留学生Term paper写作范文：HSBC and Foreign Market Strategies

留学生Term paper写作范文-汇丰银行和国外市场战略。本文是一篇留学生Termpaper写作格式范文，主要内容是讲述汇丰控股拥有15020亿美元的资产，是世界上最大的银行和金融服务机构之一。它提供全面的金融服务，包括个人金融服务、商业和公司银行、投资银行和市场、私人银行和其他活动。汇丰的国际网络包括9500多个办事处，分布在欧洲、亚太地区、美国、中东和非洲的76个国家和地区。下面就一起来欣赏下这篇优秀的留学生Termpaper写作格式范文的全部内容。

1. Introduction 引言
With assets of US $1,502 billion, HSBC Holdings is one of the largest banking and financial services organisations in the world.1 It provides a comprehensive range of financial services including personal financial services, commercial and corporate banking, investment banking and markets, private banking, and other activities. HSBC’s international network comprised over 9,500 offices in 76 countries and territories in Europe, the Asia-Pacific region, the America, the Middle East and Africa.
1. 2. Literature Review 文献综述
What determines foreign market entry strategies? To answer this question, most existing literature has focused on the characteristics of the entering firm, in particular its resources and capabilities (Barney, 1991; Anand and Delios, 2002) and its need to minimize transaction costs (Buckley and Casson, 1976; Anderson and Gatignon, 1986; Hill, Hwang, and Kim, 1990). While resources and capabilities are certainly important (Peng, 2001), recent work has suggested that strategies are moderated by the characteristics of the particular context in which firms operate (Hoskisson et al., 2000; In particular, institutions—the ‘rules of the game’—in the host economy also significantly shape firm strategies such as foreign market entry (Peng, 2003; Wright et al., 2005). In a broad sense, macro-level institutions affect transaction costs (North, 1990). However, traditional transaction cost research (exemplified by Williamson, 1985) has focused on micro-analytical aspects such as opportunism and bounded rationality. As a result, questions of how macro-level institutions, such as country-level legal and regulatory frameworks, influence transaction costs have been relatively unexplored, remaining largely as ‘background.’ However, a new movement in research posits that institutions are far more than ancillary elements, and that institutions directly influence what resources a firm has at it’s disposal as it strives to develop and launch strategy. Nowhere is this point more clearly borne out than in emerging economies, where institutional frameworks differ greatly from those in developed economies (Khanna, Palepu, and Sindha, 2005; Meyer and Peng, 2005; Wright et al., 2005; Gelbuda, Meyer, and Delios, 2008). Given these institutional differences, how do foreign firms adapt entry strategies when entering emerging economies? Focusing on this key question, it can be argued that (1) institutional development (or underdevelopment) in different emerging economies directly affects entry strategies, and (2) investors’ needs for local resources impact entry strategies in different ways in different institutional contexts. In essence, we advocate an integrative perspective calling not only for explicit considerations of institutional effects, but also for their integration with resource-based considerations.
什么决定了国外市场进入战略？为了回答这个问题，大多数现有文献都关注进入公司的特征，特别是其资源和能力及其最小化交易成本的需要。虽然资源和能力当然很重要，最近的研究表明，战略是由企业经营的特定环境的特征来调节的；特别是，东道国经济中的“游戏规则”也显著影响企业战略，例如外国市场进入。从广义上讲，宏观制度影响交易成本。然而，传统的交易成本研究）侧重于微观分析方面，如机会主义和有限理性。因此，国家一级的法律和监管框架等宏观机构如何影响交易成本的问题相对来说尚未得到探索，主要仍处于“背景”状态然而，一项新的研究运动认为，制度远不止是辅助因素，制度直接影响企业在努力制定和启动战略时拥有哪些资源。这一点在新兴经济体中得到了最为明确的证明，新兴经济体的制度框架与发达经济体有很大不同。鉴于这些制度差异，外国公司在进入新兴经济体时如何适应进入战略？围绕这一关键问题，可以认为：（1）不同新兴经济体的制度发展（或欠发达）直接影响进入战略，（2）投资者对当地资源的需求在不同的制度背景下以不同的方式影响进入战略。从本质上讲，我们提倡一种综合的观点，不仅要求明确考虑制度效应，而且要求将其与基于资源的考虑相结合。
An analysis of theory developed specifically out of changes to global markets shows little development of the standard theories of market segmentation, differentiated pricing and appropriate distribution channels which underpinned local and domestic marketing theory. However, the literature over the past five years has shown a particular set of theoretical models specific to global marketing. Hollensen, S (2007) discusses the Upsalla International Model which suggests a sequential pattern of entry into international markets with an increasing “commitment” to overseas markets as the international experience of the firm grows. He contrasts this with a traditional approach of what is termed as the Penrosian tradition which returns us to the economy of scale and a cost-led approach working from the firm’s core competencies. Dunning (1998) suggests a similar Ownership-Location-internalisation (OLI) framework identifying an “ownership advantage” of establishing overseas production facilities, a locational advantage which builds a logistics network around the overseas production and, finally, an internalisation advantage where it must be economical for a firm to utilise the previous two advantages rather than sell them to a foreign firm.
对专门针对全球市场变化而开发的理论的分析表明，支撑本地和国内营销理论的市场细分、差异定价和适当分销渠道的标准理论几乎没有发展。然而，过去五年的文献显示了一套特定于全球营销的理论模型。Hollensen讨论了Upsalla国际模型，该模型提出了进入国际市场的顺序模式，随着公司国际经验的增长，对海外市场的“承诺”不断增加。他将其与传统的彭罗斯传统方法进行了对比，彭罗斯传统将我们带回规模经济和从公司核心竞争力出发的成本导向方法。Dunning提出了一个类似的所有权-位置内部化（OLI）框架，该框架确定了建立海外生产设施的“所有权优势”，一种围绕海外生产建立物流网络的区位优势，最后，内部化优势，即企业利用前两个优势而不是将其出售给外国企业必须是经济的。
Similar to the development of the standardisation-localisation model emerging to deal with the specific choices related to international market entry the identification of risk mitigation factors salient to international marketing has developed rapidly. Baker, M (1993) recognises the risk mitigation inherent in internationalisation, protecting the firm from adverse fluctuations in the national economic cycle. Hollensen, S (2007) concurs, outlining the ownership, operating and transfer risk in being attached purely to domestic markets. All of the literature, in short, is strong on identifying the risks of domestic-based marketing, however there is scant coverage of the specific risks of internationalisation
与标准化本地化模型的发展类似，标准化本地化模式正在兴起，以处理与国际市场进入相关的具体选择，对国际营销显著的风险缓解因素的识别也得到了快速发展。Baker认识到国际化固有的风险缓解，保护公司免受国民经济周期的不利波动。Hollensen表示赞同，概述了纯粹依附于国内市场的所有权、运营和转让风险。简言之，所有文献都着重于识别国内营销的风险，但很少涉及国际化的具体风险
2.1 Factors Affecting Market Entry Models 影响市场进入模式的因素
Comprehensive models are easily identifiable in the literature and cover diverse entry modes, total product offer, and maturity models, Hollensen, S (2007). Earlier literature is more product-based than market-led, as with Majaro, S (1993) who presents three approaches to entering a product onto the international market: the development of new products, the deletion of weak products and the modification of new products. Hollensen, S more or less deals with market maturity as a key consideration of entry. Two distinct models suggested here are the waterfall approach where the product is disseminated from advanced through developing to less developed countries and the shower approach where all three are simultaneously targeted where early market penetration is a goal. Overall, the literature is consensual on the fact that shorter product lifecycles are the salient feature of internationalised markets.
综合模型在文献中很容易识别，涵盖了各种进入模式、总产品供应和成熟度模型。早期文献更多地以产品为基础，而不是以市场为导向，正如Majaro提出的将产品进入国际市场的三种方法：开发新产品、删除弱产品和修改新产品。霍伦森或多或少将市场成熟度作为进入的一个关键考虑因素。这里提出的两种不同模式是瀑布法，即产品从先进国家通过发展中国家传播到欠发达国家；阵雨法，即三者同时针对，以早期市场渗透为目标。总的来说，文献一致认为缩短产品生命周期是国际化市场的显著特征。
2.2 Internal Factors 内部因素
With assets of US $1,502 billion, HSBC Holdings is one of the largest banking and financial services organisations in the world.1 HSBC provides a comprehensive range of financial services including personal financial services, commercial and corporate banking, investment banking and markets, private banking, and other activities. HSBC’s international network comprised over 9,500 offices in 76 countries and territories in Europe, the Asia-Pacific region, the America, the Middle East and Africa. It was a pioneer of modern banking practices in a number of countries.
汇丰控股拥有15020亿美元的资产，是世界上最大的银行和金融服务机构之一。1汇丰银行提供全面的金融服务，包括个人金融服务、商业和公司银行、投资银行和市场、私人银行和其他活动。汇丰的国际网络包括9500多个办事处，分布在欧洲、亚太地区、美国、中东和非洲的76个国家和地区。它是许多国家现代银行业务的先驱。
A growth oriented company from it’s earliest days, in 2000, HSBC decided to launch concrete strategies to attain market leadership in all sectors it operated in. Though the company was amongst the leading players in areas such as consumer finance, personal financial services, commercial and corporate banking, it also wanted to establish its presence in areas such as investment banking, mortgage, insurance and credit card business. To strengthen its product portfolio and geographical reach, the company embarked on an aggressive acquisition strategy. The focus was on areas where HSBC was either weak or did not have a presence. Simultaneously, the company launched an aggressive branding exercise to complement its growth strategy. The geographical reach of the bank could be estimated by its presence in form of the subsidiaries and franchises. It has nearly 200,000 shareholders in some 100 countries and territories. The shares traded on the New York Stock Exchange in the form of American Depositary Receipts. HSBC was also listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges.
2000年，汇丰银行成立之初就是一家以增长为导向的公司，它决定推出具体战略，以在其经营的所有行业中取得市场领先地位。虽然该公司在消费金融、个人金融服务、商业和公司银行等领域处于领先地位，但它也希望在投资银行、抵押贷款、保险和信用卡业务等领域建立业务。为了加强其产品组合和地理覆盖范围，该公司开始了积极的收购战略。重点是汇丰薄弱或没有业务的领域。同时，该公司推出了积极的品牌推广活动，以补充其增长战略。该行的地理范围可以通过其以子公司和特许经营形式存在的情况来估计。它在大约100个国家和地区拥有近20万名股东。以美国存托凭证形式在纽约证券交易所交易的股票。汇丰银行也在伦敦、香港、纽约、巴黎和百慕大证券交易所上市。
In late 1998, the Group adopted the HSBC brand and the hexagon symbol as a unified brand in all the markets where it operated. The bank adopted the tagline ‘Your world of financial services’ in 1999. With the new tagline, HSBC hoped to acquaint customers with the extent and the range of its financial services. The tagline and the unification of the business under one name emphasised the global reach of the group. In early 2000s, HSBC vigorously worked towards developing its banking and financial services to gain market leadership. In 2002, the HSBC changed the tagline to ‘The world’s local bank’, the tagline emphasised the group’s experience and understanding of a great variety of markets and cultures. The group chairman said ‘We are committed to making HSBC one of the world’s leading brands for customer experience.’1 as part of the ‘Managing For Value’ Strategy
1998年末，该集团在其经营的所有市场中采用了汇丰品牌和六边形标志作为统一品牌。该行于1999年采用了“您的金融服务世界”的口号。通过这一新口号，汇丰希望让客户了解其金融服务的范围和范围。该口号和统一的业务在一个名称下强调了集团的全球影响力。21世纪初，汇丰银行大力发展其银行和金融服务，以获得市场领导地位。2002年，汇丰银行将口号改为“世界本地银行”，口号强调了集团对各种市场和文化的经验和理解。该集团董事长说，我们致力于使汇丰银行成为全球领先的客户体验品牌之一1作为“价值管理”战略的一部分
In 1998, HSBC launched the above strategy to set the conditions for future success in a fast-changing market. The company hoped to beat the total shareholder return delivered by competing financial institutions. To do so, it needed to enter areas that promised returns that were higher than the risk-adjusted cost of capital. It decided to offer wealth management services, personal asset management and insurance services to its customers. Its objective was to cross-sell a wide range of products around the globe, including mortgages, insurance, mutual funds, and credit cards.
1998年，汇丰银行推出了上述战略，为未来在快速变化的市场中取得成功创造了条件。该公司希望超过竞争金融机构提供的股东总回报。为此，它需要进入承诺回报高于风险调整后资本成本的领域。它决定向客户提供财富管理服务、个人资产管理和保险服务。其目标是在全球范围内交叉销售各种产品，包括抵押贷款、保险、共同基金和信用卡。
As a first step, the company decided to eliminate bad growth strategies i.e. those which had failed to cover the cost of capital. As a part of its value-based profitability drive, it adopted several measures which targeted higher-value creation at the bank. Managers and staff adopted behavioural practices such as targeting high-net-worth customers through several prestigious credit card schemes, strengthened the sales culture of staff by ways of incentives and promoting client cross-referral across the different business divisions, running more loyalty programmes for customers to capture a greater share of creditworthy customers. Like some other companies, HSBC has also developed international programs with their own incentive and compensation systems, performance metrics, and opportunities to groom managers for global positions (Exhibit 3, on the next page). Such programs, which often provide training focused on tolerance and cultural awareness, aim to produce managers who are well versed in a company’s distinctive capabilities but flexible enough to deal successfully with novel situations. These managers learn to distinguish the nonnegotiable aspects of a business model from those that can be modified as necessary.
作为第一步，该公司决定消除不良的增长战略，即那些未能覆盖资本成本的战略。作为基于价值的盈利驱动的一部分，它采取了多项措施，旨在为银行创造更高的价值。经理和员工采取了一些行为做法，例如通过几个著名的信用卡计划瞄准高净值客户，通过激励措施加强员工的销售文化，促进不同业务部门之间的客户交叉推荐，为客户实施更多的忠诚计划，以获取更大的信誉客户份额。与其他一些公司一样，汇丰银行也制定了国际计划，包括自己的激励和薪酬体系、绩效指标以及为全球职位培训经理的机会。这些项目通常提供以宽容和文化意识为重点的培训，旨在培养精通公司独特能力但足够灵活的经理，以成功应对新情况。