1、 2016 Pearson Education Ltd.All rights reserved.20-1 2016 Pearson Education Ltd.All rights reserved.20-1 Chapter 11Banking Industry:Structure and Competition 2016 Pearson Education Ltd.All rights reserved.1-2 Preview This chapter examines the historical trends in the banking industry(銀行產業的歷史趨勢)that
2、help explain the unique structure of the U.S.system.2016 Pearson Education Ltd.All rights reserved.1-3 Learning Objectives Recognize the key features of the banking system(銀行體系)and the historical context of the implementation of these features.Explain how financial innovation(金融創新)led to the growth
3、of the shadow banking system(影子銀行體系).Identify the key structural changes(關鍵的結構型改變)in the commercial banking industry.Summarize the factors that led to consolidation(併購)in the commercial banking industry.2016 Pearson Education Ltd.All rights reserved.1-4 Learning Objectives Assess the reasons for sep
4、arating banking(分拆銀行的理由)from other financial services through legislation.Summarize the distinctions between thrift institutions(儲貸機構)and commercial banks.Identify the reasons for U.S.banks to operate in foreign countries and for foreign banks to operate in the United States.2016 Pearson Education L
5、td.All rights reserved.1-5 Historical Development of the Banking System Bank of North America chartered in 1782 Controversy(爭論)over the chartering of banks National Bank Act of 1863 creates a new banking system of federally chartered banks Office of the Comptroller of the Currency(聯邦貨幣局)Dual banking
6、 system(雙元銀行體系)Federal Reserve System(聯邦準備體系)is created in 1913.2016 Pearson Education Ltd.All rights reserved.1-6 Figure 1 Time Line of the Early History of Commercial Banking in the United States 2016 Pearson Education Ltd.All rights reserved.1-7 Primary Supervisory Responsibility of Bank Regulato
7、ry Agencies Federal Reserve(聯儲局)and state banking authorities(州銀行監理單位):state banks that are members of the Federal Reserve System.Fed(聯儲局)also regulates bank holding companies.(銀行控股公司)FDIC(聯邦存款保險公司):insured state banks that are not Fed members.State banking authorities(州政府銀行局):state banks without FD
8、IC insurance.2016 Pearson Education Ltd.All rights reserved.1-8 Financial Innovation and the Growth of the“Shadow Banking System”Financial innovation is driven(金融創新被激發)by the desire to earn profits A change in the financial environment will stimulate a search by financial institutions for innovation
9、s that are likely to be profitable Financial engineering(財務工程)2016 Pearson Education Ltd.All rights reserved.1-9 Responses to Changes in Demand Conditions:Interest-Rate Volatility Adjustable-rate mortgages(浮動利率房貸浮動利率房貸)Flexible interest rates keep profits high when rates rise Lower initial interest
10、rates make them attractive to home buyers Financial derivatives(衍生性金融商品衍生性金融商品)Ability to hedge interest rate risk(規避利率風險)Payoffs are linked to previously issued(i.e.derived from)securities.(償付與已發行的證券連接)2016 Pearson Education Ltd.All rights reserved.1-10 Responses to Changes in Supply Conditions:Inf
11、ormation Technology Bank credit and debit cards(信用卡與轉帳卡)Improved computer technology lowers transaction costs(電腦科技的進步可降低交易成本)Electronic banking(電子銀行)ATM(自動櫃員機),home banking(家庭銀行),ABM(自動銀行機)and virtual banking(網路銀行)Junk bonds(垃圾債券)Commercial paper market Improvements in information technology 1970-33
12、 billion 2008-1.7 trillion 2016 Pearson Education Ltd.All rights reserved.1-11 Securitization and the Shadow Banking System Securitization(證券化)To transform otherwise illiquid financial assets(不具流動性的金融資產)into marketable capital market securities.Securitization played an especially prominent role in t
13、he development of the subprime mortgage(次級房貸)market in the mid 2000s.2016 Pearson Education Ltd.All rights reserved.1-12 Avoidance of Existing Regulations Loophole Mining(鑽漏洞):Reserve requirements act(應提準備法案)as a tax on deposits Restrictions on interest paid on deposits led to disintermediation(逆中介)
14、Money market mutual funds(貨幣市場共同基金)Sweep accounts(一帳通)2016 Pearson Education Ltd.All rights reserved.1-13 Financial Innovation(金融創新金融創新)and the Decline of Traditional Banking As a source of funds for borrowers(資金來源透過借入款),market share has fallen(通貨膨脹導致利率上漲超出上限，則存款流失)Commercial banks share of total fi
15、nancial intermediary assets has fallen(junk bond,securitization,and rise in commercial paper market)No decline in overall profitability Increase in income from off-balance-sheet activities(表外操作)2016 Pearson Education Ltd.All rights reserved.1-14 Figure 2 Bank Share of Total Nonfinancial Borrowing,19
16、602014 Source:Federal Reserve Bank of St.Louis,FRED data base:http:/research.stlouisfed.org/fred2/;https:/www2.fdic.gov/hsob/index.asp.2016 Pearson Education Ltd.All rights reserved.1-15 台灣的直接金融與間接金融台灣的直接金融與間接金融直接金融與間接金融比較0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 90.00 100.00 80年1月4月7月10月
17、85年1月4月 7月10月 90年1月 4月 7月 10月 95年 1月時間%間接金融直接金融 2016 Pearson Education Ltd.All rights reserved.1-16 Financial Innovation and the Decline of Traditional Banking Decline in cost advantages in acquiring funds(liabilities)(獲取資金的成本優勢下降)Rising inflation led to rise in interest rates and disintermediation
18、Low-cost source of funds,checkable deposits,declined in importance Decline in income advantageson uses of funds(assets)(使用資金的獲益優勢下降)Information technology(資訊技術)has decreased need for banks to finance short-term credit needs or to issue loans Information technology has lowered transaction costs for o
19、ther financial institutions,increasing competition 2016 Pearson Education Ltd.All rights reserved.1-17 Financial Innovation and the Decline of Traditional Banking Banks Responses Expand into new and riskier areas of lending Commercial real estate loans(商業不動產放款)Corporate takeovers and leveraged buyou
20、ts(高槓桿收購)Pursue off-balance-sheet activities Non-interest income(利息以外收入)Concerns about risk 2016 Pearson Education Ltd.All rights reserved.1-18 Structure of the U.S.Commercial Banking Industry Restrictions on branching(分行限制)McFadden Act(1927)and state branching regulations.Response to ranching restr
21、ictions(圈養式限制)Bank holding companies.(銀行控股公司)Automated teller machines.(ATM)2016 Pearson Education Ltd.All rights reserved.1-19 Table 1 Size Distribution of Insured Commercial Banks,June 30,2014 2016 Pearson Education Ltd.All rights reserved.1-20 Table 2 Ten Largest U.S.Banks,June 30,2014 2016 Pears
22、on Education Ltd.All rights reserved.1-21 Bank Consolidation and Nationwide Banking The number of banks has declined dramatically over the last 30 years.Bank failures and consolidation.(銀行失敗與合併)Deregulation:Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 Economies of scale and sc
23、ope(規模經濟與範疇經濟)from information technology Results may be not only a smaller number of banks but a shift in assets to much larger banks.2016 Pearson Education Ltd.All rights reserved.1-22 Figure 3 Number of Insured Commercial Banks in the United States,19342014(Third Quarter)Source:Federal Reserve Ba
24、nk of St.Louis,FRED database:http:/research.stlouisfed.org/fred2/.2016 Pearson Education Ltd.All rights reserved.1-23 What will the Structure of the U.S.Banking Industry Look Like in the Future?Although the U.S.retains a unique banking structure in possessing a large number of banks,its structure is
25、 converging with systems in Europe and Japan.(雖然美國仍維持龐大數量的單一銀行結構，然而其結構正朝向歐洲與日本靠攏)How far the convergence between banking systems will extend is the subject of ongoing academic debate(學術辯論)2016 Pearson Education Ltd.All rights reserved.1-24 Are Bank Consolidation and Nationwide Banking Good Things?Be
26、nefits Increased competition,driving inefficient banks out of business(將無效率的銀行驅逐出去)Increased efficiency also from economies of scale and scope(規模經濟與範疇經濟)Lower probability of bank failure(銀行失敗機率下降)from more diversified portfolios 2016 Pearson Education Ltd.All rights reserved.1-25 Are Bank Consolidat
27、ion and Nationwide Banking Good Things?Costs Elimination of community banks(社區銀行消失)may lead to less lending to small business(小額貸款減少)Banks expanding into new areas may take increased risks and fail(冒更多的風險)2016 Pearson Education Ltd.All rights reserved.1-26 Separation of the Banking and Other Financi
28、al Service Industries Erosion(凋零凋零)of Glass-Steagall Act Prohibited commercial banks from underwriting(發行)corporate securities or engaging in brokerage activities(經紀業務)Section 20(Glass-Steagall)loophole was allowed by the Federal Reserve enabling affiliates of approved(允許)commercial banks to underwr
29、ite securities as long as the revenue did not exceed a specified amount U.S.Supreme Court validated the Feds action in 1988 2016 Pearson Education Ltd.All rights reserved.1-27 Separation of the Banking and Other Financial Service Industries Gramm-Leach-Bliley Financial Services Modernization Act of
30、1999 Abolishes(廢止)Glass-Steagall States regulate insurance activities(州政府維持監督保險行為)SEC keeps oversight of securities activities(證管會持續監督證券相關行為)Office of the Comptroller of the Currency regulates bank subsidiaries engaged in securities underwriting Federal Reserve oversees bank holding companies 2016 P
31、earson Education Ltd.All rights reserved.1-28 Separation of the Banking and Other Financial Service Industries Universal banking(綜合銀行綜合銀行)No separation between banking and securities industries British-style universal banking May engage in security underwriting Separate legal subsidiaries(依法區隔子公司)ar
32、e common Bank equity holdings of commercial firms(銀行資本購入商業公司)are less common Few combinations of banking and insurance firms(少見銀行與保險合併)2016 Pearson Education Ltd.All rights reserved.1-29 Separation of the Banking and Other Financial Service Industries Some legal separation Allowed to hold substantia
33、l equity stakes in commercial firms but holding companies are illegal 2016 Pearson Education Ltd.All rights reserved.1-30 Thrift Industry:Regulation and Structure Savings and loan associations Chartered by the federal government or by states Most are members of Federal Home Loan Bank System(FHLBS)De
34、posit insurance provided by Savings Association Insurance Fund(SAIF),part of FDIC Regulated by the Office of Thrift Supervision 2016 Pearson Education Ltd.All rights reserved.1-31 Thrift Industry:Regulation and Structure Mutual savings banks Approximately half are chartered by states Regulated by st
35、ate in which they are located Deposit insurance provided by FDIC or state insurance 2016 Pearson Education Ltd.All rights reserved.1-32 Thrift Industry:Regulation and Structure Credit unions Tax-exempt Chartered by federal government or by states Regulated by the National Credit Union Administration
36、(NCUA)Deposit insurance provided by National Credit Union Share Insurance Fund(NCUSIF)2016 Pearson Education Ltd.All rights reserved.1-33 International Banking Rapid growth Growth in international trade(國際貿易)and multinational corporations(多國籍企業)Global investment banking is very profitable Ability to
37、 tap into(打入)the Eurodollar market 2016 Pearson Education Ltd.All rights reserved.1-34 Eurodollar Market(歐洲美元市場歐洲美元市場)Dollar-denominated deposits held in banks outside of the U.S.Most widely used currency in international trade Offshore deposits(境外存款)not subject to regulations Important source of fu
38、nds for U.S.banks 2016 Pearson Education Ltd.All rights reserved.1-35 Structure of U.S.Banking Overseas Shell operation(空殼操作空殼操作)(branches in Bahamas and Cayman Islands)Edge Act corporation(邊緣行動公司)International banking facilities(IBFs)(國際銀行業務好處)Not subject to regulation and taxes May not make loans
39、to domestic residents 2016 Pearson Education Ltd.All rights reserved.1-36 Foreign Banks in the United States Agency office(辦事處)of the foreign bank Can lend and transfer fund in the U.S.Cannot accept deposits from domestic residents Not subject to regulations Subsidiary U.S.bank(美國子銀行)Subject to U.S.
40、regulations Owned by a foreign bank 2016 Pearson Education Ltd.All rights reserved.1-37 Foreign Banks in the United States Branch of a foreign bank(外國銀行在美國分行)May open branches only in state designated as home state(與本地銀行相同待遇)or in state that allow entry of out-of-state banks(允許外地銀行進入本地的州)Limited-ser
41、vice(有業務限制的)may be allowed in any other state Subject to the International Banking Act of 1978 2016 Pearson Education Ltd.All rights reserved.1-38 Table 3 Ten Largest Banks in the World,2014 2016 Pearson Education Ltd.All rights reserved.1-39 資料來源：中央銀行 2016 Pearson Education Ltd.All rights reserved.
42、1-40 2016 Pearson Education Ltd.All rights reserved.1-41 ROA排名123452006中華開發上海商銀彰化商銀臺灣工銀兆豐國際5.25%1.84%1.08%0.91%0.85%2007中華開發臺灣工業上海商銀彰化商銀第一商銀4.24%1.84%1.67%0.91%0.91%2008上海商銀中國信託華南商業 中國輸出入 台北富邦0.98%0.89%0.73%0.63%0.61%2009中華開發臺灣工銀上海商銀花旗國泰世華2.14%1.32%1.08%0.88%0.74%2010中華開發花旗上海商銀臺灣工銀京城2.75%2.25%1.33%1
43、.23%1.19%2011花旗京城中華開發渣打上海商銀2.07%1.71%1.39%1.33%1.17%2012萬泰京城花旗中華開發上海商銀2.40%2.06%1.92%1.44%1.21%國內銀行最近七年國內銀行最近七年ROA前五名前五名 2016 Pearson Education Ltd.All rights reserved.1-42 ROE排名123452006中央信託 彰化商銀 上海商銀 第一商銀 華南商銀25.28%17.18%16.83%16.34%14.64%2007第一商銀 上海商銀 華南商銀 彰化商銀 台中商銀17.58%16.59%15.40%14.18%13.00%2
44、008中國信託 第一商銀 上海商銀 台北富邦 合庫商銀12.37%12.30%9.89%9.48%9.04%2009國泰世華 上海商銀花旗遠東國際 兆豐國際11.94%9.63%9.00%8.47%8.40%2010花旗台新京城渣打安泰21.07%17.78%15.22%13.95%13.73%2011渣打京城花旗中國信託台新21.77%19.35%18.27%14.67%14.50%2012萬泰京城安泰花旗台新24.12%19.92%18.14%16.00%15.46%國內銀行最近七年國內銀行最近七年ROE前五名前五名 2016 Pearson Education Ltd.All right
45、s reserved.1-43 ROA排名543212006台灣新光臺中商銀台新萬泰日盛-2.21%-2.21%-2.42%-3.11%-5.56%2007聯邦花旗大眾萬泰安泰-1.70%-2.95%-3.00%-5.12%-7.40%2008陽信元大安泰日盛全國農業金庫-0.92%-1.11%-1.61%-1.84%-2.27%2009京城陽信渣打日盛萬泰0.02%-0.13%-0.77%-3.72%-6.29%2010臺企銀臺銀三信商銀高雄銀行萬泰0.20%0.18%0.12%0.10%-2.13%2011全國農業金庫臺銀 萬泰高雄銀行板信商銀0.11%0.11%-0.19%-0.19%-
46、0.39%2012臺銀高雄銀行板信全國農業金庫臺灣工銀0.20%0.19%0.16%0.08%0.07%國內銀行最近七年國內銀行最近七年ROA倒數五名倒數五名 2016 Pearson Education Ltd.All rights reserved.1-44 ROE排名543212006大眾萬泰台新臺中商銀日盛-39.57%-47.12%-52.56%-78.43%-118.78%2007日盛萬泰聯邦大眾安泰-29.74%-32.36%-35.97%-41.25%-162.78%2008元大安泰日盛萬泰全國農業金庫-21.14%-23.73%-50.20%-65.68%-98.36%2009京城陽信渣打萬泰日盛0.29%-2.91%-13.56%-54.10%-64.12%2010臺銀 三信高雄銀行中國輸出入萬泰2.81%2.59%2.13%1.41%-21.89%2011中國輸出入 臺銀萬泰高雄銀行板信2.64%1.81%-2.11%-4.12%-7.47%2012 大台北商銀星展中國輸出入全國農業金庫臺灣工銀3.10%2.83%2.49%2.40%0.42%國內銀行最近七年國內銀行最近七年ROE倒數五名倒數五名
