外文翻译中国银行股份制改革.doc

PAGE PAGE 18 毕业设计（论文） 外文翻译 题 目 中国银行股份制改革成果 分析 专 业 班 级 学 生 指导教师 年 Bank ownership and efficiency in China: What will happen in the world’s largest nation? Allen N. Berger Wharton Financial Institutions Center Iftekhar Hasan Rensselaer Polytechnic Institute Mingming Zhou School of Management, University of Alaska Fairbanks Received 15 December 2006; accepted 22 May 2007 Abstract China is reforming its banking system, partially privatizing and taking on minority foreign ownership of three of its dominant ‘‘BigFour” state-owned banks. This paper helps predict the effects by analyzing the efficiency of Chinese banks over 1994–2003. Findings suggest that Big Four banks are by far the least efficient; foreign banks are most efficient; and minority foreign ownership is associated with significantly improved efficiency. We present corroborating robustness checks and offer several credible mechanisms through which minority foreign owners may increase Chinese bank efficiency. These findings suggest that minority foreign ownership of the Big Four will likely improve performance significantly. Keywords: China; Banks; Efficiency; Foreign ownership 1. Introduction China’s economy has been growing about 10% per year in real terms over the last decade, and is projected by some to become the world’s largest economy in the coming decades.This rapid growth may be largely linked to the globalization of trade, but China has yet to ‘‘globalize” its banking sector. Chinese banking is dominated by four very large state-owned banks – the ‘‘Big Four” – with about three-fourths of industry assets, and very few foreign banks. As well, China’s legal and financial systems are not well developed – even by the standards of most developing nations. Research on developing nations and on the financegrowth nexus strongly suggests that the observed high growth rates cannot continue indefinitely without significant r