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1、过程管理材料4： 浙江师范大学行知学院本科毕业论文外文翻译本科毕业论文外文翻译译文：采纳网上银行的影响因素银行与金融杂志2010年3月 ，第34卷，第7期，1650-1663摘要在本文中，我们研究的决定因素，银行为他们的顾客决定采用交易的方式，美国商业银行2003-2006年期间的面板表明，银行的具体特点是银行的重要决定因素采纳决策，竞争也扮演着重要的角色。竞争的程度是有关的银行存款不同的市场和相对市场份额的地理重叠。特别是，银行采用网上银行服务在市场上的竞争对手已经采用了这种技术。本文的第一构建是当地的金融市场，利用地理市场定义分隔的。JEL分类 O31;G21;L10;C41关键词时间模型
2、；技术采用；网上银行；竞争 （一）介绍 互联网的到来不仅带动了新兴产业的发展，它的商业模式也改变了许多国家的传统模式，包括美国银行业。在1995年，安全第一网络银行是第一家互联网银行创建。大约在同一时间，富国银行（Wells Fargo）建立。然而，对于大多数的银行，网上存在的最初几年只是意味着创造一个静态的企业网站。银行很快就开始开发应用软件，第一次允许客户访问他们的帐户，后来他们在网上进行金融操作。到2003年年底，有一半以上在美国的商业银行提供的网上银行服务他们的客户。 本文分析了一个银行决定采用网上银行的决定因素。特别是，我们专注于本采用的战略考虑，主要是为了应对在同一市场的竞争对手通
3、过的决定。我们发现，在市场上的竞争对手已经通过网上银行操作的银行往往采取网上银行的服务简易，他的影响后仍控制标准的措施在市场上的竞争程度和其他市场特性的具体措施，如大小，以及一家银行的财务健康状况的标准衡量，也是重要的决定因素。有相当部分的文献，特别是在产业组织领域，采用新技术方面的最佳的公司。例如，奥斯特（1982）研究了氧气顶吹转炉炼钢的基本介绍。她做出了这个决定，因为技术驱动的，独立作出的决定后来论文引入了战略上的考虑，主要是通过使用一个简要统计的赫芬达尔指数，竞争的激烈程度。在银行业的战略组成部分，研究在麦克道尔（1987年）通过自动取款机（ATM）等， 还有2005年的信贷通过。Ka
4、rshenas和斯通曼（1993）总结的决定因素，决定采用新的技术，在竞争激烈的市场中，这些决定因素是围绕四个不同的机制：等级，库存，订单，和疫情的影响。等级的影响，主要涉及企业规模，源于一个事实，即采用成本通常不到比例增加与公司的大小随着时间的推移和减少。其结果是，公司采用根据其规模大小：大企业采用新技术。股票的影响的理念，采用新技术带来的好处，从战略上取决于公司已采用它的数量。订单的影响出现时采纳的回报取决于企业已采用。例如，由于抢占动机：公司可能采用新的技术，早后采用无利可图的竞争对手。最后，当越来越多的企业采纳，疫情的影响假设新技术的扩散速度更快。提供网上银行服务的决定，从更换现有的技
5、术研究，在通过文学经典的例子是不同的。而是与传统渠道，这不仅包括银行的分行，电话银行，网上银行并存。例如，打开一个新的帐户，要求客户访问银行分行，而这也是（连同自动柜员机）的主要途径收回或存款。在同一时间，网上银行为客户提供了多种产品的成本降低。不同的渠道是否相互替代或补充，是一个经验问题。 Corrocher（2006）发现，在意大利网上银行和物理存在（分支强度）的替代品。一种解释是：不太完善的银行（用较少的分支），网上银行是一种更有效的方式来访问新的客户。然而，在20世纪90年代末，美国银行在样品发现，分枝强度和网上银行是互补的，网上银行采用正面的影响银行的未来。尽管网上银行业务的重要性，
6、其采用的文献仍然很少。只有极少数的论文，研究过这些服务的需求。其中一个例子是（2003）研究这种技术在韩国的消费者通过的决定。笔者推断，规避风险和客户的惯性投资这个银行的新技术是不可能顺利的，银行采取可能出现的结果，其正面的口碑效应或对竞争对手的先发制人的动机。（二）网上银行采用的模式客户与银行交互的几种方法。虽然传统上，大部分交易发生在分行的柜台，新技术的银行客户降低了成本。例如自动柜员机（ATM）由20世纪80年代中期开始普及，使得一些交易变得更容易。电话银行，最初人类的操作和更高的语音自动化，减少需要访问一个银行的分行。近年来，特别是自1995年以来，互联网已使银行更容易，并允许机构为他
7、们的客户提供新的服务，从而进一步降低的一个分支办公室需要停止。建立一个交易网站的成本在最近几年有较大幅度下降，显着的成本节约，它需要非常有利可图的。可靠的交易网站设置的成本估计是很难获得的。赛讯咨询公司，一家金融咨询公司估计，在2000年建立一个内部的网上银行系统的成本超过50万美元，虽然成本大致一样，但是IT外包服务外包选项应该是像在更具吸引力，规模较小的银行我们的样本。我们的计量规范抓住了网上银行成本的时间趋势的一部分。关于边际成本，网上交易的成本估计为互联网的广泛使用，低至0.01美元的交易成本为1.10美元，这些成本节约的一个分支图1 在2003-2006年期间，通过网上银行的银行比例
8、有诱惑规模较小的银行采用这种技术。根据德扬（2001年），约1100家银行和储蓄机构经营的交易网站于1999年。在2003年初，这个数字上升到约4000家银行。其后，银行通过网上银行每季度约5的速度。到2006年约有6600家银行（占总数的80），网上银行他们的顾客的反应，图1反应出了最近几年的演变。显示了两种迥然不同的银行通过网上银行开始前的，那些尚未通过。非采用一般条款的存款（总资产），并有平均约80的分支机构。他们还工作和活动在更少的市场，非城市市场投入了较大的比例。早期采用的较大规模的，符合前面提到的排名效果，是很自然的有以下几个原因。其中主要的一个，正如前面提到的，是在线服务的安装成
9、本可能是不敏感的银行规模。此外，规模较小的银行面临更多的挑战。例如，弥敦道（1999）强调，社区银行（通常被定义为银行，总资产1亿美元或更少）更多地依赖于接触更紧密，更个性化的客户筛选。对于他们来说，可能获得更广阔的市场，更难以监测利润减少。（三）竞争的措施1.多市场接触指数本文的基础上，决定采用网上银行的想法，取决于竞争对手和超越以前被认为在文献中，市场集中度的行为。在银行业，扩大分行的数目和选择位置历来构成竞争的主要渠道之一。网上银行提供了另一种策略，以创造新的银行分行，而在相同的时间，降低了客户的交易成本。至少在短期内，提供网上银行服务的可能窃取客户的竞争对手，在类似的地理区域，重叠的分
10、行网络是非常重要的。 MMC指数帐户分配不同的权重银行，在不同的领域相一致，有不同的存款量这个因素。特别是如果银行i设有分行，在的集宓市场，并表示如家的一套经营的银行在市场成长，我们计算的MMC指数的DJ们表示区j存款的总和，在市场成长和Ij是一个指标函数，它的值为1，如果银行，j已经采取了在线银行业务在上一期间和另一边的通知，该指数不包括银行计算。这的排除避免一些虚假的相关性，我们估计从银行决定采取相应的变化，期间内的多市场接触。 2.赫芬达尔 - 赫希曼指数竞争对手所通过的决定并不一定是唯一的战略考虑，在银行的决定采用网上银行。在引言中讨论的文学提供了大量的证据显示，采用依赖于市场的特点，
11、在每家银行经营。除了需求方面的考虑，可能会影响网上银行的盈利能力（面向消费者的互联网接入，教育程度，收入水平，等等），盈利能力可能也取决于在每个市场的竞争水平。例如，一些标准的理论认为，竞争促进创新的方式来达到降低成本，或引入差异化的产品。 表1通过在2003-2006年期间为不同的值，在最初的2003 MMC指数在本文中，我们测量使用赫芬达尔 - 赫希曼指数（HHI）的竞争。相对于一般的分析在同一市场经营的企业之间的竞争，不同的银行有不同的地理区域中的活动。竞争的措施，其结果，也有特定的银行，反映每个银行操作在所有市场的平均条件。为此，我们计算的HHI为银行i的加权平均的所有的HHIs，在当
12、地市场的这家银行的经营的MMC指数相似，权重相对应的份额在每个市场中的银行i的存款总额。特别是，由下式给出的一个重要的关注，然而，网上银行银行竞争的性质改变，使银行分行的地理位置无关紧要。这种变化应该有一个对我们的业绩影响有限。首先，类似规模的银行有可能被暴露在竞争中由于通过其他机构的类似的增长，我们回归的常数项。其次，正如前面提到的，小银行的客户，像那些在我们的样本中通常将具有重要的价值，个性化的服务，它强调的是本地的组件。11原文：Strategic online banking adoptionJournal of Banking & Finance, Volume 34, Issue
13、7, July 2010, Pages 1650-1663Abstract In this paper we study the determinants of banks decisions to adopt a transactional website for their customers.Using a panel of commercial banks in the United States for the period 2003-2006, we show that although bank-specific characteristics are important det
14、erminants of banks adoption decisions, competition also plays a prominent role. The extent of competition is related to the geographic overlap of banks in different markets and their relative market share in terms of deposits. In particular, banks adopt online banking services earlier in markets whe
15、re their competitors have already adopted this technology. This paper is one of the first to construct local banking markets using the geographic market definitions delimited by the CASSIDIJEL classification:O31;G21;L10;C41Keywords:Duration models;Technological adoption;Online banking;Competition1.
16、IntroductionThe arrival of the Internet not only spurred the development of new industries but it also changed the business model of many others, including the banking sector in the United States. In 1995, the Security First Network Bank was the first Internet-only bank created. Around the same time
17、, Wells Fargo was the first brick and-mortar bank to establish its online presence. For most of the remaining banks, however, online presence in the first few years simply meant only the creation of a static corporate website. Banks soon started to develop software applications that first allowed cu
18、stomers to access their accounts and later allowed them to perform financial operations online. By the end of 2003, more than half of the commercial banks in the United States offered some online banking services to their customers. This paper analyzes the determinants of a banks decision to adopt o
19、nline banking. In particular, we focus on the strategic considerations of this adoption, mainly in response to the adoption decisions of competitors in the same market. We show that banks that operate in markets where competitors have already adopted online banking tend to adopt online banking servi
20、ces earlier.This effect persists even after controlling for the standard measures of the degree of competition in the market and other market characteristics.Bank-specific measures, such as size, as well as standard measures of a banks financial health are also important determinants.A considerable
21、segment of the literature, particularly in the field of industrial organization, regards the optimal adoption of new technologies by a firm. For example, Oster (1982) studies the introduction of the basic oxygen furnace used in steel making. She approaches this decision as technologically driven, in
22、dependent of the decisions made by competitors.1 Later papers have introduced strategic considerations, mainly through the use of the Herfindahl index as a summary statistic of the intensity of competition. In the banking industry this strategic component is studied in Hannan and McDowell (1984) and
23、 Hannan and McDowell (1987) in the adoption of automated teller machines (ATMs), and in Akhavein et al. (2005) for the adoption of credit scoring.2Karshenas and Stoneman (1993) summarize the determinants of the decisions to adopt a new technology in a competitive context.3 These determinants are str
24、uctured around four different mechanisms: rank, stock, order, and epidemic effects. Rank effects,mainly related to firm size, stem from the fact that adoption costs typically increase less than proportionally with the size of the firm and decrease over time. As a result, firms adopt according to the
25、ir size: Larger firms adopt the new technology earlier. Stock effects relate to the idea that the benefits from adopting a new technology depend strategically on the number of firms that have already adopted it. Order effects arise when the return from adoption depends on the order in which firms ha
26、ve adopted for example, because of preemption motives: Firms might adopt a new technology early to make later adoption unprofitable to competitors. Finally, epidemic effects assume that the diffusion of new technologies is faster when more firms have adopted them.The decision to provide online banki
27、ng services is different from the replacement of an existing technology studied in the classical examples in the adoption literature. Instead, online banking coexists with the traditional channels that include not only bank branches but also telephone banking. For example, opening a new account requ
28、ires the customer to visit the bank branch, and this is also (together with ATMs) the main way to withdraw or deposit money. At the same time, online banking reduces the cost of providing a wide variety of products to customers. Whether different channels substitute for or complement each other is a
29、n empirical question. Corrocher (2006) for example, finds that in Italy online banking and physical presence (measured as branching intensity) are substitutes. One interpretation is that, for less-established banks (with fewer branches), online banking is a more efficient way to access new clients.
30、In a sample of US banks in the late 1990s, however, DeYoung et al. (2007) find that branching intensity and online banking are complementary and show that online banking adoption positively affects the banks future performance.4Despite the importance of online banking, the literature on its adoption
31、 is still scarce. Very few papers have studied the demand for these services. One example is Chang (2003), who studies the consumer adoption decision of this technology in South Korea. The author infers that risk aversion and customer inertia make bank investments in this new technology unlikely to
32、be profitable.She concludes that bank adoption might arise as a result of its positive reputation effects or preemptive motivations toward competitors.2. The pattern of online banking adoptionCustomers interact with their banks in several ways. Although most transactions traditionally occurred at th
33、e branch counter, new technologies have reduced the costs to bank customers. For example, ATMs became widespread by the mid-1980s, making some transactions easier. Telephone banking, initially human operated and later voice-automated, reduced the need to visit a banks physical branch. In recent year
34、s, particularly since 1995,the Internet has made banking easier and allowed institutions to offer newer services to their customers, further reducing the need to stop by a branch office.The cost of setting up a transactional website has decreased substantially in recent years, making the significant
35、 cost savings it entails very profitable. Reliable estimates of the setup cost for a transactional website are difficult to obtain. Celent, a financial consulting company, estimated that in 2000 the cost of building an in-house online banking system exceeded $500,000, although the costs of outsourci
36、ng it were substantially smaller.9 The outsourcing option should be more attractive for smaller banks like the ones in our sample. Our econometric specification captures the cost of online banking as part of the time trend. Regarding marginal costs, the cost of an online transaction is estimated to
37、be as low as $0.01 compared to the cost of a transaction at a branch of $1.10 These cost savings together with the widespread use of the Internet Fig. 1. Proportion of banks that adopted online banking in the period 20032006.have enticed smaller banks to adopt this technology. According to DeYoung (
38、2001), about 1100 banks and thrifts operated a transactional website in 1999. This number increased to about 4000 banks at the beginning of 2003. Since then, banks have adopted online banking at a rate of about 5% per quarter. By the end of 2006 about 6600 banks (80% of the total) provided online ba
39、nking to their customers.Fig. 1 shows the evolution of adoption in recent years.shows the stark differences between banks that adopted online banking before the beginning of 2003 and those that had not yet adopted. Non-adopters were in general smaller in terms of deposits (and total assets) and had
40、on average 80% fewer branches. They also operated in fewer markets and devoted a larger proportion of their activities to nonurban markets. The larger size of earlier adopters, consistent with the rank effects previously mentioned, is natural for several reasons. The main one, as mentioned previousl
41、y, is that the setup cost of online services is not likely to be sensitive to the size of the bank. Beyond that, smaller banks face additional challenges. For example, Nathan (1999) emphasizes that community banks (usually defined as banks with total assets of $1 billion or less) rely more on closer
42、 and more personalized contact for customer screening. For them, the access to a wider market that is more difficult to monitor might be less profitable.3. Measures of competition3.1. The multimarket contact indexThis paper is based on the idea that the decision to adopt online banking depends on th
43、e behavior of competitors over and beyond the level of market concentration previously considered in the literature. In the banking industry, expanding the number of branches and choosing their location has traditionally constituted one of the main channels of competition. Online banking provides an
44、 alternative strategy to the creation of new bank branches, while at the same time it reduces customer transaction costs. At least in the short run, the provision of online banking services is likely to steal customers from competitors that operate in similar geographic areas, where overlapping of t
45、heir branch network is important. The MMC index accounts for this factor by assigning different weights to banks that coincide in different areas and have a different volume of deposits. In particular, if bank i has branches in the set Mi of markets and we denote as Bs the set of banks that operate
46、in market s, we compute the MMC index as where Djs denotes the sum of deposits of bank j in market s and Ij is an indicator function that takes the value 1 if bank j has adopted online banking in a previous period and 0 otherwise.12 Notice that the index excludes the bank for which it is computed. T
47、his exclusion avoids some spurious correlation in our estimations originating from the period in which the bank decides to adopt and the corresponding change in multimarket contact. 3.2. The HerfindahlHirschman index The adoption decision by competitors is not necessarily the only strategic consider
48、ation in a banks decision to adopt online banking. The literature discussed in the introduction provides substantial evidence showing that adoption depends on the characteristics of the markets in which each bank operates. In addition to demand- side considerations that are likely to influence the p
49、rofitability of online banking (consumer Internet access, education attainment, level of income, and so on), this profitability is likely to depend also on the level of competition in each market. Some standard theories, for example, suggest that competition spurs innovation as a way to achieve cost reductions or to introduce differentiated pro