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股权结构与盈利能力关系研究国内外文献综述目录股权结构与盈利能力关系研究国内外文献综述 (1)（一）国外文献综述 (1)1.资本结构与盈利能力的关系。
(1)2.股权结构和盈利能力的关系 (1)（二）国内文献综述 (2)（三）文献述评 (3)参考文献 (4)（一）国外文献综述1.资本结构与盈利能力的关系。
Titman(2009)根据400多家制造业上市公司的相关数据，分析企业在不同负债阶段下的盈利能力，得出如果公司负债过高，将影响公司的盈利能力[1]。
S. Ouchene等(2013)主要分析了美国银行优化资本结构的途径是提高二级资本，并提高了盈利能力2]。
Lepetit L等(2014)在研究影响银行盈利能力的因素时，深入分析了股东控制和美国次贷危机的影响。
研究发现，当股东控制相对集中时，银行的利润最大。
风险也较高，在一定程度上会影响公司的盈利能力[3]。
Daskalakis N等(2017)重点研究了外部环境、内部流动性和中小企业长期债务负债率的变化。
短期负债随外部环境的变化变化更为明显，而本案例中短期负债变化不大[4]。
Vecchiato M等(2018)以美国金融业为研究对象。
基于美国金融业的相关金融数据，将研究对象限定在金融业。
了解行业不同变化下的资本结构将影响其盈利能力，最终发现在美国金融行业资产收益率越低，公司经营业绩越好的研究结论[5]。
2.股权结构和盈利能力的关系Welch(2003)为了研究股权结构与盈利能力的关系，选取澳大利亚上市公司作为研究样本，同时选取了股权结构作为内生变量，实证结果表明，公司股权结构与盈利能力相关，且内部人持股与盈利能力有着非线性相关的关系[6]。
Andersson等(2004)选取了瑞典87家上市公司，以1999-2003年的数据为样本，以资产收益率和产权净利率为盈利能力指标，对公司的股权结构与盈利能力之间的关系进行实证研究。
研究结果表明，当内部股东表决权为5%、10%和20%时，表决权对盈利能力的影响也各不相同[7]。
文献出处:Enqvist, Julius, Michael Graham, and Jussi Nikkinen. "The impact of working capital management on firm profitability in different business cycles: evidence from Finland." Research in International Business and Finance 32 (2014): 36-49.原文The impact of working capital management on firm profitability in different business cycles: Evidence from Finland1. IntroductionThis paper investigates the effect of the business cycle on the link between working capital, the difference between current assets and current liabilities, and corporate performance. Efficient working capital management is recognized as an important aspect of financial management practices in all organizational forms. In acknowledgement of this importance, the CFO Magazine publishes an annual study of corporate working capital management performance in many countries. The extensive literature indicates that it impacts directly on corporate liquidity ( Kim et al., 1998 and Opler et al., 1999), profitability (e.g., Shin and Soenen, 1998, Deloof, 2003, Lazaridis and Tryfonidis, 2006 and Ukaegbu, 2014), and solvency (e.g.,Berryman, 1983 and Peel and Wilson, 1994).It is reasonable to assume that economy-wide fluctuations exogenous to the operations of the firm play an important role in the demand for firms’ products and any financing decision. Korajczyk and Levy (2003), for instance, suggest that firms time debt issuance based on economic conditions. Also, given that retained earnings are a significant component of working capital, business cycles can be said to affect all enterprises financing source through its effect on economic growth and sales. For example, when company sales weaken it engenders earning declines, thereby, affecting an important source of working capital. The recent global economic downturn with crimping consumer demand is an excellent example of this. The crisis,characterized by plummeting sales, put a squeeze on corporate revenues and profit margins, and subsequently, working capital requirements. This has brought renewed focus on working capital management at companies all over the world.The literature on working capital, however, only includes a handful of studies examining the impact of the business cycle on working capital. An early study by Merville and Tavis (1973) examined the relationship between firm working capital policies and business cycle. More recent studies have investigated the degree to which firms’ reliance on bank borrowing to finance working capital is cyclical (Einarsson and Marquis, 2001), the significance of firms’ external dependence for financing needs on the link between industry growth and business the cycle in the short term (Braun and Larrain, 2005), and the influence of business indicators on the determinants of working capital management (Chiou et al., 2006). These studies have independently linked working capital to corporate profitability and the business cycle. No study, to the best of our knowledge, has examined the simultaneous working capital–profitability and business cycle effects. There is therefore a substantial gap in the literature which this paper seeks to fill. Firms may have an optimal level of working capital that maximizes their value. However, optimal levels may change to reflect business conditions. Consequently, we contribute to the literature by re-examining the relationship between working capital management and corporate profitability by investigating the role business cycle plays in this relationship.We investigate this important relationship using a sample of firms listed on the Helsinki Stock Exchange and an extended study period of 18 years, between 1990 and 2008. Finnish firms tend to react strongly to changes in the business cycle, a characteristic that can be observed from the volatility of the Nasdaq OMX Helsinki stock index. The index usually declines quickly in poor economic states, but also makes fast recoveries. Finland, therefore, presents an excellent representative example of how the working capital–profitability relationship may change in different economic states. The choice of Finland is also significant as it also offers a representative Nordic perspective of this important working capital–profitability relationship. Hitherto no academic study has examined the workingcapital–profitability relationship in the Nordic region, to the best of our knowledge. Surveys on working capital management in the Nordic region carried out by Danske Bank and Ernst & Young in 2009 show, however, that many companies rated their working capital management performance as average, with a growing focus on optimizing working capital in the future. The surveys are, however, silent on how this average performance affected profitability. This gives further impetus for our study.Our results point to a number of interesting findings. First, we find that firms can enhance their profitability by increasing working capital efficiency. This is a significant result because many Nordic firms find it hard to turn good policy intentions on working capital management into reality (Ernst and Young, 2009). Economically, firms may gain by paying increasing attention to efficient working capital practices. Our empirical finding, therefore, should motivate firms to implement new work processes as a matter of necessity. We also found that working capital management is relatively more important in low economic states than in the economic boom state, implying working capital management should be included in firms’ financial planning. This finding corroborates evidence from the survey results in the Nordic region. Specifically, the survey results by Ernst and Young (2009) indicate that the largest potential for improvement in working capital could be found within the optimization of internal processes. This suggests that this area is not prioritized in times of business growth which is typical of the general economic expansion periods and is exposed in economic downturns.The remainder of this paper is organized as follows: Section 2 presents a brief review of the literature presents the hypotheses for empirical testing. Sections 3 and 4 discuss data and models to be estimated. The empirical results are presented in Section 5 and Section 6 concludes.2. Related literature and hypotheses2.1. Literature reviewMany firms have invested significant amounts in working capital and a number of studies have examined the determinants of this investment. For example Kim et al. (1998) and Opler et al. (1999), Chiou et al. (2006) and D’Mello et al. (2008) find thatthe availability of external financing is a determinant of liquidity. Thus restricted access to capital markets requires firms to hold larger cash reserves. Other studies show that firms with weaker corporate governance structures hold smaller cash reserves (Harford et al., 2008). Furthermore firms with excess cash holding as well as weak shareholder rights undertake more acquisitions. However there is a higher likelihood of value-decreasing acquisitions (Harford, 1999). Kieschnick and Laplante (2012) provide evidence linking working capital management to shareholder wealth. They find that the incremental dollar invested in net operating capital is less valuable than the incremental dollar held in cash for the average firm. The findings reported in the paper further suggest that the valuation of the incremental dollar invested in net operating working is significantly influenced by a firm's future sales expectations, its debt load, its financial constraints, and its bankruptcy risk. Further the value of the incremental dollar extended in credit to one's customers has a greater effect on shareholder wealth than the incremental dollar invested in inventories for the average firm. Taken together the results indicate the significance of working capital management to the firm's residual claimants, and how financing impacts these effects.A thin thread of the literature links business cycles to working capital. In a theoretical model, Merville and Tavis (1973) posit that investment and financing decisions relating to working capital should be made in chorus as components of each impact on the optimal policies of the others. The optimal working capital policy of the firm is, therefore, made within a systems context, components of which are related spatially over time in a chance-constrained format. Uncertainty in the wider business environment directly affects the system. For example, short run demand fluctuations disrupt anticipated incoming cash flows, and the collection of receivables faces increased uncertainty. The model provides a structure enabling corporate managers to solve complex inventory and credit policies for short term financial planning.In an empirical study, Einarsson and Marquis (2001) find that the degree to which companies rely on bank financing to cover their working capital requirements in the U.S. is countercyclical; it increases as the state of the economy weakens. Furthermore, Braun and Larrain (2005) find that high working capital requirementsar e a key determinant of a business’ dependence on external financing. They show that firms that are highly dependent on external financing are more affected by recessions, and should take more precautions in preparing for declines in the economic environment, including ensuring a secure level of working capital reserves during times of crisis. Additionally, Chiou et al. (2006) recognize the importance of the state of the economy and includes business indicators in their study of working capital determinants. They find a positive relationship between business indicator and working capital requirements.The relationship between profitability and working capital management in various markets has also attracted intense interest. In a comprehensive study, Shin and Soenen (1998) document a strong inverse relationship between working capital efficiency and profitability across U.S. industries. This inverse relationship is supported by Deloof (2003), Lazaridis and Tryfonidis (2006), and Garcia-Teruel and Martinez-Solano (2007)for Belgian non-financial firms, Greek listed firms, and Spanish small and medium size enterprises (SME), respectively. There are, however, significant divergences in the results relating to the effect of the various components of working capital on profitability. For example, whereas Deloof (2003) find a negative and statistically significant relationship between account payable and profitability, Garcia-Teruel and Martinez-Solano (2007) find no such measurable influences in a sample of Spanish SMEs.2.2. Hypotheses developmentThe cash conversion cycle (CCC), a useful and comprehensive measure of working capital management, has been widely used in the literature (see for example Deloof, 2003 and Gill et al., 2010). The CCC, measured in days, is the length of time between a company's expenditure for the procurement of raw materials and the collection of sales of finished goods. We adopt this as our measure of working capital management in this study. Previous studies have established a link between profitability and the CCC in different countries and market segments.Efficient working capital management practices aims to shorten the CCC to optimize to levels that best suites the requirements of the specific company (Hager,1976). A short CCC indicates quick collection of receivables and delays in payments to suppliers. This is associated with profitability given that it improves corporate efficiency in its use of working capital. Deloof (2003), however, posits that low inventory levels, tight trade credit policies and utilizing obtained trade credit as a means of financing can increase risks of inventory stock-outs, decrease sales stimulants and increase accounts payable costs by forgoing given cash discounts. Managers must, therefore, always consider the tradeoff between liquidity and profitability when managing working capital. A faster rise in the cost of higher investment in working capital relative to the benefits of holding more inventories and/or granting trade credit to customers may lead to decrease in corporate profitability. Deloof (2003), Wang (2002), Lazaridis and Tryfonidis (2006), and Gill et al. (2010) all propose a negative relationship between the cash conversion cycle and corporate profitability. Following this, we propose a general hypothesis stating the expected negative relationship between the cash conversion cycle and corporate profitability:6. ConclusionsWorking capital, the difference between current assets and current liabilities, is used to fund a business’ daily operations due to t he time lag between buying raw materials for production and receiving funds from the sale of the final product. With vast amounts invested in working capital, it can be expected that the management of these assets would significantly affect the profitability of a company. Consequently, companies strive to achieve optimize levels of working capital by paying bills as late as possible, turning over inventories quickly, and collecting on account receivables quickly. The optimal level, though, may vary to reflect business conditions. This study examines the role business cycle plays in the working capital-corporate profitability relationship using a sample of Finnish listed companies from years 1990 to 2008.We utilize the cash conversion cycle (CCC), defined as the length of time between a company's expenditure for the procurement of raw materials and the collection of sales of finished goods, as our measure of working capital. We further make use of 2 measures of profitability, return on assets and gross operating income.We document a negative relationship between cash conversion cycle and corporate profitability. Our results also show that companies can achieve higher profitability levels by managing inventories efficiently and lowering accounts receivable collection times. Furthermore shorter account payable cycles enhance corporate profitability. These results, which largely mirror findings from other countries, indicate effective management of firm's total working capital as well as its individual components has a significant effect on corporate profitability levels.Our results also show that economic conditions exhibit measurable influences on the working capital-profitability relationship. The low economic state is generally found to have negative effects on corporate profitability. In particular, we find that the impact of efficient working capital (CCC) on operational profitability increases in economic downturns. We also find that the impact of efficient inventory management and accounts receivables conversion periods, subsets of CCC, on profitability increase in economic downturns.Overall the results indicate that investing in working capital processes and incorporating working capital efficiency into everyday routines is essential for corporate profitability. As a result, firms should include working capital management in their financial planning processes. Additionally, firms generate income and employment. The reduced demand in economic downturns depletes working capital of firms and threatens their stability and, implicitly, their important function as generators of employment and income. National economic policy aimed at boosting cash flows of firms may increase business ability to finance working capital internally, especially during economic down turns.译文营运资本管理对不同商业周期公司盈利能力的影响：证据来自芬兰1.引言本文研究商业周期与营运资本两者之间的联系,流动资产和流动负债之间的区别,以及公司业绩问题。
中国商业银行盈利能力影响因素研究Analysis of the Factors Affecting the Profitabilityof Commercial Banks in China朱子文统计与应用数学学院统计学专业2009（1）班 2009710053指导教师：李小胜副教授内容摘要：作为以营利为目的的金融机构，盈利能力是商业银行生存和发展的重要基础。
但是由于我国现代经济发展起步较晚的原因，我国商业银行业在过去很长一段时间往往只把扩充银行资本量、扩大银行规模作为首要任务而忽略了对盈利能力的发展与提高。
针对“我国商业银行盈利能力影响因素”这个问题，许多专家学者都进行了深入的研究，并得出了很多极具价值的研究成果。
本文以资产收益率（ROA）作为衡量银行盈利能力的指标，选取了国内10家具有代表性的商业银行2004年～2009年间的相关数据作为分析样本，对影响我国商业银行盈利能力的主要因素进行了分析。
得到结论为：商业银行盈利能力与其权益资产率及国内经济状况呈正相关关系，与银行规模、银行信贷率及资产费用率呈负相关关系。
最后根据分析结果对如何提高我国商业银行盈利能力提出相应的建议。
关键词：商业银行；盈利能力；面板数据Abstract: As to the financial institutions for the purpose of profit, profit ability is an important foundation for the survival and development of commercial banks. But due to a late start of modern economic development in China, China's commercial banks for a long time in the past often only to overcharge bank capital, expand the scale of banks as the primary task and ignore the development and improvement of profitability. According to the "factors" the profitability of China's commercial banks influence the problem, many experts and scholars have conducted in-depth research, and obtained many valuable research results.In this paper, return on assets (ROA) as a measure of bank profitability index, the paper selects 10 representative commercial banks in 2004 to 2009 years relevant data as sample for analysis on the main factors affecting the profitability of commercial banks in China are analyzed. The conclusion is: the correlation between the profitability of commercial banks and equity ratio and the domestic economic situation positively, negatively correlates with the size of the bank, the bank credit rate and asset cost rate. Finally, according to results of the analysis of how to improve the profitability of commercial banks in China and put forward the corresponding suggestion.Keywords: Commercial Bank;Profitability;Panel data目录1.引言 (1)1.1研究意义 (1)1.2我国商业银行现状 (1)2. 文献综述 (2)2.1我国学者对商业银行盈利能力的研究 (2)2.2本文的研究特点 (2)3. 指标的选取 (3)3.1指标的选取原则 (3)3.2指标的选取 (3)4. 数据来源及研究方法介绍 (4)4.1数据来源 (4)4.2研究方法介绍 (4)5. 面板模型介绍 (5)5.1面板数据模型解析 (5)5.2面板模型的分类 (5)6.实证分析 (5)6.1实证分析步骤 (5)6.2实证分析结果 (8)7.实证结论分析 (8)7.1银行规模对商业银行盈利能力的影响 (8)7.2银行信贷率对对商业银行盈利能力的影响 (9)7.3权益资产率对商业银行盈利能力的影响 (9)7.4资产费用率对商业银行盈利能力的影响 (9)7.5国内经济状况对商业银行盈利能力的影响 (9)8.建议 (10)9.附言 (10)参考文献 (11)1.引言商业银行作以营利为目的的金融机构，盈利能力是其在经营过程中应当考虑的首要指标，对其生存和发展起到了至关重要的作用。
盈利能力的国外文献综述
随着全球化和国际化的发展，越来越多的企业开始关注盈利能力。
本文综述了国外关于盈利能力的研究，包括其定义、测量方法、影响因素和管理策略等方面。
首先，盈利能力被定义为企业在特定时期内所获得的净利润或利润率。
这一概念通常被用来衡量企业获得经济利益的能力。
其次，盈利能力的测量方法包括利润率、ROE、ROI等指标。
利
润率是企业的净利润与总收入之比，ROE是企业净利润与股东权益之比，ROI是企业净利润与总资产之比。
这些指标可以帮助企业了解其盈利能力的状况，并作出相应的调整。
影响盈利能力的因素包括市场竞争、成本控制、营销策略、资本结构等。
企业需要通过不断优化这些因素来提高其盈利能力。
最后，管理策略是提高盈利能力的关键。
这包括制定合理的财务计划、设定有挑战性但可实现的利润目标、优化营销策略、控制成本等。
同时，企业还需要注重员工培训和创新，以提高企业的竞争力和市场占有率。
总之，盈利能力是企业发展的重要指标之一。
通过合理的测量和管理，在竞争激烈的市场环境中提高盈利能力是企业取得成功的关键。
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文献信息：文献标题：Skills that improve profitability: The relationship between project management, IT skills, and small to medium enterprise profitability（提高盈利能力的技能: 项目管理、IT 技能和中小型企业盈利能力之间的关系）国外作者：Julien Pollack，Daniel Adler文献出处：《International Journal of Project Management》,2016,34 (5):831-838字数统计：英2683单词，15092字符；中文4479汉字外文文献：Skills that improve profitability:The relationship between project management, IT skills, and small to medium enterprise profitability Abstract It is commonly assumed that using project management and IT skills are good for business performance. This research explored this assumption by testing whether the use of project management and IT skills have a positive affect on business' total sales and profitability. The research data was drawn from two longitudinal Government surveys of small to medium enterprises in Australia. Models were created to describe the relationship between project management, IT skills, profitability and total sales using multiple linear regression and binary logistic regression. The results show that when controlling for the influence of other business skills, project management and IT skills have a significant positive influence on sales and profitability.Keywords:Project management; Information technology; Small to medium enterprise; Profitability; Sales; Business skills1.IntroductionIt is a basic and fundamental assumption that developing business skills in your employees improves the profitability of your business. Although it may be difficult to test each step in the long and diffuse causal chain from an improved employee skill set to a better bottom line, the link between developing employee capability and improved company performance is typically taken as so obvious that it is rarely questioned. This assumption is held for skills such as the ability to manage projects, where it is taken for granted that using project management to reach strategic and operational objectives improves performance. Similarly, we tend to assume that increased information technology (IT) staff capability helps businesses not only survive, but excel in our currently changing technological climate. Were these assumptions false, there would be little justification to support the significant investments that organisations and individuals make on personnel development in these disciplines.Many researchers have commented that project management improves the likelihood of an organisation being successful. The benefits of project management to organisations have been expressed as an improvement in productivity (McHugh and Hogan, 2011; Cleland, 1984), effectiveness (Shenhar et al., 2001), efficiency (Stimpson, 2008), and performance (Abbasi and Al-Mharmah, 2000), while the benefits of IT investment are commonly cited as providing strategic value (Carr, 2003), improved productivity (Hwang et al., 2015), and improved levels of organisational internal entrepreneurship (Benitez-Amando et al., 2010). This body of research appears to provide strong justification for sustaining the assumption that project management and IT skills support financial performance.However, this assumption remains largely unexamined. In the project management literature, the debate more commonly focuses on developing idealised, or contingent, models of project management, ways of implementing these, and the examination of criteria that contribute to the success and failure of projects. In this regard, the IT literature is not that different, with an added emphasis on the impacts and opportunities associated with specific technological developments. In 2012,Hällgren (2012)called for an increased emphasis on research that explores the basic assumptions that underpin project management research and practice, and this research responds to that call by questioning whether the use of project management and IT as core business skills have an impact on businesses' financial performance, focusing on the roles these skills play in Australian small to medium enterprises (SMEs).2.Literature reviewThere is a large body of research that examines the ways in which project management can be improved, developed and refined, so that organisational objectives are delivered more effectively (e.g. Hagen and Park, 2013; Kloppenborg et al., 2014). For instance, there have been a variety of studies that have linked personality types to project success (Creasy and Anantatmula, 2013; Cohen et al., 2013), or factors that impact productivity on projects (Ng et al., 2004). Other research has focused on process related issues, such as the link between project management process maturity and project success (Mir and Pinnington, 2014), or links between the maturity of the portfolio management system in an organisation and project success (Reyck et al., 2005). One consistent emphasis in these studies is that they focus on project success rather than organisational performance. The relationship between project and business success is usually left to implication only.It is more common for research to examine the relationship between IT and organisational performance. However, this “… literature has traditionally shown contradictory results regarding the impact of the IT artefact on firm performance” (Benitez-Amando et al., 2010, p. 551). Taking e-commerce as an example, Hau et al. (2015) found that e-commerce affected the gross operating profit for some categories of hotel, while a cross-sector study by Hwang et al. (2015) found no link between e-commerce and business performance. Other studies have taken an indirect approach, often based on the assumption that IT is an enabler of business functions but not necessarily one that directly impacts upon performance. For example, IT capability has been found to indirectly affect business performance through customer orientation(Nakata et al., 2008). Investment in IT has also been found to positively affect a company's internal entrepreneurship culture, which then indirectly affects company performance (Benitez-Amando et al., 2010), and to enable a proactive environmental strategy, which can in turn mediate the effect of IT on business performance (Benitez-Amando and Walczuch, 2012).In addition to a lack of research that tests the assumption that there is a link between project management skills or IT skills, and financial performance, there is a tendency in the project management literature to focus on mega-projects (e.g. Flyvbjerg, 2014; Eweje et al., 2012; Winch, 2013; Brady and Davies, 2014). In contrast to this prevailing trend, the research presented in this paper focuses on the impact of business skills on small to medium enterprise (SME) performance. The tendency to focus on larger projects is understandable, given how entertaining it is to read of their spectacular failures and successes, and the air of glamour associated with the large sums invested in mega-projects. However, the importance of SMEs to the social and economic health of countries has long been recognised (Beck et al., 2005; Schiffer and Weder, 2001; Ayyagari et al., 2007). It is acknowledged that SMEs may, and do, contribute to larger projects, but SMEs more commonly work on smaller projects. SMEs account for 40–70% of the value added by the business sector, and 70–90% of all enterprises in OECD countries are SMEs (OECD, 2013a, 2013b). This is consistent with data from Australia; the context in which this research is set. In Australia, there were over one million SMEs operating in 2012, representing over 90% of the business sector (ABS, 2012a,b) making SME profitability critical to the broader economy. In these SMEs, the Australian Bureau of Statistics (ABS) found IT professional skills in use in one in six SMEs, and project management used by one in eight SMEs (ABS, 2013a).Project management research has often been submerged in the general management research into human resources, sales and marketing (Hudson et al., 2001; Turner et al., 2009; Turner et al., 2010). However, given that project management is a vital skill for SMEs (Turner et al., 2012), the critical role that project management plays in small business success (Sádaba et al.,2014), and the frequency with which ITprofessional skills and project management skills are used in SMEs, there is surprisingly little research which examines how these skills are used by SMEs, and how they affect business profitability.3.MethodologyData for this research was sourced from the ABS Business Longitudinal Database (BLD). The BLD includes data relevant to understanding the performance of Australian businesses. It is compiled from a number of sources, including Australian Government tax records and questionnaire responses. The ABS uses a data quality framework based on the Statistics Canada Quality Assurance Framework (Statistics Canada, 2002) and the European Statistics Code of Practice (Eurostat, 2011). In the case of the survey data used in this research, a quality declaration was issued indicating a response rate of over 95%, and a relative sampling error of less than 10%.In the 2004–2005 financial year, the ABS selected a panel of SMEs based on them being representative of their industry or population group. Business details were sourced from the Australian Business Register (ABR), a database that contains the names and addresses of all businesses that have a registered Australian Business Number (ABN) with the Australian Taxation Office (ATO). Panel members were asked to respond to a survey for five consecutive years. The surveys were addressed to the owner/manager of the business, as listed in the ABR, asking them to complete and return the survey. Panel size was determined based on the expected dropout rate, and designed to ensure that a sufficiently large number of businesses remained in each industry sector and size classification for statistical analysis at the end of the five year period. New members were not introduced to the panel after the first year.This research makes reference to two panels. Panel 1 includes data from the 2004–2005 financial year to 2009–2010, and Panel 2 includes data from the 2006–2007 to the 2010–2011 financial year. The BLD uses a variety of selection criteria for panel inclusion, including the requirements that businesses have less than 200 employees, that the business has a simple structure, and has only a single ABN (ABS,2013b). The Oslo Manual survey development guidelines for measuring business innovation (OECD/Eurostat, 2005) were referenced in the development of the survey, and the BLD integrates with limited data from the ATO. These panels are of interest because they included questions regarding the core business skills that respondents used in conducting their business (ABS, 2012a,b).4. Data analysisThe data analysis presented in this paper focuses on three questions:(1)During the previous year, were any of the following types of skills used by the business in undertaking its core activities: engineering (ENG); scientific and research (SCI); IT professionals (ITP); IT support technicians (ITS); trades (TRA); transport; plant and machinery operation (MAC); marketing (MAR); project management (PM); business management (BUS); and financial (FIN).(2)Total sales, as reported in Australian Tax Office Business Activity Statements.(3)Compared with the previous year, did profitability decrease, stay the same, or increase?5.DiscussionIt was found that project management skills, IT professional and support skills, financial skills and business management skills had a significant positive relationship with the SME's total reported sales in both panels. Of the business skills tested in the BLD, project management skills were shown to have the strongest positive correlation to total sales. The results for transport, plant and machinery operation skills were inconclusive, as they only significantly affected sales results in one panel. Marketing and trades skills were not found to have a significant influence on sales results, the former of which is particularly noteworthy given its general disciplinary focus. It is also interesting to note that while scientific and research skills did show an influence on total sales in both panels, it was a negative. A possible explanation for this result can be attributed to the high-risks often associated with research and development. An alternative explanation is that research and development return on investment mayonly become apparent over a longer time scale than this survey has captured. Profitable research and development may be more viable in larger organisations than those that participated in the BLD, as larger organisations are more likely to be able to support the overheads associated with specialist scientific equipment, and have the contingency to survive the inevitable costs of failure associated with discovery.The intention of this research is to explore whether a reliable relationship exists between a selection of skills that SMEs sometimes use in undertaking their core business, their profitability, and their sales figures. It is important to note that the research purpose has not been to develop predictive models that include all factors influencing the dependent variable. This distinction is important, and the authors acknowledge that many variables influencing SME profitability and sales have not been considered in this research. The skills that individuals bring to a business will certainly affect how profitable it is, and it is arguable that the skills of any one individual will be proportionally more influential in an SME than a large corporation, but business skills by no means exclusively determine business profitability and sales. This research makes no comment about other factors that may be relevant, such as the maturity of the business, the competitive environment, government policies, the prevailing business climate, or organisational culture.Three other limitations to this research should also be observed. firstly, the responses to the question about changing profitability will have been affected by the ability of respondents to accurately perceive this change. However, this possible source of error will at least have partly been ameliorated by the creation of the second set of models that described changes in sales figures. Second, the panels also exclusively focus on businesses with less than 200 employees in Australia. This should be considered when extending these research findings to businesses in other countries, or to larger organisations. Third, it is expected that there will have been a variation in how the respondents understood what it is to use these business skills, as the survey instrument did not provide definitions. One respondent may have considered that creating a simple time line on a spread sheet counts as using project management, while another may have thought project management to be practicedonly by those with a higher degree. Similar variation may have occurred in how respondents interpreted IT skills, what it means for these skills to have been used ‘by the business’, and variation in the degree to which these skills played a role in the businesses. However, it is likely that there has been some convergence towards a common understanding of these business skills given the sample size. Other areas for future research could involve exploration of the boundary between when different business skills are considered to be used in a SME's core business, how this may vary in larger organisations, and factors that affect how changes in profitability are perceived.6.ConclusionIn response to Hällgren's (2012) call for an increased emphasis on research that explores the basic assumptions that underpin project management research and practice, this paper has explored whether project management and IT skills improve business results. The research was conducted using two longitudinal databases, and it was found that the surveyed businesses that used project management more commonly reported an increase in profitability, and less commonly reported a decrease in profitability. At least 10% more of the population that used project management reported increasing profitability, and 5% less of the population reported a decrease in profitability, compared to those who did not use project management. Furthermore, businesses that used project management reported sales figures that were on average three times higher than those that did not.The hypotheses that project management and IT professional skills have a significant positive relationship with SME profitability were tested using binomial logistic regression. When controlling for the influence of other comparable business skills, project management and IT professional skills were found to have a significant positive influence on the likelihood of a SME reporting an increase in profitability. The hypotheses that project management and IT professional skills have a significant impact on SME total sales were tested using multiple linear regression. When controlling for the influence of other business skills, it was found that projectmanagement and IT professional skills have a significant positive relationship with total sales.The results presented in this paper indicate that using project management and IT professional skills to undertake core business activities make a significant contribution to improving the financial performance of small to medium enterprises.Companies often have to make difficult decisions about investment in resources. This is particularly significant for small to medium enterprises, where both human and financial resources may be scarce. Strategic decisions about investment in personnel and their development can have a significant impact on company performance. When considering which skills it is worthwhile developing as organisational capabilities, this research has shown that investment in project management and IT professional skills may have the greatest impact on an organisation's performance.中文译文：提高盈利能力的技能：项目管理、IT技能和中小型企业盈利能力之间的关系摘要通常假设，使用项目管理和IT技能对业务绩效有好处。
1外文资料翻译译文欧盟国内外银行盈利能力影响因素分析摘要：本文使用银行级数据，通过1995 - 2001年期间国内和外国银行在15个欧盟国家的商业运营情况来了解银行的具体特点和整体银行业环境对影响盈利能力。
结果表明, 国内和外国银行的盈利能力不仅受银行具体特点的影响，也受金融市场结构和宏观经济条件的影响。
除了在集中情况下国内银行利润, 所有的变量都是有重大意义的，尽管它们的影响和关系对国内和国外银行并不总是相同。
1 介绍在过去的几年许多的因素造成了欧盟银行业竞争日益激烈。
最重要的因素之一是针对服务、建立、运行和监督信贷机构的第二个欧洲指令出台，在银行和金融领域放松管制。
这个指令为所有欧洲银行机构在单一欧洲金融市场和提供了平等的竞争条件，因此银行正在先前无法预料的国内外竞争之中。
另外, 最近一些的技术进步对规模经济和范围提供了更多的机会，而采用欧元也加速了行业的变化。
此外,宏观经济政策后大多数国家通货膨胀率和利率逐步降低。
最后,在越来越多的欧洲国家非金融公司被允许提供传统的银行服务,并且在竞争中进一步提高，银行被迫产生新的产品和寻找新客户。
许多银行为了参加欧洲市场和银行业扩大被迫增加规模，通过合并和收购的方式进行了前所未有的整合。
在环境快速变化的情况下，这些变化给在欧盟的银行带来很大的挑战，因此影响了他们的效能。
格林指出，充足的收益是必要的条件让银行保持偿付能力,在一个合适的环境生存、发展和繁荣。
考虑到银行业的健康发展和经济知识增长，影响银行的盈利能力的潜在因素不仅和管理者有关，而且和众多利益相关者如中央银行,银行家协会、政府以及其他金融当局有关。
2 文献综述参考文献与本文可分为三大类。
第一部分是研究集中于银行的盈利能力的决定因素。
第二部分包括研究欧洲银行的利润和成本效率。
第三由研究比较国内外银行。
在下面几个部分中,我们讨论这些类别中的每一个。
3 决定因素和变量选择3．1 因变量本研究使用平均资产回报率(ROAA)来评估银行的性能。
商业银行盈利能力及影响因素分析汇报人：2024-01-02•商业银行盈利能力概述•影响商业银行盈利能力的因素•商业银行盈利能力分析方法目录•我国商业银行盈利能力分析•提高我国商业银行盈利能力的对策建议01商业银行盈利能力概述0102盈利能力的定义盈利能力是评价商业银行经营绩效的重要指标之一，也是投资者和债权人关注的重点。
盈利能力是指商业银行在一定时期内通过经营业务获取利润的能力。
盈利能力的衡量指标净利润净利润是商业银行最主要的盈利指标，反映了银行的最终经营成果。
资产收益率（ROA）资产收益率是净利润与总资产的比值，反映了银行使用资产创造利润的能力。
净利息收益率（NIM）净利息收益率是净利息收入与总生息资产的比值，反映了银行通过贷款和存款获取利息收入的能力。
商业银行盈利模式利息收入商业银行通过贷款和存款之间的利率差获取利息收入。
非利息收入商业银行通过提供中间业务、投资银行业务等获取非利息收入。
成本节约商业银行通过降低成本、提高效率等方式增加利润。
02影响商业银行盈利能力的因素资本充足率是衡量银行抵御风险能力的重要指标，资本充足率越高，银行的抗风险能力越强，盈利能力越有保障。
资本充足率资产质量的好坏直接影响银行的盈利能力，不良贷款率、逾期贷款率等指标都会对银行的盈利能力产生影响。
资产质量银行的业务结构也会影响其盈利能力，如贷款、存款、投资等业务的比例，以及中间业务的占比等。
业务结构银行的管理能力，包括风险管理、内部控制、财务管理等方面的能力，都会对银行的盈利能力产生影响。
管理能力宏观经济环境宏观经济环境的变化对银行的盈利能力产生重大影响，如经济增长、通货膨胀、利率水平、政策法规等。
金融市场环境金融市场的竞争状况、市场利率水平、金融监管政策等因素也会影响银行的盈利能力。
客户需求变化客户需求的变化也会影响银行的盈利能力，如存款、贷款、理财等业务的需求变化。
科技进步科技的进步对银行的业务模式和服务方式产生影响，如互联网金融的发展、移动支付的普及等，都会对银行的盈利能力产生影响。
财务报表分析外文文献及翻译LNTU---Acc附录A财务报表分析的杠杆左右以及如何体现盈利性和值比率摘要关键词:财政杠杆;运营债务杠杆;股本回报率;值比率传统观点认为，杠杆效应是从金融活动中产生的:公司通过借贷来增加运营的资金。
杠杆作用的衡量标准是负债总额与股东权益。
然而，一些负债——如银行贷款和发行的债券，是由于资金筹措，其他一些负债——如贸易应付账款，预收收入和退休金负债，是由于在运营过程中与供应商的贸易，与顾客和雇佣者在结算过程中产生的负债。
融资负债通常交易运作良好的资本市场其中的发行者是随行就市的商人。
与此相反，在运营中公司能够实现高增值。
因为业务涉及的是与资本市场相比，不太完善的贸易的输入和输出的市场。
因此，考虑到股票估值，运营负债和融资负债的区别的产生有一些先验的原因。
我们研究在资产负债表上，运营负债中的一美元是否与融资中的一美元等值这个问题。
因为运营负债和融资负债是股票价值的组成部分，这个问题就相当于问是否股价与账面价值比率是否取决于账面净值的组成。
价格与账面比率是由预期回报率的账面价值决定的。
所以，如果部分的账面价值要求不同的溢价，他们必须显示出不同的账面价值的预期回报率。
因此，标准的财务报表分析的能够区分股东从运营中和借贷的融资业务中产生的利润。
因此，资产回报有别于股本回报率，这种差异是由于杠杆作用。
然而，在标准的分析中，经营负债不区别于融资负债。
因此，为了制定用于实证分析的规范，我们的研究结果是用于愿意分析预期公司的收益和账面收益率。
这些预测和估值依赖于负债的组成。
这篇文章结构如下。
第一部分概述并指出了了能够判别两种杠杆作用类型，连接杠杆作用和盈利的财务报表分析第二节将杠杆作用，股票价值和价格与账面比率联系在一起。
第三节中进行实证分析，第四节进行了概述与结论。
1 杠杆作用的财务报表分析以下财务报表分析将融资债务和运营债务对股东权益的影响区别开。
这个分析从实证的详细分析中得出了精确的杠杆效应等式普通股产权资本收益率=综合所得?普通股本(1) 杠杆影响到这个盈利等式的分子和分母。
文献出处：Gnanasooriyar M S. Profitability analysis of listed manufacturing companies in Sri Lanka: An empirical investigation[J]. European Journal of Business and Management, 2014, 6(34): 358-364第一部分为译文，第二部分为原文。
默认格式：中文五号宋体，英文五号Times New Roma，行间距1.5倍。
制造业上市公司在斯里兰卡的盈利能力分析：一个实证调查摘要：本文是对2008年至2012年期间的选择10家在斯里兰卡的制造业上市公司的盈利能力，以及对四种常用的财务业绩指标分析：总利润（GR），净利润（NP），资产收益率（ROA）和净资产收益率（ROE）。
结果表明，在此期间斯里兰卡制造企业是相当多的盈利在GP和ROA，但利润较低的条件在NP和净资产收益率方面。
结果表明，制造企业的盈利能力是不太令人满意的。
皇家陶瓷有限公司的毛利率和净利率排第一，ABANS电气公司资产收益率第一，皇家陶瓷公司净资产收益率第一。
这项研究的结果对学者，政策制定者，从业人员等有借鉴意义的。
关键词：盈利能力分析，上市制造企业，斯里兰卡引言利润是收入超过相关费用过量在一段时间的活动。
凯恩斯勋爵指出，“利润是驱动企业的发动机”。
每个企业都应该获得足够的利润来生存和发展在一段较长的时间。
这是该指数在经济发展，提高国民收入和生活水平的不断提高。
利润是判断不只是经济准绳，但管理效率和社会目标也。
盈利手段，使利润从组织，公司，公司或企业的所有业务活动的能力。
它显示了如何有效地管理，可以通过使用所有市面上的资源赚取利润。
据Harward和厄普顿，“盈利是“赚其使用返回给定投资的能力。
”然而，长期的盈利能力“不是同义术语‘效率’。
利润率是效率的索引; 和被认为是效率和管理指南，更高的效率的量度。
《城市商业银行盈利能力影响因素实证研究》篇一一、引言随着中国金融市场的日益开放和竞争加剧，城市商业银行作为我国金融体系的重要组成部分，其盈利能力的研究显得尤为重要。
本文旨在通过实证研究，深入探讨影响城市商业银行盈利能力的关键因素，以期为提升其经营效率和竞争力提供理论支持。
二、研究背景及意义近年来，城市商业银行在服务地方经济、支持中小企业发展等方面发挥着重要作用。
然而，随着金融市场的开放和外资银行的进入，城市商业银行面临着巨大的竞争压力。
因此，研究其盈利能力的影响因素，对于提高其经营效率、增强竞争力具有重要意义。
三、文献综述前人关于商业银行盈利能力的研究主要集中在资本充足率、资产质量、风险控制、服务质量等方面。
研究表明，这些因素对商业银行的盈利能力具有显著影响。
然而，由于各地区、各银行之间的差异，这些影响因素的具体作用机制和程度可能存在差异。
因此，本文以城市商业银行为研究对象，进一步探讨其盈利能力的影响因素。
四、研究方法与数据来源本文采用实证研究方法，以我国城市商业银行为研究对象，收集相关数据，运用统计软件进行分析。
数据来源主要包括各银行年报、银监会公布的数据以及相关研究报告。
五、实证研究1. 变量选择与模型构建本文选取资本充足率、资产质量、风险控制、服务质量、宏观经济因素等作为影响因素，以城市商业银行的净资产收益率（ROE）为被解释变量，构建多元线性回归模型。
2. 描述性统计分析通过对各变量进行描述性统计分析，发现城市商业银行的资本充足率、资产质量等指标存在较大差异，这可能与其盈利能力存在一定关系。
3. 实证结果分析通过多元线性回归分析，发现资本充足率、资产质量、风险控制和服务质量对城市商业银行的盈利能力具有显著影响。
其中，资本充足率和资产质量对盈利能力具有正向影响，而风险控制则对盈利能力具有负向影响。
此外，宏观经济因素如GDP增长率、市场利率等也对城市商业银行的盈利能力产生影响。
六、讨论与结论1. 讨论本文研究表明，资本充足率、资产质量、风险控制和服务质量是影响城市商业银行盈利能力的重要因素。
1外文资料翻译译文欧盟国内外银行盈利能力影响因素分析摘要：本文使用银行级数据，通过1995 - 2001年期间国内和外国银行在15个欧盟国家的商业运营情况来了解银行的具体特点和整体银行业环境对影响盈利能力。
结果表明, 国内和外国银行的盈利能力不仅受银行具体特点的影响，也受金融市场结构和宏观经济条件的影响。
除了在集中情况下国内银行利润, 所有的变量都是有重大意义的，尽管它们的影响和关系对国内和国外银行并不总是相同。
1 介绍在过去的几年许多的因素造成了欧盟银行业竞争日益激烈。
最重要的因素之一是针对服务、建立、运行和监督信贷机构的第二个欧洲指令出台，在银行和金融领域放松管制。
这个指令为所有欧洲银行机构在单一欧洲金融市场和提供了平等的竞争条件，因此银行正在先前无法预料的国内外竞争之中。
另外, 最近一些的技术进步对规模经济和范围提供了更多的机会，而采用欧元也加速了行业的变化。
此外,宏观经济政策后大多数国家通货膨胀率和利率逐步降低。
最后,在越来越多的欧洲国家非金融公司被允许提供传统的银行服务,并且在竞争中进一步提高，银行被迫产生新的产品和寻找新客户。
许多银行为了参加欧洲市场和银行业扩大被迫增加规模，通过合并和收购的方式进行了前所未有的整合。
在环境快速变化的情况下，这些变化给在欧盟的银行带来很大的挑战，因此影响了他们的效能。
格林指出，充足的收益是必要的条件让银行保持偿付能力,在一个合适的环境生存、发展和繁荣。
考虑到银行业的健康发展和经济知识增长，影响银行的盈利能力的潜在因素不仅和管理者有关，而且和众多利益相关者如中央银行,银行家协会、政府以及其他金融当局有关。
2 文献综述参考文献与本文可分为三大类。
第一部分是研究集中于银行的盈利能力的决定因素。
第二部分包括研究欧洲银行的利润和成本效率。
第三由研究比较国内外银行。
在下面几个部分中,我们讨论这些类别中的每一个。
3 决定因素和变量选择3．1 因变量本研究使用平均资产回报率(ROAA)来评估银行的性能。
ROAA是把净利润表示为一个百分比的平均总资产。
它显示了每欧元资产获得的利润并指明如何有效的银行的资产去设法创造收益。
平均资产是用来在会计年度中发现发现资产上的任何差异。
Golin(2001)指出,平均资产回报率是衡量盈利能力的关键。
3．2 决定因素和独立变量四个银行特征用作内部决定因素。
这些都是银行的总资产、成本收入比、权益与资产比率和银行的贷款的比率除以客户和短期融资。
此外,六个外部因素是用来检查环境的影响对银行的表现。
4 数据和方法我们的示例是一个平衡面板数据集，由在15个欧盟国家的584家商业银行从1995 - 2001年期间的4088组数据组合而成。
表2和表3分别展示了目前银行的数量所属的国家和所有权和样本特征。
5 实证结果表4报告对银行的平均资本回报率（ROAA）的实证估计。
第一列体现了把所有的银行(584)同时考虑的结果。
第二、三列体现了我们通过银行经营这所属的国家把银行分离出来的结果。
我们定义一个银行是国外还是国内是依靠外国人的股份资本是否超过50%，这个子样本包括332家国内银行和218家外资银行。
在这个阶段，约34个银行被排除在分析,由于我们没有足够的信息来辨别其是国内还是国外。
除了在集中情况下国内银行平均资本回报率，所有的变量都是显著的,尽管它们对国内外银行的平均资本回报率的影响和关系并不总是相同的。
这个模型的解释力对国内银行是更高的(调整R2国内银行等于0.6371，而外资银行等于0.3903),而f统计所有模型的重要性在1%的水平。
这意味着额外的因素可能会影响外国银行的盈利能力。
像威廉姆斯(2003)正确地指出,外资银行运行在一个受两个因素影响的主机市场，分别是他们是属于外国跨国银行和他们的参与银行系统的主机。
由比较高的显着系数的股权资产（EQAS）和成本收入比（COST）显示，在一般情况下，平均资产回报率的主要决定因素是资本实力及费用管理效率。
股权资产与平均资本成本是正相关关系，无论我们考察国内银行还是国外的银行，而且它是国内银行盈利能力是最重要的决定因素。
这一调查结果与以往的调查研究是一致的，资本充足的银行在破产和规模缩减方面面临着较低的成本，因此，它们的融资成本比较低或具有较低的外部资金的需求，促成了较高的盈利能力。
成本收入比（COST）被预期是外资银行盈利能力的最重要的决定因素，是正如预期的那样的，呈现出负相关关系，这些费用的增加会在很大程度上减少在欧盟银行的经营利润。
很多学者也发现了费用管理不善是盈利能力差的主要因素。
因此，在欧盟的商业银行应采取必要的行动，以实现更有效的成本控制，以进一步增加他们的利润。
外国（-0.309）和国内银行（-0.144）之间的系数的差异可能是由于不当的管理操作以及与监测机构存在的距离。
关于流动性，结果是喜忧参半。
客户的净贷款及短期资金比率（LOFUND）在统计上显着，并与国内银行的盈利能力呈正相关，表明银行流动性资产持有量水平和盈利能力水平呈负相关关系，与预料的一样。
对于外资银行来说，变量也很显着，但有一个负号，说明流动性和银行利润的正相关关系，出乎我们的意料，虽然与伯克（1989）和Kosmidou（2006）的研究一致。
无论是国内或国外银行，规模（SIZE）之间的关系和银行的业绩是负的。
负系数表明，在这两种银行中，大银行的收入水平就会低于的利润，研究也发现要么经济规模和范围为较小的银行或金融机构的规模不够大。
范德Vennet（1998）发现的证据表明，在欧盟规模经济效益只有在根据资产小于10亿欧元的最小银行才有效，此后报酬不变和规模不经济的最大银行超过1000欧亿。
6 结语在最近几年中，许多因素加剧了欧盟银行业的竞争，尤其是银行的操作环境的急速变化给银行带来了巨大的挑战。
这是合理的假设去认为所有这些变化都必然会对银行的表现有一定的影响。
格林在2001年指出，银行需要足够的资金以维持偿债能力并在合适的环境中生存。
银行的效率和经济增长之间的关系是有据可查的。
与此同时，银行的破产会对经济产生不利的后果。
因此，认识影响银行的盈利能力的潜在因素是必不可少的，不仅是为了银行经理，也是为了在15个欧盟国家众多的利益相关者，如的中央银行，银行协会，政府和其他金融机构。
从这项研究中得出的结论对于那些经济和银行系统正经历根本性变化的新欧盟国家都是很有意义的。
2外文原文Factors influencing the profitability of domestic and foreign commercial banks in the EuropeanUnionAbstractUsing bank level data this paper examines how bank's specific characteristics and the overall banking environment affect the profitability of commercial domestic and foreign banks operating in the 15 EU countries over the period 1995–2001. The results indicate that profitability of both domestic and foreign banks is affected not only by bank's specific characteristics but also by financial market structure and macroeconomic conditions. All the variables, with the exception of concentration in the case of domestic banks profits, are significant although their impact and relation with profits is not always the same for domestic and foreign banks.Keywords Banks; European Union; Profitability1. IntroductionOver the last years a number of factors have contributed to the growing competition in the European Union (EU) banking sector. One of the most important factors is deregulation, promoted by the Second European Directive on Banking and Financial services, concerning establishment, operation and supervision of credit institutions. This Directive sets out the principles of banking in the Single European financial market and provides equal competitive conditions for all European banking institutions. As a result banks now compete in previously inaccessible domestic and foreign markets. Furthermore, a number of recent technological advances offered more opportunities for economies of scale and scope while the adoption of euro accelerated the changes in the industry. For instance, income generation from foreign exchange transactions has been lost while the pricing of banking products and services has become more transparent, enhancing competition. Furthermore, the macroeconomic policies that were followed in most countries gradually reduced inflation and interest rates. Finally, in more and more European countries non-financial firms were allowed to offer traditional banking services, leading to further increase in competition. Therefore, banks were forced to generate new products and seek new customers. This is reflected in the continued diversification across geographical areas and business lines. Many banks have been forced to increase in size in order to compete in the enlarged European market and the banking industry experienced an unprecedented level of consolidation through mergers andacquisitions.It is reasonable to assume that all these changes posed great challenges to banks in the EU as the environment in which they operated changed rapidly, a fact that consequently had an impact on their performance. As Golin (2001) points out adequate earnings are required in order for banks to maintain solvency, to survive, grow and prosper in a suitable environment. Given the relation between the well-being of the banking sector and the growth of the economy (Rajan and Zingales, 1998, Levine, 1997 and Levine, 1998), knowledge of the underlying factors that influence banks’ profitability is essential not only for the man agers of the banks but for numerous stakeholders such as the Central Banks, Bankers Associations, Governments, and other Financial Authorities. Knowledge of these factors would also be of particular interest to the new EU countries whose economies and banking systems are experiencing fundamental changes during this period.The aim of this paper is to extent earlier work on the determinants of profitability of banks in the EU and examine to what extent the performance of commercial banks operating in EU mark ets is influenced by internal factors (i.e. banks’ specific characteristics) and to what extent by external factors (i.e. macroeconomic and financial market structure) in view of the ongoing process of integration and concentration. Although a growing literature uses efficient frontier approaches to examine the profit and cost efficiency of EU banks (e.g., Altunbas et al., 2001 and Schure et al., 2004), to our best knowledge, there are only few studies that focus on the determinants of profitability while focusing on the EU as a total1 (e.g., Molyneux and Thorton, 1992 and Staikouras and Wood, 2003).Molyneux and Thorton (1992) were the first that examined the determinants of banks profitability operating in 18 European countries over the period 1986–1989. Most recently the European banking sector was examined by Staikouras and Wood (2003) that considered banks from 13 EU countries over the period 1994–1998. The present study attempts to provide additional and more recent evidence on the determinants of banks profitability in the EU. In order to accomplish this task, our paper differs from the earlier mentioned studies in several aspects. First of all, we include more recent years in the analysis by examining the period 1995–2001. Furthermore, we examine more factors by introducing the influence of additional financial market structure variables such as stock market capitalization to GDP, stock market capitalization to assets of deposits money banks and assets of deposits money banks to GDP, not considered in the above studies. Finally, we are the first that distinguish between foreign and domestic banks. During the last years both developed and developing countries around the world have relaxed restrictions on foreign banking and most of them now allow more foreign banks to undertake more banking-related activities in their domestic banking markets, mainly because of the increasingly importance of international trade in goods and financial services. As Goddard et al. (2001) point out since 1989 the number of foreign banks has increased in every banking market in Europe, which now hold a large proportion of banking assets in the UK (53% of banking sector assets in 1999), Belgium (24% of assets in 1999), Portugal (12% of assets in 1999) and France (12% in 1999). Previous studies that distinguish betweendomestic and foreign banks focus mostly on differences on profit and cost efficiencies using frontier approaches (e.g., Berger et al., 2000 and Sathye, 2001) or financial characteristics that differentiate these two groups of banks (e.g., Kosmidou et al., 2006a) and not on whether the internal and external determinants of profitability among domestic and foreign banks are different.The rest of the paper is structured as follows: Section 2 provides a literature review of related studies. Section 3 describes the dependent and independent variables while Section 4 presents the data and methodology used in the study. The empirical results are presented in Section 5. Finally, in Section 6, the concluding remarks are discussed.2. Literature reviewPrior literature related to the present paper can be classified in three broad categories. The first consists of studies that focus on the determinants of banks’ prof itability. The second consists of studies that examine the profit and cost efficiency of European banks. The third consists of studies that compare domestic and foreign banks. In the following sections we discuss each one of these categories.2.1. Studies on the determinants of profitabilityFollowing the early studies of Short (1979) and Bourke (1989) a number of more recent studies have attempted to identify some of the major determinants of banks’ profitability. They consider internal and external factors and examine a single country (e.g., Berger, 1995, Angbazo, 1997, Guru et al., 1999, Ben Naceur, 2003, Mamatzakis and Remoundos, 2003, Kosmidou et al., 2005 and Kosmidou, 2006) or a panel of countries (Molyneux and Thorton, 1992, Demirguc-Kunt and Huizinga, 1999, Abreu and Mendes, 2001, Staikouras and Wood, 2003, Hassan and Bashir, 2003 and Goddard et al., 2004). In the discussion that follows we focus on the studies that examine the EU banking market.2The study of Molyneux and Thorton (1992) is one of the first that examines the determinants of banks profitability in several countries. The results indicate a positive association between the return on equity and the level of interest rates, bank concentration and the government ownership. In a more recent study, Abreu and Mendes (2001) examine Portugal, Spain, France and Germany and find that loan to assets and equity to assets ratios have a positive impact on interest margins and profitability. They also find that operating costs have a positive impact on net interest margins measures but not on profits measures, while the opposite holds for bank's market share. From the macroeconomic variables, inflation is relevant in all cases, while the nominal effective exchange rate does not have an impact on performance. The unemployment rate has a negative sign in all regressions and is significant in the case of profits although not on net interest margins measures. Staikouras and Wood (2003) examine the performance of a sample of banks operating in thirteen EU banking markets. The results indicate that loans to assets ratio and the proportion of loan loss provisions are inversely related to banks’ return on assets, as well as that banks with greater levels of equity are relatively more profitable. The funds gap ratio is also significant and positively related to performance. Furthermore, the authorsfound no evidence to support either the structure–conduct–performance or the efficient hypothesis. Two of the three macroeconomic indicators, the variability of interest rates and the growth of GDP had a negative impact, while the level of interest rates had a positive effect. Goddard et al. (2004) investigate the determinants of profitability in Denmark, France, Germany, Italy, Spain and the UK, for the period 1992–98. They find only weak evidence for any consistent or systematic size–profitability relationship and a positive relationship between capital-assets ratio and profitability. The relationship between the importance of off-balance-sheet business in a bank's portfolio and profitability is positive for the UK, but either neutral or negative elsewhere.2.2. Studies on the profit and cost efficiency of EU banksIn recent years, there has also been an increase of academic studies that focus on the efficiency of financial institutions using frontier analysis. Berger and Humphrey (1997) outline 130 studies, covering 21 countries, multiple time periods and various types of institutions that applied three parametric (i.e. stochastic frontier approach (SFA), distribution free approach (DFA), thick frontier approach (TFA)) and two non-parametric (i.e. data envelopment analysis (DEA), free disposal hull (FDH)) frontier approaches for determining the best-practice frontier against which relative efficiencies are measured.3 The efficiency of a bank is measured relatively to that of the best-practice banks of similar size, with most studies focusing on cost efficiency rather than profit efficiency.4 Some recent studies also consider both cost and profit efficiency (e.g., Berger and Humphrey, 1997 and Berger and Mester, 1997), as well as risk variables (e.g., Berger and DeYoung, 1997, Berg et al., 1992, McAllister and McManus, 1993, Mester, 1996 and Rao, 2005).Although the EU is considered relatively under researched (given its size and importance) there is now a growing strand of literature that examines the efficiency of EU banking institutions. Examples of such studies are Altunbas et al. (2001), Bikker (2002), Maudos et al. (2002), Schure et al. (2004) and Staikouras et al. (2005). The studies of Dietsch and Weil (1998), Cavallo and Rossi (2002), Casu and Molyneux (2003), are also interesting as they focus on most of the main EU banking sectors. Earlier studies, as the ones of Berg et al. (1993), Pastor et al. (1995), Lang and Welzel (1996), Lozano-Vivas (1997), Dietsch and Lozano-Vivas (2000), focus mostly on sub-sets of selected markets or individual countries such as the nordic countries, France, Germany and Spain among others.2.3. Studies on foreign versus domestic banksOther studies have employed similar techniques to compare the efficiency of foreign and domestic banks. Hasan and Hunter (1996), Mahajan et al. (1996), and Chang et al. (1998) conclude that foreign banks in the US are less cost efficient than domestic banks, while Seth (1992) and Nolle (1995), find that foreign-owned banks are not as profitable as domestically owned banks. Similar results were obtained in studies which examined the Australian market. Using DEA Sathye (2001) found foreign banks to be less efficient than domestic, while comparable results were obtained by Avkiran (1997).Fewer studies have examined European markets. After estimating separate frontiers for foreign and domestic banks in Spain, Hasan and Lozano-Vivas (1998) find that foreign banks are about equal as profit efficiency as domestic banks. Berger et al. (2000) estimate cost and profit frontiers to compare the efficiency of banks in France, Germany, Spain, UK and US. For the US case, the results showed that domestic banks are on average less cost efficient than foreign banks. For the EU countries, cost efficiency and profit efficiency were found higher for domestic banks than foreign banks in three cases (i.e. France, Germany, UK), but the difference was not found to be statistically significant. Using a multicriteria decision aid methodology, Kosmidou et al. (2004) find that domestic banks exhibit higher overall performance compared to foreign banks operating in the UK. Kosmidou et al. (2006a) examine how foreign banks differ from domestic banks in the UK and find that the later are characterized by higher return on equity, net interest revenue to total earning assets, and loans to customer and short term funding.Studies that compare the performance of foreign and domestic banks in developing countries yield in general different results. Demirguc-Kunt and Huizinga (1999) as well as Claessens et al. (2001) find foreign banks to be disadvantaged compared to domestic banks in developed countries although not in less developed countries. Finally, in a more recent study, Fries and Taci (2005) examine the cost efficiency in 15 post-communist countries. The results indicate that privatized banks with majority foreign ownership are the most cost efficient ones and those with domestic ownership are the least, though both being more efficient than state-owned banks.3. Determinants and variable selection3.1. Dependent variableThis study uses return on average assets (ROAA) to evaluate bank's performance. ROAA is the net profits expressed as a percentage of average total assets. It shows the profits earned per euro of assets and indicates how effectively the bank's assets are being managed to generate revenues. Average assets are being used in order to capture any differences that occurred in assets during the fiscal year. As Golin (2001) points out, return on average assets is the key measure of profitability.3.2. Determinants and independent variablesFour bank characteristics are used as internal determinants of performance. These are the bank's total assets, the cost to income ratio, the ratio of equity to assets and the ratio of bank's loans divided by customers and short term funding. In addition, six external determinants are used to examine the impact of environment on bank's performance (Table 1).Table 1. Variables descriptionVariables DescriptionDependentROAA The return on average total assets of the bankVariables Description IndependentBanks characteristics (internals factors)EQAS This is a measure of capital adequacy, calculated as equity to total assets. High capital-asset ratios are assumed to be indicators of low leverage and therefore lower riskCOST This is the cost to income ratio. It provides information on the efficiency of the management regarding expenses relative to the revenues it generates. Higher ratios imply a less efficient managementLOFUND This is a measure of liquidity calculated as loans to customers and short term funding. Higher figures denote lower liquiditySIZE The accounting va lue of the bank's total assets (in €)Macroeconomic and financial structure (external factors)INF The annual inflation rateGDPGGR The real gross domestic product (GDP) growthCONC The C5 concentration measure calculated by dividing the assets of the five largest banks with the assets of all banks operating in the countryASSGDP The ratio total assets of the deposit money banks divided by the GDP (ASSGDP). It reflects the overall level of development of the banking sector and measures the importance of bank financing in the economy (in constant US$ 1995)MACPASS The ratio stock market capitalization to total assets of the deposit money banks.a This variable serves as a proxy of financial development as well as a measure of the size of financial market and the relationship between bank and market financing (in constant US$ 1995)MACGDP The ratio stock market capitalization to GDP. It measures the overall level of development of the market and its importance in financing the economy (in constant US$ 1995)Notes: the data for the calculation of internal factors and CONC were obtained from Bankscope Database. The data for the external factors were obtained from Euromonitor International Database which uses sources such as International Monetary Fund's (IMF) International Financial Statistics (IFS), World Economic Outlook/UN/National Statistics and World Bank.The ratio of equity to assets (EQAS) is used as a measure of capital strength. Generally speaking, banks with high capital-asset ratios are considered relatively safer in the event of loss or liquidation. Therefore, the conventional risk–return hypothesis would imply a negative relationship between equity to assets ratio and bank performance. However, the lower risk increases banks creditworthiness and consequently reduces the cost of funding. At the same time, banks with higher equity to assets ratio will normally have lower needs of external funding and therefore higher profitability.Another basic policy of commercial banks refers to their liquidity management and specifically the process of managing assets and cash flow to maintain the ability to meet current liabilities as they come due. Without the required liquidity and funding to meet obligations, a bank may quickly fail, or at least be technically insolvent. The ratio of net loans to customers and short term funding (LOFUND) is used to measure the relationship between liquidity management and performance. This ratio shows the relationship between comparatively illiquid assets (i.e. loans) and comparatively stable funding sources (i.e. deposits and other short term funding). Therefore, the lower the value of this ratio, the more liquid the bank is. Since liquid assets are associated with lower rates of return a positive relationship is expected between this variable and performance.The cost to income ratio (COST) is used to measure the impact of efficiency in expenses management on banks performance. This ratio shows the costs of running the bank, the major element of which is staff salaries and benefits, and is expected to have a negative relationship with bank's performance.Bank's size (SIZE) is considered an important determinant of its performance. The reason is that large size may result in economies of scale that will reduce the cost of gathering and processing information (Boyd and Runkle, 1993). As in most studies in banking, we use total assets of the bank as a proxy for its size to account for size related economies or diseconomies of scale.Turning to the external determinants, two sets of variables have been considered in this study, indicating macroeconomic conditions and financial structure characteristics. The two macroeconomic variables used are gross domestic product growth (GDPGR) and inflation (INF).GDP is among the most commonly used macroeconomic indicators and it is a measure of total economic activity within an economy. The real GDP growth, used in this study, is expected to have a positive impact on bank's performance according to the well-documented literature on the association between economic growth and financial sector performance.The relationship between inflation and banks performance depends on whether the inflation is anticipated or unanticipated (Perry, 1992). In the first case (i.e. anticipated inflation) banks can timely adjust interest rates, which consequently results in revenues that increase faster than costs, with a positive impact on profitability. In the second case (i.e. unanticipated inflation) banks may be slow in adjusting their interest rates resulting in a faster increase of bank costs than banks revenues. This will consequently have a negative impact on bank profitability.We finally examine how the performance of banks is related to the relative development of the banking industry and the stock market using the ratios stock market capitalization to GDP (MACGDP), stock market capitalization to total assets of deposit money banks (MACPASS), total assets of deposit money banks to GDP (ASSGDP) and banking industry concentration (CONC). MACPASS reflects the complementarity or substitutability between bank and stock market financing, while ASSGDP and MACGDP measure the overall level of development of the banking sector and the stock market, respectively as well as their importance in financing theeconomy. Concentration is the proportion of an industry's total assets controlled by its largest firms. According to the structure-conduct performance (SCP) hypothesis, banks in highly concentrated markets tend to collude and therefore earn monopoly profits (Short, 1979, Gilbert, 1984 and Molyneux et al., 1996). Collusion may result in higher rates being charged on loans, less interest rates being paid on deposits and so on (Goddard et al., 2001). CONC is calculated as the total assets held by the five largest commercial banks in the country divided by the total assets of all commercial banks in the country.4. Data and methodology4.1. DataOur sample is a balanced panel dataset of 584 commercial banks operating in the 15 EU countries over the period 1995–2001 consisting of 4088 observations.5Table 2 and Table 3 present the number of banks by country and ownership and the sample characteristics, respectively.Table 2. Banks in sample by country and ownershipCountry DomesticbanksForeignbanksaNot available or completeinformation for ownership inBankscopeTotalnumber ofbanksAustria 13 7 0 20 Belgium 5 15 0 20 Denmark 31 2 9 42 Finland 2 0 1 3France 90 40 14 144 Germany 57 26 5 88 Greece 6 0 0 6Ireland 3 8 0 11Italy 49 4 1 54 Luxembourg 3 54 0 57The Netherlands 10 13 1 24 Portugal 7 4 0 11Spain 28 11 3 42 Sweden 5 0 0 5UK 23 34 0 57Total 15 EU 332 218 34 584a We define a bank to be foreign when foreigners own more than 50% of its share capital.Table 3. Sample characteristics: independent variables means (and S.D.)EQA S COSTLOFUNDSIZEASSGDPMACPASSMACGDPINFGDPGRCONCS ND GDP ASS GDP GR CAustria 8.5649(6.1501)63.9675(16.0473)56.2402(27.6708)2174.0293(4697.8790)0.369(0.0300)0.4173(0.0607)0.1524(0.0130)1.6986(0.7312)2.2857(1.0548)88.7943(1.6549)Belgium 8.4901(12.4237)65.9792(31.2047)40.4446(28.8199)7102.865(23011.8401)0.7563(0.2460)0.1040(0.0530)0.0661(0.0195)1.7500(0.5836)2.4000(1.1832)91.5886(3.8120)Denmark 10.9835(4.0547)69.0187(16.4308)68.6064(21.9184)3647.0282(18890.2384)0.3874(0.0458)1.3548(0.2032)0.5309(0.1207)2.2871(0.3177)2.5286(0.4949)86.8100(2.1805)Finland 5.2438(1.1279)65.2871(11.9674)63.1967(13.0329)11079.5762(8659.0861)0.1889(0.0485)8.1501(7.0367)1.3410(0.8871)1.4886(0.8262)4.2571(1.6910)99.1886(0.2073)France 9.5674(11.0528)70.0557(45.3486)70.7802(69.8005)12622.7131(59381.6366)0.3969(0.0743)1.9497(1.0919)0.6991(0.2899)1.3600(0.5316)2.5571(1.0377)60.5285(2.8459)Germany 9.0886(10.8851)65.7206(23.7526)64.273(41.0126)2734.8172(5428.5443)0.2974(0.0522)1.6206(0.6039)0.4788(0.1680)1.5686(0.5995)1.6571(0.6884)77.2729(5.4576)Greece 8.764(6.8035)66.0269(16.1258)48.500(13.1278)15401.6024(13779.4125)0.1146(0.0201)5.6998(4.3633)0.6713(0.5104)5.2257(2.3141)3.3429(0.7442)87.3471(5.4860)Ireland 8.3094(5.2682)33.1019(23.6464)58.4917(27.4379)12959.7545(21601.9533)1.216(0.3663)0.5604(0.1407)0.6529(0.1567)2.8800(1.5354)9.3286(1.6807)77.9629(3.5921)Italy 8.7328(6.4068)76.5104(30.1354)78.5084(53.0946)10373.1082(23514.5038)0.1184(0.0384)4.5216(3.0910)0.4266(0.1871)2.8857(1.1905)2.0571(0.6522)55.5066(3.9818)Luxembourg 5.4107(5.8141)49.6299(24.3863)24.6536(19.6574)5077.4035(7990.2227)18.3469(8.3414)0.1161(0.0549)1.7163(0.2233)1.7800(0.7828)5.4714(2.6223)34.0235(8.3610)The 7.77157.1187.66235287.940.5352.6122 1.3146 2.47 3.2590.6。
