各类绩效与评价模型.pptVIP

Chapter 5 ALTERNATIVE MODELS OF BANK PERFORMANCE（各類績效與評價模型） Traditional bank performance analysis carries three basic flaws（缺點） It ignores the wide diversity in strategies（忽略各種不同策略） pursued by different institutions A bank’s total assets no longer serve as a meaningful yardstick（總資產不再是有意義的標竿） when banks engage in off-balance sheet activities The analysis provides no direct information concerning how or which of the bank’s activities contribute to the creation of shareholder value （不能直接回答那些銀行的行為導致股東權益價值增加） The appropriate peer group（適當的同業）…as long as banks have a similar strategic focus and offer similar products and services, asset size and UBPR ratios can provide meaningful comparisons. To identify the appropriate peer institutions, management should consider the following: What is the bank’s strategic focus（主要策略）? What are the traditional balance sheet and off-balance sheet characteristics of firms with this focus（偏重表外或表內操作）? How do the bank’s activities affect its operating revenue（銀行透過何種行為影響營運收益）? A common starting point is to determine whether the bank’s strategy is more loan-driven or deposit-driven. A loan-driven（放款驅動） bank’s profitability is generally a function of net interest income (the margin) with loan volume a major factor. A deposit-driven（存款驅動） bank’s profitability is generally a function of noninterest income with franchise（特許權） value and deposit volume a major factor. One way to construct ratios that avoid the problems of off-balance sheet activities is to calculate ratios tied to a bank’s total operating revenue（營業收益） (net interest income plus noninterest income)-- (David Cates (1996)) The efficiency ratio （效率比率） Analysts strongly encourage banks, regardless of size, to meet fairly specific targets in this ratio. Because operating revenue includes both interest income and noninterest (fee-based) income, it captures all activities. Efficiency Ratio（效率比率） = noninterest expense / net operating revenue where net operating revenue = the su