采納網(wǎng)上銀行的影響因素畢業(yè)論文外文翻譯

1、本科畢業(yè)論文外文翻譯譯文：采納網(wǎng)上銀行的影響因素銀行與金融雜志2010年3月 ，第34卷，第7期，1650-1663摘要在本文中，我們研究的決定因素，銀行為他們的顧客決定采用交易的方式，美國商業(yè)銀行2003-2006年期間的面板表明，銀行的具體特點是銀行的重要決定因素采納決策，競爭也扮演著重要的角色。競爭的程度是有關(guān)的銀行存款不同的市場和相對市場份額的地理重疊。特別是，銀行采用網(wǎng)上銀行服務(wù)在市場上的競爭對手已經(jīng)采用了這種技術(shù)。本文的第一構(gòu)建是當(dāng)?shù)氐慕鹑谑袌?，利用地理市場定義分隔的。jel分類 o31;g21;l10;c41關(guān)鍵詞時間模型；技術(shù)采用；網(wǎng)上銀行；競爭 （一）介紹 互聯(lián)網(wǎng)的到來不僅帶

2、動了新興產(chǎn)業(yè)的發(fā)展，它的商業(yè)模式也改變了許多國家的傳統(tǒng)模式，包括美國銀行業(yè)。在1995年，安全第一網(wǎng)絡(luò)銀行是第一家互聯(lián)網(wǎng)銀行創(chuàng)建。大約在同一時間，富國銀行（wells fargo）建立。然而，對于大多數(shù)的銀行，網(wǎng)上存在的最初幾年只是意味著創(chuàng)造一個靜態(tài)的企業(yè)網(wǎng)站。銀行很快就開始開發(fā)應(yīng)用軟件，第一次允許客戶訪問他們的帳戶，后來他們在網(wǎng)上進(jìn)行金融操作。到2003年年底，有一半以上在美國的商業(yè)銀行提供的網(wǎng)上銀行服務(wù)他們的客戶。 本文分析了一個銀行決定采用網(wǎng)上銀行的決定因素。特別是，我們專注于本采用的戰(zhàn)略考慮，主要是為了應(yīng)對在同一市場的競爭對手通過的決定。我們發(fā)現(xiàn)，在市場上的競爭對手已經(jīng)通過網(wǎng)上銀行操作

3、的銀行往往采取網(wǎng)上銀行的服務(wù)簡易，他的影響后仍控制標(biāo)準(zhǔn)的措施在市場上的競爭程度和其他市場特性的具體措施，如大小，以及一家銀行的財務(wù)健康狀況的標(biāo)準(zhǔn)衡量，也是重要的決定因素。有相當(dāng)部分的文獻(xiàn)，特別是在產(chǎn)業(yè)組織領(lǐng)域，采用新技術(shù)方面的最佳的公司。例如，奧斯特（1982）研究了氧氣頂吹轉(zhuǎn)爐煉鋼的基本介紹。她做出了這個決定，因為技術(shù)驅(qū)動的，獨立作出的決定后來論文引入了戰(zhàn)略上的考慮，主要是通過使用一個簡要統(tǒng)計的赫芬達(dá)爾指數(shù)，競爭的激烈程度。在銀行業(yè)的戰(zhàn)略組成部分，研究在麥克道爾（1987年）通過自動取款機（atm）等， 還有2005年的信貸通過。karshenas和斯通曼（1993）總結(jié)的決定因素，決定采用

4、新的技術(shù)，在競爭激烈的市場中，這些決定因素是圍繞四個不同的機制：等級，庫存，訂單，和疫情的影響。等級的影響，主要涉及企業(yè)規(guī)模，源于一個事實，即采用成本通常不到比例增加與公司的大小隨著時間的推移和減少。其結(jié)果是，公司采用根據(jù)其規(guī)模大小：大企業(yè)采用新技術(shù)。股票的影響的理念，采用新技術(shù)帶來的好處，從戰(zhàn)略上取決于公司已采用它的數(shù)量。訂單的影響出現(xiàn)時采納的回報取決于企業(yè)已采用。例如，由于搶占動機：公司可能采用新的技術(shù)，早后采用無利可圖的競爭對手。最后，當(dāng)越來越多的企業(yè)采納，疫情的影響假設(shè)新技術(shù)的擴散速度更快。提供網(wǎng)上銀行服務(wù)的決定，從更換現(xiàn)有的技術(shù)研究，在通過文學(xué)經(jīng)典的例子是不同的。而是與傳統(tǒng)渠道，這不

5、僅包括銀行的分行，電話銀行，網(wǎng)上銀行并存。例如，打開一個新的帳戶，要求客戶訪問銀行分行，而這也是（連同自動柜員機）的主要途徑收回或存款。在同一時間，網(wǎng)上銀行為客戶提供了多種產(chǎn)品的成本降低。不同的渠道是否相互替代或補充，是一個經(jīng)驗問題。 corrocher（2006）發(fā)現(xiàn)，在意大利網(wǎng)上銀行和物理存在（分支強度）的替代品。一種解釋是：不太完善的銀行（用較少的分支），網(wǎng)上銀行是一種更有效的方式來訪問新的客戶。然而，在20世紀(jì)90年代末，美國銀行在樣品發(fā)現(xiàn)，分枝強度和網(wǎng)上銀行是互補的，網(wǎng)上銀行采用正面的影響銀行的未來。盡管網(wǎng)上銀行業(yè)務(wù)的重要性，其采用的文獻(xiàn)仍然很少。只有極少數(shù)的論文，研究過這些服務(wù)的需

6、求。其中一個例子是（2003）研究這種技術(shù)在韓國的消費者通過的決定。筆者推斷，規(guī)避風(fēng)險和客戶的慣性投資這個銀行的新技術(shù)是不可能順利的，銀行采取可能出現(xiàn)的結(jié)果，其正面的口碑效應(yīng)或?qū)Ω偁帉κ值南劝l(fā)制人的動機。（二）網(wǎng)上銀行采用的模式客戶與銀行交互的幾種方法。雖然傳統(tǒng)上，大部分交易發(fā)生在分行的柜臺，新技術(shù)的銀行客戶降低了成本。例如自動柜員機（atm）由20世紀(jì)80年代中期開始普及，使得一些交易變得更容易。電話銀行，最初人類的操作和更高的語音自動化，減少需要訪問一個銀行的分行。近年來，特別是自1995年以來，互聯(lián)網(wǎng)已使銀行更容易，并允許機構(gòu)為他們的客戶提供新的服務(wù)，從而進(jìn)一步降低的一個分支辦公室需要停

7、止。建立一個交易網(wǎng)站的成本在最近幾年有較大幅度下降，顯著的成本節(jié)約，它需要非常有利可圖的。可靠的交易網(wǎng)站設(shè)置的成本估計是很難獲得的。賽訊咨詢公司，一家金融咨詢公司估計，在2000年建立一個內(nèi)部的網(wǎng)上銀行系統(tǒng)的成本超過50萬美元，雖然成本大致一樣，但是it外包服務(wù)外包選項應(yīng)該是像在更具吸引力，規(guī)模較小的銀行我們的樣本。我們的計量規(guī)范抓住了網(wǎng)上銀行成本的時間趨勢的一部分。關(guān)于邊際成本，網(wǎng)上交易的成本估計為互聯(lián)網(wǎng)的廣泛使用，低至0.01美元的交易成本為1.10美元，這些成本節(jié)約的一個分支圖1 在2003-2006年期間，通過網(wǎng)上銀行的銀行比例有誘惑規(guī)模較小的銀行采用這種技術(shù)。根據(jù)德?lián)P（2001年），

8、約1100家銀行和儲蓄機構(gòu)經(jīng)營的交易網(wǎng)站于1999年。在2003年初，這個數(shù)字上升到約4000家銀行。其后，銀行通過網(wǎng)上銀行每季度約5的速度。到2006年約有6600家銀行（占總數(shù)的80），網(wǎng)上銀行他們的顧客的反應(yīng)，圖1反應(yīng)出了最近幾年的演變。顯示了兩種迥然不同的銀行通過網(wǎng)上銀行開始前的，那些尚未通過。非采用一般條款的存款（總資產(chǎn)），并有平均約80的分支機構(gòu)。他們還工作和活動在更少的市場，非城市市場投入了較大的比例。早期采用的較大規(guī)模的，符合前面提到的排名效果，是很自然的有以下幾個原因。其中主要的一個，正如前面提到的，是在線服務(wù)的安裝成本可能是不敏感的銀行規(guī)模。此外，規(guī)模較小的銀行面臨更多的挑

9、戰(zhàn)。例如，彌敦道（1999）強調(diào)，社區(qū)銀行（通常被定義為銀行，總資產(chǎn)1億美元或更少）更多地依賴于接觸更緊密，更個性化的客戶篩選。對于他們來說，可能獲得更廣闊的市場，更難以監(jiān)測利潤減少。（三）競爭的措施1.多市場接觸指數(shù)本文的基礎(chǔ)上，決定采用網(wǎng)上銀行的想法，取決于競爭對手和超越以前被認(rèn)為在文獻(xiàn)中，市場集中度的行為。在銀行業(yè)，擴大分行的數(shù)目和選擇位置歷來構(gòu)成競爭的主要渠道之一。網(wǎng)上銀行提供了另一種策略，以創(chuàng)造新的銀行分行，而在相同的時間，降低了客戶的交易成本。至少在短期內(nèi)，提供網(wǎng)上銀行服務(wù)的可能竊取客戶的競爭對手，在類似的地理區(qū)域，重疊的分行網(wǎng)絡(luò)是非常重要的。 mmc指數(shù)帳戶分配不同的權(quán)重銀行，在

10、不同的領(lǐng)域相一致，有不同的存款量這個因素。特別是如果銀行i設(shè)有分行，在的集宓市場，并表示如家的一套經(jīng)營的銀行在市場成長，我們計算的mmc指數(shù)的dj們表示區(qū)j存款的總和，在市場成長和ij是一個指標(biāo)函數(shù)，它的值為1，如果銀行，j已經(jīng)采取了在線銀行業(yè)務(wù)在上一期間和另一邊的通知，該指數(shù)不包括銀行計算。這的排除避免一些虛假的相關(guān)性，我們估計從銀行決定采取相應(yīng)的變化，期間內(nèi)的多市場接觸。 2.赫芬達(dá)爾 - 赫希曼指數(shù)競爭對手所通過的決定并不一定是唯一的戰(zhàn)略考慮，在銀行的決定采用網(wǎng)上銀行。在引言中討論的文學(xué)提供了大量的證據(jù)顯示，采用依賴于市場的特點，在每家銀行經(jīng)營。除了需求方面的考慮，可能會影響網(wǎng)上銀行的盈

11、利能力（面向消費者的互聯(lián)網(wǎng)接入，教育程度，收入水平，等等），盈利能力可能也取決于在每個市場的競爭水平。例如，一些標(biāo)準(zhǔn)的理論認(rèn)為，競爭促進(jìn)創(chuàng)新的方式來達(dá)到降低成本，或引入差異化的產(chǎn)品。 表1通過在2003-2006年期間為不同的值，在最初的2003 mmc指數(shù)在本文中，我們測量使用赫芬達(dá)爾 - 赫希曼指數(shù)（hhi）的競爭。相對于一般的分析在同一市場經(jīng)營的企業(yè)之間的競爭，不同的銀行有不同的地理區(qū)域中的活動。競爭的措施，其結(jié)果，也有特定的銀行，反映每個銀行操作在所有市場的平均條件。為此，我們計算的hhi為銀行i的加權(quán)平均的所有的hhis，在當(dāng)?shù)厥袌龅倪@家銀行的經(jīng)營的mmc指數(shù)相似，權(quán)重相對應(yīng)的份額在

12、每個市場中的銀行i的存款總額。特別是，由下式給出的一個重要的關(guān)注，然而，網(wǎng)上銀行銀行競爭的性質(zhì)改變，使銀行分行的地理位置無關(guān)緊要。這種變化應(yīng)該有一個對我們的業(yè)績影響有限。首先，類似規(guī)模的銀行有可能被暴露在競爭中由于通過其他機構(gòu)的類似的增長，我們回歸的常數(shù)項。其次，正如前面提到的，小銀行的客戶，像那些在我們的樣本中通常將具有重要的價值，個性化的服務(wù)，它強調(diào)的是本地的組件。原文：strategic online banking adoptionjournal of banking & finance, volume 34, issue 7, july 2010, pages 1650-1663ab

13、stract 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 determinants of banks adoption dec

14、isions, 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 where their competitors have alrea

15、dy 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. introductionthe arrival of the

16、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, wells fargo was the first bri

17、ck 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 customers to access their account

18、s 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 online banking. in particular, w

19、e 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 services earlier.this effect persist

20、s 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 segment of the literature, part

21、icularly 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, independent of the decisions made

22、 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 hannan and mcdowell (1987) in

23、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 structured around four different m

24、echanisms: 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 their size: larger firms adopt the

25、 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 have adopted for example, because

26、 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 banking services is different from t

27、he 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 requires the customer to visit the

28、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 an empirical question. corrocher

29、 (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. in a sample of us banks in the

30、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 is still scarce. very few pape

31、rs 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 be profitable.she concludes tha

32、t 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 the branch counter, new technolog

33、ies 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 years, particularly since 1995,the

34、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 cost savings it entails very p

35、rofitable. 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 outsourcing it were substantially smalle

36、r.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 be as low as $0.01 compared to

37、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 (2001), about 1100 banks and thr

38、ifts 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 banking to their customers.fig. 1

39、 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 on average 80% fewer branches.

40、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 previously, is that the setup cost of on

41、line 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 and more personalized contact

42、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 the behavior of competitors over

43、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 alternative strategy to the cr

44、eation 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 their branch network is importan

45、t. 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 in market s, we compute the mmc

46、 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. this exclusion avoids some spuri

47、ous 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 consideration in a banks decision to ad

48、opt 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 profitability of online banking (consumer internet access, education attainment,