Financial Restructuring in European Banking and Foreign Expansion

ABSTRACT

This paper examines the main structural and performance features of European banking. It demonstrates that while banking markets have become increasingly concentrated and bank numbers have fallen, competition appears to have intensified. Given the large number of banks and branches in many countries, there still remain indicators of possible excess capacity in the system and that the consolidation trend, especially with the advent of the EMU, will continue. The paper considers ways in which banks have diversified to add to their revenues, and also discusses market power and competition issues relating to increased market concentration. Finally, we briefly discuss the foreign expansion strategies of European banks, particularly the Spanish banks in South America. The strategic emphasis of the top Spanish banks has primarily been based on building market power and a name presence in a region that has massive market potential.

RESUMEN. Este documento examina las principales características estructurales y de desempeño de la banca europea. Demuestra que, mientras que los mercados bancarios se han ido concentrando cada vez más determinando la disminución del número de bancos existentes, la competencia parece haberse intensificado. De acuerdo al gran número de bancos y sucursales que existen en muchos países, esto parece mostrar que todavía existen indicadores de posible exceso de capacidad en el sistema, y que la tendencia hacia la consolidación, especialmente con la llegada del EMU, continuará. El documento considera las formas en que los bancos se han diversificado para aumentar sus ingresos, así como el poder del mercado y temas relacionados a la competencia para aumentar su concentración. Por último, traza rápidamente las estrategias de expansión extranjera de los bancos europeos, especialmente los bancos españoles en Sudamérica. El hincapié estratégico de los principales bancos españoles se basó, primordialmente, en aumentar su poder de mercado y la presencia de la marca en la región que tiene un potencial de mercado masivo.

RESUMO. Este estudo analisa as características estruturais e o desempenho do sistema bancário europeu. Ele demonstra que, enquanto o mercado bancário tornou-se cada vez mais concentrado e o número de bancos diminuiu, a competição parece ter se intensificado. Apesar do grande número de bancos e de filiais em muitos países, ainda permanecem indicadores de excesso de capacidade do sistema, e que a tendência de consolidação continuará, especialmente com o advento da Unidade Monetária Européia. Este trabalho considera as diversas estratégias utilizadas pelos bancos para aumentar a sua receita e, também, discute o poder de mercado e os aspectos competitivos relacionados à maior concentração do mercado. Finalmente, discutem-se, sucintamente, as estratégias de expansão estrangeira dos bancos europeus, particularmente dos bancos espanhóis, na América do Sul. A ênfase estratégica dos maiores bancos espanhóis baseia-se, principalmente, na construção do poder de mercado e da presença da sua marca em uma região com grande potencial de mercado.     

The Restaurant Revolution-Growth,Change and Strategy in the International Foodservice Industry

Summary

This paper reports the results of a two-year investigation into the forces driving change in the global foodservice industry and the identification and analysis of competitive methods used by multinationals to respond to these forces. The five forces identified are: (1) globalization and economic change, (2) a knowledge based environment, (3) the future labor force and its entrants, (4) concern for well being, and (5) threatened natural resources. The competitive methods as identified by analyzing multinational foodservice firms are: (1) strategic expansion into the international marketplace, (2) investment in technological development, (3) internal competency development, (4) effective communication to target markets, and (5) competitive pricing strategies. Using the co-alignment model of strategy as the underpinning of the analysis it was determined that multinational firms have responded well to the forces of globalization and economic change, and the knowledge based environment. However, it appears that little competitive methods have been developed to address the forces such as labor force, well being and threatened natural resources. The implication here is that firms that are not in alignment with environmental forces will have to address this concern if they expect to continue to add value for all industry stakeholders.     

政区竞争与厂商区位选择

西方传统区位理论和区域经济学,都没有很好地将政区竞争与厂商区位选择联系起来进行考虑。中国作为一个大国,地方政府之间的政区竞争将影响厂商的区位选择。本文主要探讨政区竞争导致的地方政府在拓展政策和领导人能力方面的差异化、差异性条件下厂商的跨区域区位选择以及这种选择的效率效应。     

沃尔玛的国际扩张模式研究

本文以沃尔玛为例,回顾了其全球扩张历程,并对其海外扩张模式做了探讨,发现沃尔玛在国际扩张过程中,主要采取的是由近及远的空间扩张模式,对不同性质的目标市场,则分别采用收购和合资新建等国际化经营模式。以中国商业零售业对外资的开放政策变化为背景,本文还对沃尔玛在中国的发展做了剖析,并对其未来发展态势做出预测。     

试论财务战略管理对企业生存发展的影响——佑威国际破产案例研究

选择适当的财务战略类型,需要考虑企业内部财务资源和环境因素的影响。佑威国际破产清算的原因及其财务战略选择的不当之处,为更多企业在财务战略选择决策时提供了借鉴：在内部财务资源不足、大规模投资扩张不符合实际的情况下,企业更应当考虑立足实际,由单纯的规模投资扩张转向充分利用已有财务资源,回归核心业务核心市场的精耕细作,为企业未来快速扩张打下扎实基础。在经济环境和市场环境发生变化时,要对财务战略进行相应的评估和调整,以避免坚持原有不合时宜的财务战略导致的经营失败。     

海南国际旅游岛战略造成了地区间城镇建设用地扩张的马太效应吗？

研究目的：评估海南国际旅游岛战略是否造成了全岛城镇建设用地扩张的地区差异。研究方法：滑动t检验、反事实分析框架、FLUS模型与Dagum基尼系数。研究结果：（1）海南国际旅游岛战略实施后，全岛城镇建设用地扩张速度和规模均有明显提高，并呈现出“两极区＞两轴区＞中部区”的空间分布特点；（2）海南国际旅游岛战略实施前、后，海南岛城镇建设用地扩张存在较为明显的地区差异，且主要由地区间差异构成；（3）海南国际旅游岛战略实施会抑制海南各地区城镇建设用地扩张的马太效应。研究结论：海南岛城镇建设用地扩张因地区间社会经济基础差异而存在马太效应，但国际旅游岛战略的实施则通过全域覆盖、政策利好以及市场选择而对此产生了一定抑制作用。以期为区域发展战略实施背景下的地区间城市协调发展提供相应决策支持。     

贸易政策不确定性与中国产品出口的数量、质量效应——基于自由贸易协定的政策背景

基于中国缔结自由贸易协定的政策背景,试图从贸易政策不确定性的新视角来解释中国的出口扩张以及出口升级。通过将贸易政策不确定性引入到质量异质性模型,推理出贸易政策不确定性对出口扩张及出口升级的关系等式,运用2002—2014年高度精细化的微观企业数据进行实证检验。研究发现,贸易政策不确定性下降有利于促进出口扩张和出口升级,OFDI是发挥贸易政策不确定性效应的重要作用机制。自由贸易战略是我国应对当前"逆全球化"国际局势的重要对策,贸易政策不确定性为我国维持出口扩张和实现出口升级提供了新思路。     

出口集聚、企业相关生产能力与企业出口扩展

目前集聚效应对企业出口行为影响的研究中,集聚多是基于地理距离来刻画。本文试图将产品间的认知距离引入集聚的测度中,研究不同类型集聚对企业出口扩展边际的影响,并进一步讨论企业相关生产能力的异质性作用。本文发现,出口集聚效应和企业相关生产能力分别是企业出口多元化的外源动力和企业条件。具体来说,引入认知距离后,可以更好地区分集聚经济和集聚不经济的来源:同产品集聚和相关产品集聚均有利于促进企业出口扩展;而不相关产品集聚对企业出口扩展的影响则表现为竞争效应。进一步的研究发现,并不是所有企业都能在集聚的过程中“搭便车”,集聚发挥作用的方向和程度因企业储备的相关生产能力而异。在影响机制上,出口集聚效应通过专业劳动力共享和中间投入品共享等供给侧渠道以及目的国市场信息共享和已有出口经验等需求侧渠道来降低企业出口扩展的难度和风险。基于上述实证结果,本文认为地方政府应打造技术关联紧密、上下游产业相互依托、有核心竞争力的空间集聚形态,并创造良好的营商环境,以激发企业创新活力,提升中国对外贸易的核心竞争力。