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

论文价格: 免费 时间:2022-08-03 11:50:15 来源:www.ukassignment.org 作者:留学作业网

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。

Termpaper格式范文

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。这些管理者学习如何区分业务模型中不可协商的方面和可以根据需要修改的方面。
Ranbaxy, whose current CEO is British, is one of the companies working to develop this kind of global cadre. Its country managers move to new locations as soon as they are ready to assume larger challenges.
Ranbaxy现任首席执行官是英国人,是致力于培养这种全球干部的公司之一。一旦他们准备好承担更大的挑战,其国家经理就会搬到新的地点。
2. 3. External Factors 外部因素
3.1 Barriers to market entry 市场进入障碍
3.1.1 Regulation 规则

Firms in regulated industries face a significant strategic dilemma when expanding abroad. On the one hand, established theory and practice recommend following a gradual, staged model of international expansion so as to minimize risks and cope with uncertainty (Johanson and Vahlne, 1977; Chang, 1995; Rivoli and Salorio, 1996; Guill´en, 2002; Vermeulen and Barkema, 2002), that is, to overcome the so-called liability of foreignness (Hymer, 1976; Zaheer, 1995). On the other, the regulated nature of these industries tends to require a strong commitment of resources anda fast pace of entry into foreign markets. This is the case for three interrelated reasons. First,these industries tend to be highly concentrated, and they often exhibit certain features of the ‘naturalmonopoly.’1 Second, entry may be restricted by the government, frequently under a system oflicenses. And third, the government may own significant parts of the industry. Under these circumstances, foreign entrants face strong incentives to commit large amounts of resources and to establish operations quickly, whenever and wherever opportunities arise, and frequently via acquisition as opposed to greenfield investment (Sarkar et al., 1999). Thus, the regulated and oligopolistic nature of these industries generates strong first mover advantages (Doh, 2000; Knickerbocker, 1973). Recent research in strategy argues that firms in regulated industries follow ‘asymmetric strategies’ in that they seek to defend their home-country position by preventing rivals from competing on a level playing field while pursuing entry into foreign markets as deregulation occurs. Given that deregulation has taken place at different moments in time and to different degrees from country to country, firms in regulated industries tend to follow a multidomestic strategy of foreign expansion, namely, they pick and choose which markets to enter depending on the specific circumstances
受监管行业的企业在海外扩张时面临重大的战略困境。一方面,既定的理论和实践建议遵循渐进、分阶段的国际扩张模式,以最大限度地减少风险和应对不确定性,即克服所谓的外国责任。另一方面,这些行业受监管的性质往往需要强有力的资源投入和快速进入国外市场。这种情况有三个相互关联的原因。首先,这些产业往往高度集中,往往表现出“自然垄断”的某些特征第二,入境可能会受到政府的限制,通常是在许可证制度下。第三,政府可能拥有该行业的重要部分。在这种情况下,外国进入者面临着巨大的动机,无论何时何地,只要有机会,他们都会投入大量资源并迅速建立业务,并且经常通过收购而不是绿地投资。因此,这些行业的管制和寡头垄断性质产生了强大的先发优势。最近的战略研究表明,受监管行业的企业遵循“不对称战略”,即在放松监管的情况下,通过阻止竞争对手在公平竞争的环境中竞争,同时寻求进入外国市场,来捍卫本国的地位。鉴于放松管制在不同的时间和不同的程度上发生在不同的国家,受管制行业的公司往往遵循一种国外扩张的多国内战略,即根据具体情况选择进入哪些市场
A natural monopoly emerges when it is possible to exploit economies of scale over a very large range of output. As a result, the optimally efficient scale of production becomes a very high proportion of the total market demand for the product or service. present in each foreign country, arranging their operations with a local rather than a global logic in mind, and engaging in limited cross-border coordination (Bonardi, 2004). Another distinctive feature of regulated industries is the role of the state as a shareholder. Some of the most active firms in regulated industries expanding abroad are former monopolies in which the state has or has had a controlling stake (Doh, Teegen, and Mudambi, 2004).
当有可能在非常大的产出范围内利用规模经济时,就会出现自然垄断。因此,最有效的生产规模在产品或服务的总市场需求中占有很高的比例。在每个外国,根据当地而非全球逻辑安排其业务,并进行有限的跨境协调。受监管行业的另一个显著特征是国家作为股东的角色。在海外扩张的受监管行业中,一些最活跃的公司是国家拥有或曾经拥有控股权的前垄断企业。
3.1.2 Cultural Barriers 文化障碍
By September 2000, the Hong Kong operations of HSBC were falling behind in implementing the MfV strategy. The strategy set the goal of the bank doubling shareholder value over a five years through growth in its core businesses in addition to a massive reduction in operating costs. One major cost-saving initiative was the migration of the bank’s Network Services Centre (NSC) in Hong Kong to its new global processing centre in Guangzhou, a Chinese city on the mainland. Implementing this initiative which involved moving staff and resources to the Guangzhou Data Centre (GZC) came up against major operational and public
relations issues. (MB)
截至2000年9月,汇丰银行在香港的业务在实施货币金融机构战略方面落后。该战略设定的目标是,除了大幅降低运营成本外,通过核心业务的增长,该行的股东价值在五年内翻一番。一项重大的成本节约举措是将该行位于香港的网络服务中心(NSC)迁移到位于中国大陆城市广州的新全球处理中心。在实施这一举措时,需要将员工和资源转移到广州数据中心(GZC),这面临着重大的运营和公共问题 。
Technically, there were no major obstacles to the bank following a global trend in financial services; seeking economies of scale by moving back-office operations to lower cost areas. The average salaries of staff in the GZC were only 20% of those in the NSC. From this angle, moving professional positions to GZC and to HSBC’s other new Indian global processing centre seemed perfectly in line with MfV objectives. Most duties were highly routine involving few important decision-making duties.
从技术上讲,随着金融服务的全球趋势,该行不存在重大障碍;通过将后台运营转移到成本较低的领域来寻求规模经济。GZC员工的平均工资仅为NSC员工的20%。从这个角度来看,将专业职位转移到GZC和汇丰银行的另一个新的印度全球处理中心似乎完全符合MfV的目标。大多数职责都是非常常规的,很少涉及重要的决策职责。
Nevertheless, The staff, who were initially offered a choice to move or risk losing their positions, felt betrayed by the bank, since there was an expectation among the workers that dutiful service should be recognised with job security.
然而,这些员工最初可以选择搬家或面临失去职位的风险,他们感到被银行背叛了,因为工人们期望尽职尽责的服务应该得到工作保障的认可。
4. Market Opportunities available to HSBC 汇丰可用的市场机会
4.1.1. Micro-Financing 小额融资

With significant operations in the emerging markets and expertise in transactional solutions, and supported by our office network, services, processes, capital, and customer relationships, HSBC are well placed to serve the micro finance sector. The bank’s approach to this sector is based on commercial viability with high social benefit, with the aim of creating self-sustaining, stable financial services to help people out of poverty. HSBC integrate micro-finance activities Global Business and Organizational Excellence DOI: 10.1002/joe January/February 2009 17 with local business capabilities rather than as a separate business line. Following pilot projects in 2005, HSBC has engaged more closely with micro-finance enablers and MFIs on the ground to understand the principal issues facing the sector, and the findings have informed and shaped our priorities. HSBC is currently working with MFIs in Argentina, India, Mexico, the Philippines, Sri Lanka, and Turkey through our operations in those countries. The bank is at the forefront in arranging foreign investments into the country and deals for Indian companies investing overseas, and it is custodian of more than 40 percent of the foreign institutional investments (FIIs) in India, with total assets under management in India that exceed $5 billion. Although HSBC in India has 47 branches and 178 ATMs in 26 cities, it lacks a branch network and accessibility in rural areas, where the majority of India’s empoverished population lives. The rural poor need a diverse range of financial services, including credit and safe and flexible savings services, to run their businesses, build assets, stabilize consumption, and shield themselves against poverty. However, access to quality financial services in rural India is still heavily inadequate. Eighty-one percent of villages in India do not have banks within a distance of 2 km (1.2 miles); 41 percent of the population does not have a bank account; and available credit in rural areas meets just 10 percent of the actual need. Microfinance established a foothold in India during the 1990s, but this decade has seen rapid growth, with a distinct shift away from a “welfare” model toward a “business model” for delivering these services.Since it is quite expensive for HSBC in India to provide services directly to the rural poor, it lends funds to microfinance intermediaries, the MFIs that further on-lend the funds to the ultimate clients. HSBC in India established a team for microfinance under its Commercial Banking division in December 2007 and plans to eventually create regional-level teams to facilitate initiatives in their respective parts of the country.
凭借在新兴市场的重要业务和交易解决方案方面的专业知识,以及我们的办公网络、服务、流程、资本和客户关系的支持,汇丰银行完全有能力为小额信贷部门提供服务。世界银行对这一部门的做法是基于具有高社会效益的商业可行性,目的是创造自我维持、稳定的金融服务,帮助人们摆脱贫困。汇丰将小额信贷活动全球业务和组织卓越与本地业务能力相结合,而不是作为一个单独的业务线。继2005年的试点项目之后,汇丰银行与当地的小额信贷支持机构和小额信贷机构进行了更密切的合作,以了解该行业面临的主要问题,这些发现为我们的优先事项提供了信息并形成了定论。汇丰银行目前正通过我们在阿根廷、印度、墨西哥、菲律宾、斯里兰卡和土耳其的业务与小额信贷机构合作。该行在安排外国投资进入印度和为印度公司海外投资交易方面处于领先地位,是印度40%以上外国机构投资(FII)的托管人,在印度管理的总资产超过50亿美元。尽管汇丰银行在印度26个城市拥有47家分行和178台自动柜员机,但它在农村地区缺乏分行网络和可访问性,而大多数印度富裕人口生活在农村地区。农村贫困人口需要各种各样的金融服务,包括信贷和安全灵活的储蓄服务,以经营他们的企业,建立资产,稳定消费,并保护自己免受贫困。然而,印度农村地区获得优质金融服务的机会仍然严重不足。印度81%的村庄在2公里(1.2英里)范围内没有银行;41%的人口没有银行账户;农村地区的可用信贷仅满足实际需求的10%。20世纪90年代,小额信贷在印度建立了立足点,但这十年增长迅速,从提供这些服务的“福利”模式明显转变为“商业模式”。由于汇丰银行在印度直接向农村贫困人口提供服务的成本相当高,因此它将资金借给小额信贷中介机构,小额信贷机构进一步将资金借给最终客户。2007年12月,汇丰银行印度分行在其商业银行部门下成立了一个小额信贷团队,并计划最终创建区域级团队,以促进该国各自地区的举措。
4.1.2 North America Market Entry 北美市场进入
HSBC’s initial motivation for its acquiring retail banks in North America and the UK was to diversify away from its home in Asia. After it acquired Marine Midland Bank and Midland Bank, HSBC’s motivation may have changed subtly. It is becoming increasingly difficult for banks that are large relative to their home markets to grow at home. In many developed countries banking has become quite concentrated (Marquez and Molyneux, 2002). In response, policymakers in these countries have started to bar the banks from further domestic mergers and acquisitions. Some recent failed attempts in Canada are a case in point (Tickell, 2000). The only remaining possibility for growth then is cross-border. Interestingly, each of the owners of the largest subsidiaries of foreign banks in the US is disproportionately often the largest bank in its own home country (Tschoegl, 2002 and 2004). Assessing the viability of this strategy is the classic question of how a foreign firm competes against local firms that do not face any liability of foreignness (Zaheer, 1995), that is, costs that come from operating in a foreign environment or at a distance. One issue then is whether having operations in contiguous countries represents a competitive advantage. Tschoegl (1987) and Dufey and Yeung (1993) have argued that where markets are well developed and competitive, there is no reason to expect foreign banks in general to be better than local banks at retail banking. At the same time there is evidence for the existence of a liability of foreignness vis-à-vis the foreign banks’ host-country competitors (Parkhe and Miller, 2002). Of course, there is also evidence that suggests that the liability is minimal (Nachum, 2003) or wanes over time (Zaheer and Moskowitz, 1996). However, these last two studies examine the liability in the context of corporate and wholesale banking markets. The liability may be more salient in the retail markets, where national differences between the home and host market are likely to be more profound.Demirgüç-Kunt and Huizinga (1999) and Claessens et al. (2001) found that foreign banks tend to have higher margins and profits than domestic banks in developing countries, but that the opposite holds in industrial countries. Similarly, Dopico and Wilcox (2002) found that foreign banks have a greater share in under-banked markets and a smaller presence in mature markets. The implication is that one should not expect much in the way of cross-border mergers in commercial banking within developed regions. We can speculate that on the production side, differences in products across markets and privacy laws appear to be limiting parents’ ability to consolidate processing. As far as depositors are concerned, there seems to be little value to having an account with a bank that operates in other countries, especially now that travelers can draw cash from networked automated transaction machines (ATMs). HSBC does have a service for wealthy individuals-HSBC Premier-that provides for such crossborder advantages as transfer of an individual’s credit rating when they relocate, and some other services. However, these facilities are not available to ordinary accounts. The literature on trade flows is instructive here; the evidence on NAFTA has shown that borders have a substantial damping effect on trade flows (McCallum, 1995). In North America HSBC is even poorly positioned to take advantage of the one form of cross-border retail banking that is currently drawing attention: remittance flows from Mexican workers in the US. Although HSBC now has a strong presence in Mexico, it has almost no offices in California or other US states with large populations of Mexican immigrants.
汇丰在北美和英国收购零售银行的最初动机是从其亚洲总部进行多元化。在收购了Marine Midland Bank和Midland银行后,汇丰的动机可能发生了微妙的变化。相对于国内市场而言规模较大的银行在国内发展越来越困难。在许多发达国家,银行业已经相当集中。作为回应,这些国家的决策者已开始禁止银行进一步进行国内并购。最近在加拿大的一些失败尝试就是一个很好的例子。那么,唯一剩下的增长可能性就是跨境。有趣的是,在美国的外资银行最大子公司的每个所有者往往不成比例地成为其本国最大的银行。评估这一战略的可行性是一个典型的问题,即外国公司如何与不面临任何外国责任的当地公司竞争,即在外国环境或远距离经营产生的成本。因此,一个问题是,在毗邻国家开展业务是否代表着竞争优势。在市场发达且具有竞争力的地方,没有理由期望外资银行在零售银行业务方面总体优于本地银行。同时,有证据表明,外国对外国银行的东道国竞争对手负有责任。当然,也有证据表明,责任是最小的或随着时间的推移而减少。然而,后两项研究考察了公司和批发银行市场背景下的负债。在零售市场,责任可能更为突出,在那里,母国市场和东道国市场之间的国家差异可能更为深刻。外资银行往往比发展中国家的国内银行拥有更高的利润率和利润,但在工业国家则相反。同样,外资银行在银行不足市场的份额更大,而在成熟市场的份额较小。这意味着,人们不应该对发达地区商业银行的跨境合并抱有太大期望。我们可以推测,在生产方面,不同市场和隐私法的产品差异似乎限制了家长整合处理的能力。就储户而言,在其他国家经营的银行开立账户似乎没有什么价值,尤其是现在旅行者可以从网络自动交易机(ATM)提取现金。汇丰确实为富有的个人提供了一项服务汇丰卓越理财提供了跨订单优势,如在个人搬迁时转移其信用评级,以及一些其他服务。然而,这些贷款不适用于普通账户。关于贸易流动的文献在这里很有启发性;关于北美自由贸易协定的证据表明,边界对贸易流动有着重大的抑制作用。在北美,汇丰银行甚至无法利用目前备受关注的一种跨境零售银行形式:来自美国墨西哥工人的汇款。尽管汇丰银行目前在墨西哥有着强大的业务,但它在加利福尼亚州或墨西哥移民众多的美国其他州几乎没有办事处。
By contrast, Bank of America, which is the largest bank in California and is present in many other US states, in 2002, bought a 25 percent stake in Santander-Serfin, Santander’s subsidiary, which has amalgamated Mexico’s oldest and third largest bank. If there is little reason to believe that HSBC benefits from cross-border demand or production effects, what is left as a source of advantage?
相比之下,2002年,美国银行收购了桑坦德银行25%的股份,该银行是加利福尼亚州最大的银行,在美国其他许多州都有分支机构。桑坦德的子公司合并了墨西哥最古老和第三大的银行。如果几乎没有理由相信汇丰从跨境需求或生产效应中受益,那么还有什么可以作为优势来源?
One candidate is what Kindleberger (1969) has called “surplus managerial resources.” When a bank such as HSBC can no longer grow at home, it may find itself with a management team that is underemployed in terms of the demands on its time. The bank may then choose to grow abroad when it can combine these surplus resources with what Berger et al. (2000) call a global advantage. Berger et al. argue that some US banks succeed in the competition with local banks elsewhere in the world simply by being better managed. In their survey of the literature on productivity, Bartelsman and Doms (2000) draw several stylized lessons, among them that firms differ in their productivity and that this difference may persist for years. Obviously, not all US banks necessarily partake of the advantage of better management and by contrast some non-US banks may. HSBC may simply be one of these. As Nachum et al. (2001) point out, the competitiveness of firms depends on the kind of assets that firms can transfer internally from country to country, but that are difficult to transfer from one firm to another, even within a country. Still, it is, unfortunately, extremely difficult to measure an intangible asset as subtle and hard to define as better management (Denrell, 2004), especially when, as recent events have shown, stock market performance or accounting measures are of doubtful reliability.
一个候选人是Kindleberger所说的“过剩管理资源”。当像汇丰这样的银行无法在国内发展时,它可能会发现自己的管理团队在时间需求方面就业不足。当该银行能够将这些剩余资源与伯杰等人所说的全球优势结合起来时,它可能会选择在海外发展。Berger等人认为,一些美国银行在与世界其他地方的本地银行的竞争中取得成功,仅仅是因为管理得更好。在对生产力文献的调查中得出了几个程式化的教训,其中包括企业生产力不同,这种差异可能会持续多年。显然,并非所有美国银行都有必要享受更好管理的优势,相比之下,一些非美国银行可能也有这样的优势。汇丰银行可能只是其中之一。正如Nachum等人所指出的那样,企业的竞争力取决于企业可以在国内从一个国家转移到另一个国家的资产类型,但这些资产很难从一个企业转移到另外一个企业,即使是在一个国家内。然而,不幸的是,很难像更好的管理那样对无形资产进行微妙和难以定义的计量,尤其是当最近的事件表明,股市表现或会计指标的可靠性令人怀疑时。
HSBC began its growth in North America by acquiring failed and weak banks. In effect, shareholders lacking a comparative advantage relative to HSBC, with respect to owning and governing given banks or branches (Lichtenberg and Siegel, 1987), sold them to HSBC. Generally, growth by acquisition is difficult to execute and as a strategy it is vulnerable to problems of over-reach due to managerial hubris (Roll, 1986; Baradwaj et al., 1992; Seth et al., 2000). Peek et al. (1999) found that generally the US subsidiaries of foreign banks have not done well. The poor performance of foreign bank subsidiaries was a result of the foreign banks acquiring poorly performing US banks and being unable to improve their performance sufficiently within the period that the authors examined. (One cannot arrive at strong conclusions from studies of the profitability of subsidiaries. Banks transfer profits across borders (Demirgüç-Kunt and Huizinga, 2001), and foreign banks may prefer to book some business from their headquarters (Peek and Rosengren, 2000).) Still, HSBC’s operations in the US and Canada are survivors of a winnowing process that saw other banks from Canada, Japan, the UK and the US sell their Canadian or US subsidiaries, in some cases to HSBC. As Mitchell and Shaver (2003) show with respect to firms in the US medical sector, firms differ in their ability to absorb and manage business on a continuing basis. They use the biological metaphor of predation and their evidence is consistent with the idea that some predators are better able to target desirable prey and better able to overpower the prey they target. HSBC appears to have found that it is one such successful predator. One may surmise that HSBC initially chose to acquire weak banks as much out of necessity as design. For any given size, a profitable bank will cost more than an unprofitable one, and to achieve its goal of diversifying, HSBC needed to acquire large banks. Now that HSBC is one of the world’s largest banks, whether one measures by market capitalization or total assets, it has more leeway.
汇丰银行通过收购倒闭和实力较弱的银行开始了其在北美的增长。实际上,相对于汇丰银行而言,在拥有和管理特定银行或分行方面缺乏相对优势的股东将其出售给了汇丰银行。一般来说,通过收购实现增长很难执行,而且作为一种战略,由于管理层的傲慢,它很容易出现过度扩张的问题。Peek等人发现,外资银行的美国子公司总体表现不佳。外资银行子公司表现不佳是因为外资银行收购了表现不佳的美国银行,并且无法在作者研究的时期内充分改善其表现。从对子公司盈利能力的研究中无法得出强有力的结论。银行跨境转移利润,外资银行可能更愿意从其总部预订一些业务不过,汇丰在美国和加拿大的业务是一个筛选过程的幸存者,加拿大、日本、英国和美国的其他银行将其加拿大或美国子公司出售给了汇丰。就美国医疗行业的公司所表明的那样,公司在持续吸收和管理业务的能力上有所不同。他们使用了捕食的生物学隐喻,他们的证据与以下观点一致:一些捕食者能够更好地瞄准理想的猎物,并且能够更好地制服他们瞄准的猎物。汇丰似乎已经发现自己就是这样一个成功的掠夺者。有人可能会猜测,汇丰最初选择收购实力较弱的银行,既是出于必要,也是出于设计。对于任何给定的规模,一家盈利的银行将比一家不盈利的银行花费更多,为了实现其多元化的目标,汇丰银行需要收购大型银行。现在汇丰银行是世界上最大的银行之一,无论是以市值还是总资产衡量,它都有了更多的回旋余地。
Conclusion 结论
Assuming that there is a positive relationship between marketing spend and market share, marketing activities, if well-targetted should have a incremental impact on market share. However, this does not always seem to hold true within the “big four” banks. Barclays and HSBC both developed their market share by 1% between 1995 and 2000, in spite of greatly varied levels of investment in marketing. Lloyds TSB market share fell by 2% although the bank spent significantly more than either Barclays or HSBC while NatWest and RBS have both declined by 4% despite having a collective expenditure of more than double Barclays. This perhaps, at least partly, explains why HSBC has adopted a highly acquisitive strategy, realising that, although the core brand is strong, customer recognition may have saturated, therefore integrating both fresh brands into subsidiaries in tandem with launching new, retail-focussed services, keeps the proposition fresh.
假设营销支出和市场份额之间存在正相关关系,营销活动如果目标明确,应该会对市场份额产生增量影响。然而,在“四大”银行内部,这似乎并不总是成立的。1995年至2000年间,巴克莱银行和汇丰银行的市场份额均增长了1%,尽管在营销方面的投资水平差异很大。劳埃德TSB的市场份额下降了2%,尽管该银行的支出明显高于巴克莱银行或汇丰银行,而纳特韦斯特银行和苏格兰皇家银行的总支出是巴克莱银行的两倍多,但均下降了4%。这或许至少在一定程度上解释了为什么汇丰采取了高度收购战略,认识到尽管核心品牌很强大,但客户认可度可能已经饱和,因此在推出以零售为重点的新服务的同时,将这两个新品牌整合到子公司,保持了这一主张的新鲜感。
Recommendations 建议
With the disproportionate focus on retail banking, HSBC has yet not come over as a major player in investment banking. However, with the wave of recent milestone deals during over the last three years, the bank is beginning to emerged as an investment banking brand. HSBC played a central role in two of Europe’s biggest-ever merger and acquisition deals i.e. Mittal Steel’s hostile bid for France’s Arcelor and German utility company E.On’s offering for Spanish rival Endesa. However, the development in the direction of investment banking requires some acceleration as the retail ban king sector continues to be heavily impacted by the sub-prime mortgage fallout and credit tightness. The bank has been planning to further enhance its business in the UK by investing £400m in retail and commercial distribution network and setting up 500 new ATMs, 250 new Express terminals, however this is has not yet materialised and may be badly-timed if implemented within the year.
HSBC has considered the Asian region as its major focus area and it can expect a bigger share from the Asia-Pacific region in the future. In early 2007, Asia-Pacific, the Americas (including South America) and Europe each contributed one third in HSBC group’s overall bottom line.

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