make it easier for firms to attract needed financing (Rajan and Zingales, 1998) as well as for improving the overall economic efficiency through risk-taking, risk-sharing and risk-reduction mechanisms offered by the modern banking and financial facilities. Although some of the relationships between competition and banking system performance have been analysed in the theoretical literature and even empirically in some country studies, cross-country empirical research has so far mainly investigated the effects of regulations and specific structural or other factors on banking perf