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    留學生Term paper寫作范文:HSBC and Foreign Market Strategies

    論文價格: 免費 時間:2022-08-03 11:50:15 來源:www.mobile1apps.com 作者:留學作業網

    留學生Term paper寫作范文-匯豐銀行和國外市場戰略。本文是一篇留學生Termpaper寫作格式范文,主要內容是講述匯豐控股擁有15020億美元的資產,是世界上最大的銀行和金融服務機構之一。它提供全面的金融服務,包括個人金融服務、商業和公司銀行、投資銀行和市場、私人銀行和其他活動。匯豐的國際網絡包括9500多個辦事處,分布在歐洲、亞太地區、美國、中東和非洲的76個國家和地區。下面就一起來欣賞下這篇優秀的留學生Termpaper寫作格式范文的全部內容。

    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 文獻綜述
    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.
    什么決定了國外市場進入戰略?為了回答這個問題,大多數現有文獻都關注進入公司的特征,特別是其資源和能力及其最小化交易成本的需要。雖然資源和能力當然很重要,最近的研究表明,戰略是由企業經營的特定環境的特征來調節的;特別是,東道國經濟中的“游戲規則”也顯著影響企業戰略,例如外國市場進入。從廣義上講,宏觀制度影響交易成本。然而,傳統的交易成本研究)側重于微觀分析方面,如機會主義和有限理性。因此,國家一級的法律和監管框架等宏觀機構如何影響交易成本的問題相對來說尚未得到探索,主要仍處于“背景”狀態然而,一項新的研究運動認為,制度遠不止是輔助因素,制度直接影響企業在努力制定和啟動戰略時擁有哪些資源。這一點在新興經濟體中得到了最為明確的證明,新興經濟體的制度框架與發達經濟體有很大不同。鑒于這些制度差異,外國公司在進入新興經濟體時如何適應進入戰略?圍繞這一關鍵問題,可以認為:(1)不同新興經濟體的制度發展(或欠發達)直接影響進入戰略,(2)投資者對當地資源的需求在不同的制度背景下以不同的方式影響進入戰略。從本質上講,我們提倡一種綜合的觀點,不僅要求明確考慮制度效應,而且要求將其與基于資源的考慮相結合。
    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.
    對專門針對全球市場變化而開發的理論的分析表明,支撐本地和國內營銷理論的市場細分、差異定價和適當分銷渠道的標準理論幾乎沒有發展。然而,過去五年的文獻顯示了一套特定于全球營銷的理論模型。Hollensen討論了Upsalla國際模型,該模型提出了進入國際市場的順序模式,隨著公司國際經驗的增長,對海外市場的“承諾”不斷增加。他將其與傳統的彭羅斯傳統方法進行了對比,彭羅斯傳統將我們帶回規模經濟和從公司核心競爭力出發的成本導向方法。Dunning提出了一個類似的所有權-位置內部化(OLI)框架,該框架確定了建立海外生產設施的“所有權優勢”,一種圍繞海外生產建立物流網絡的區位優勢,最后,內部化優勢,即企業利用前兩個優勢而不是將其出售給外國企業必須是經濟的。
    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
    與標準化本地化模型的發展類似,標準化本地化模式正在興起,以處理與國際市場進入相關的具體選擇,對國際營銷顯著的風險緩解因素的識別也得到了快速發展。Baker認識到國際化固有的風險緩解,保護公司免受國民經濟周期的不利波動。Hollensen表示贊同,概述了純粹依附于國內市場的所有權、運營和轉讓風險。簡言之,所有文獻都著重于識別國內營銷的風險,但很少涉及國際化的具體風險
    2.1 Factors Affecting Market Entry Models 影響市場進入模式的因素
    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.
    綜合模型在文獻中很容易識別,涵蓋了各種進入模式、總產品供應和成熟度模型。早期文獻更多地以產品為基礎,而不是以市場為導向,正如Majaro提出的將產品進入國際市場的三種方法:開發新產品、刪除弱產品和修改新產品?;魝惿蚨嗷蛏賹⑹袌龀墒於茸鳛檫M入的一個關鍵考慮因素。這里提出的兩種不同模式是瀑布法,即產品從先進國家通過發展中國家傳播到欠發達國家;陣雨法,即三者同時針對,以早期市場滲透為目標??偟膩碚f,文獻一致認為縮短產品生命周期是國際化市場的顯著特征。
    2.2 Internal Factors 內部因素
    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.
    匯豐控股擁有15020億美元的資產,是世界上最大的銀行和金融服務機構之一。1匯豐銀行提供全面的金融服務,包括個人金融服務、商業和公司銀行、投資銀行和市場、私人銀行和其他活動。匯豐的國際網絡包括9500多個辦事處,分布在歐洲、亞太地區、美國、中東和非洲的76個國家和地區。它是許多國家現代銀行業務的先驅。
    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,匯豐銀行成立之初就是一家以增長為導向的公司,它決定推出具體戰略,以在其經營的所有行業中取得市場領先地位。雖然該公司在消費金融、個人金融服務、商業和公司銀行等領域處于領先地位,但它也希望在投資銀行、抵押貸款、保險和信用卡業務等領域建立業務。為了加強其產品組合和地理覆蓋范圍,該公司開始了積極的收購戰略。重點是匯豐薄弱或沒有業務的領域。同時,該公司推出了積極的品牌推廣活動,以補充其增長戰略。該行的地理范圍可以通過其以子公司和特許經營形式存在的情況來估計。它在大約100個國家和地區擁有近20萬名股東。以美國存托憑證形式在紐約證券交易所交易的股票。匯豐銀行也在倫敦、香港、紐約、巴黎和百慕大證券交易所上市。
    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,該集團在其經營的所有市場中采用了匯豐品牌和六邊形標志作為統一品牌。該行于1999年采用了“您的金融服務世界”的口號。通過這一新口號,匯豐希望讓客戶了解其金融服務的范圍和范圍。該口號和統一的業務在一個名稱下強調了集團的全球影響力。21世紀初,匯豐銀行大力發展其銀行和金融服務,以獲得市場領導地位。2002年,匯豐銀行將口號改為“世界本地銀行”,口號強調了集團對各種市場和文化的經驗和理解。該集團董事長說,我們致力于使匯豐銀行成為全球領先的客戶體驗品牌之一1作為“價值管理”戰略的一部分
    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,匯豐銀行推出了上述戰略,為未來在快速變化的市場中取得成功創造了條件。該公司希望超過競爭金融機構提供的股東總回報。為此,它需要進入承諾回報高于風險調整后資本成本的領域。它決定向客戶提供財富管理服務、個人資產管理和保險服務。其目標是在全球范圍內交叉銷售各種產品,包括抵押貸款、保險、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.
    作為第一步,該公司決定消除不良的增長戰略,即那些未能覆蓋資本成本的戰略。作為基于價值的盈利驅動的一部分,它采取了多項措施,旨在為銀行創造更高的價值。經理和員工采取了一些行為做法,例如通過幾個著名的信用卡計劃瞄準高凈值客戶,通過激勵措施加強員工的銷售文化,促進不同業務部門之間的客戶交叉推薦,為客戶實施更多的忠誠計劃,以獲取更大的信譽客戶份額。與其他一些公司一樣,匯豐銀行也制定了國際計劃,包括自己的激勵和薪酬體系、績效指標以及為全球職位培訓經理的機會。這些項目通常提供以寬容和文化意識為重點的培訓,旨在培養精通公司獨特能力但足夠靈活的經理,以成功應對新情況。這些管理者學習如何區分業務模型中不可協商的方面和可以根據需要修改的方面。
    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現任首席執行官是英國人,是致力于培養這種全球干部的公司之一。一旦他們準備好承擔更大的挑戰,其國家經理就會搬到新的地點。
    2. 3. External Factors 外部因素
    3.1 Barriers to market entry 市場進入障礙
    3.1.1 Regulation 規則

    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
    受監管行業的企業在海外擴張時面臨重大的戰略困境。一方面,既定的理論和實踐建議遵循漸進、分階段的國際擴張模式,以最大限度地減少風險和應對不確定性,即克服所謂的外國責任。另一方面,這些行業受監管的性質往往需要強有力的資源投入和快速進入國外市場。這種情況有三個相互關聯的原因。首先,這些產業往往高度集中,往往表現出“自然壟斷”的某些特征第二,入境可能會受到政府的限制,通常是在許可證制度下。第三,政府可能擁有該行業的重要部分。在這種情況下,外國進入者面臨著巨大的動機,無論何時何地,只要有機會,他們都會投入大量資源并迅速建立業務,并且經常通過收購而不是綠地投資。因此,這些行業的管制和寡頭壟斷性質產生了強大的先發優勢。最近的戰略研究表明,受監管行業的企業遵循“不對稱戰略”,即在放松監管的情況下,通過阻止競爭對手在公平競爭的環境中競爭,同時尋求進入外國市場,來捍衛本國的地位。鑒于放松管制在不同的時間和不同的程度上發生在不同的國家,受管制行業的公司往往遵循一種國外擴張的多國內戰略,即根據具體情況選擇進入哪些市場
    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).
    當有可能在非常大的產出范圍內利用規模經濟時,就會出現自然壟斷。因此,最有效的生產規模在產品或服務的總市場需求中占有很高的比例。在每個外國,根據當地而非全球邏輯安排其業務,并進行有限的跨境協調。受監管行業的另一個顯著特征是國家作為股東的角色。在海外擴張的受監管行業中,一些最活躍的公司是國家擁有或曾經擁有控股權的前壟斷企業。
    3.1.2 Cultural Barriers 文化障礙
    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,匯豐銀行在香港的業務在實施貨幣金融機構戰略方面落后。該戰略設定的目標是,除了大幅降低運營成本外,通過核心業務的增長,該行的股東價值在五年內翻一番。一項重大的成本節約舉措是將該行位于香港的網絡服務中心(NSC)遷移到位于中國大陸城市廣州的新全球處理中心。在實施這一舉措時,需要將員工和資源轉移到廣州數據中心(GZC),這面臨著重大的運營和公共問題 。
    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.
    從技術上講,隨著金融服務的全球趨勢,該行不存在重大障礙;通過將后臺運營轉移到成本較低的領域來尋求規模經濟。GZC員工的平均工資僅為NSC員工的20%。從這個角度來看,將專業職位轉移到GZC和匯豐銀行的另一個新的印度全球處理中心似乎完全符合MfV的目標。大多數職責都是非常常規的,很少涉及重要的決策職責。
    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,這些員工最初可以選擇搬家或面臨失去職位的風險,他們感到被銀行背叛了,因為工人們期望盡職盡責的服務應該得到工作保障的認可。
    4. Market Opportunities available to HSBC 匯豐可用的市場機會
    4.1.1. Micro-Financing 小額融資

    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.
    憑借在新興市場的重要業務和交易解決方案方面的專業知識,以及我們的辦公網絡、服務、流程、資本和客戶關系的支持,匯豐銀行完全有能力為小額信貸部門提供服務。世界銀行對這一部門的做法是基于具有高社會效益的商業可行性,目的是創造自我維持、穩定的金融服務,幫助人們擺脫貧困。匯豐將小額信貸活動全球業務和組織卓越與本地業務能力相結合,而不是作為一個單獨的業務線。繼2005年的試點項目之后,匯豐銀行與當地的小額信貸支持機構和小額信貸機構進行了更密切的合作,以了解該行業面臨的主要問題,這些發現為我們的優先事項提供了信息并形成了定論。匯豐銀行目前正通過我們在阿根廷、印度、墨西哥、菲律賓、斯里蘭卡和土耳其的業務與小額信貸機構合作。該行在安排外國投資進入印度和為印度公司海外投資交易方面處于領先地位,是印度40%以上外國機構投資(FII)的托管人,在印度管理的總資產超過50億美元。盡管匯豐銀行在印度26個城市擁有47家分行和178臺自動柜員機,但它在農村地區缺乏分行網絡和可訪問性,而大多數印度富裕人口生活在農村地區。農村貧困人口需要各種各樣的金融服務,包括信貸和安全靈活的儲蓄服務,以經營他們的企業,建立資產,穩定消費,并保護自己免受貧困。然而,印度農村地區獲得優質金融服務的機會仍然嚴重不足。印度81%的村莊在2公里(1.2英里)范圍內沒有銀行;41%的人口沒有銀行賬戶;農村地區的可用信貸僅滿足實際需求的10%。20世紀90年代,小額信貸在印度建立了立足點,但這十年增長迅速,從提供這些服務的“福利”模式明顯轉變為“商業模式”。由于匯豐銀行在印度直接向農村貧困人口提供服務的成本相當高,因此它將資金借給小額信貸中介機構,小額信貸機構進一步將資金借給最終客戶。2007年12月,匯豐銀行印度分行在其商業銀行部門下成立了一個小額信貸團隊,并計劃最終創建區域級團隊,以促進該國各自地區的舉措。
    4.1.2 North America Market Entry 北美市場進入
    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.Demirgü?-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.
    匯豐在北美和英國收購零售銀行的最初動機是從其亞洲總部進行多元化。在收購了Marine Midland Bank和Midland銀行后,匯豐的動機可能發生了微妙的變化。相對于國內市場而言規模較大的銀行在國內發展越來越困難。在許多發達國家,銀行業已經相當集中。作為回應,這些國家的決策者已開始禁止銀行進一步進行國內并購。最近在加拿大的一些失敗嘗試就是一個很好的例子。那么,唯一剩下的增長可能性就是跨境。有趣的是,在美國的外資銀行最大子公司的每個所有者往往不成比例地成為其本國最大的銀行。評估這一戰略的可行性是一個典型的問題,即外國公司如何與不面臨任何外國責任的當地公司競爭,即在外國環境或遠距離經營產生的成本。因此,一個問題是,在毗鄰國家開展業務是否代表著競爭優勢。在市場發達且具有競爭力的地方,沒有理由期望外資銀行在零售銀行業務方面總體優于本地銀行。同時,有證據表明,外國對外國銀行的東道國競爭對手負有責任。當然,也有證據表明,責任是最小的或隨著時間的推移而減少。然而,后兩項研究考察了公司和批發銀行市場背景下的負債。在零售市場,責任可能更為突出,在那里,母國市場和東道國市場之間的國家差異可能更為深刻。外資銀行往往比發展中國家的國內銀行擁有更高的利潤率和利潤,但在工業國家則相反。同樣,外資銀行在銀行不足市場的份額更大,而在成熟市場的份額較小。這意味著,人們不應該對發達地區商業銀行的跨境合并抱有太大期望。我們可以推測,在生產方面,不同市場和隱私法的產品差異似乎限制了家長整合處理的能力。就儲戶而言,在其他國家經營的銀行開立賬戶似乎沒有什么價值,尤其是現在旅行者可以從網絡自動交易機(ATM)提取現金。匯豐確實為富有的個人提供了一項服務匯豐卓越理財提供了跨訂單優勢,如在個人搬遷時轉移其信用評級,以及一些其他服務。然而,這些貸款不適用于普通賬戶。關于貿易流動的文獻在這里很有啟發性;關于北美自由貿易協定的證據表明,邊界對貿易流動有著重大的抑制作用。在北美,匯豐銀行甚至無法利用目前備受關注的一種跨境零售銀行形式:來自美國墨西哥工人的匯款。盡管匯豐銀行目前在墨西哥有著強大的業務,但它在加利福尼亞州或墨西哥移民眾多的美國其他州幾乎沒有辦事處。
    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,美國銀行收購了桑坦德銀行25%的股份,該銀行是加利福尼亞州最大的銀行,在美國其他許多州都有分支機構。桑坦德的子公司合并了墨西哥最古老和第三大的銀行。如果幾乎沒有理由相信匯豐從跨境需求或生產效應中受益,那么還有什么可以作為優勢來源?
    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.
    一個候選人是Kindleberger所說的“過剩管理資源”。當像匯豐這樣的銀行無法在國內發展時,它可能會發現自己的管理團隊在時間需求方面就業不足。當該銀行能夠將這些剩余資源與伯杰等人所說的全球優勢結合起來時,它可能會選擇在海外發展。Berger等人認為,一些美國銀行在與世界其他地方的本地銀行的競爭中取得成功,僅僅是因為管理得更好。在對生產力文獻的調查中得出了幾個程式化的教訓,其中包括企業生產力不同,這種差異可能會持續多年。顯然,并非所有美國銀行都有必要享受更好管理的優勢,相比之下,一些非美國銀行可能也有這樣的優勢。匯豐銀行可能只是其中之一。正如Nachum等人所指出的那樣,企業的競爭力取決于企業可以在國內從一個國家轉移到另一個國家的資產類型,但這些資產很難從一個企業轉移到另外一個企業,即使是在一個國家內。然而,不幸的是,很難像更好的管理那樣對無形資產進行微妙和難以定義的計量,尤其是當最近的事件表明,股市表現或會計指標的可靠性令人懷疑時。
    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 (Demirgü?-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.
    匯豐銀行通過收購倒閉和實力較弱的銀行開始了其在北美的增長。實際上,相對于匯豐銀行而言,在擁有和管理特定銀行或分行方面缺乏相對優勢的股東將其出售給了匯豐銀行。一般來說,通過收購實現增長很難執行,而且作為一種戰略,由于管理層的傲慢,它很容易出現過度擴張的問題。Peek等人發現,外資銀行的美國子公司總體表現不佳。外資銀行子公司表現不佳是因為外資銀行收購了表現不佳的美國銀行,并且無法在作者研究的時期內充分改善其表現。從對子公司盈利能力的研究中無法得出強有力的結論。銀行跨境轉移利潤,外資銀行可能更愿意從其總部預訂一些業務不過,匯豐在美國和加拿大的業務是一個篩選過程的幸存者,加拿大、日本、英國和美國的其他銀行將其加拿大或美國子公司出售給了匯豐。就美國醫療行業的公司所表明的那樣,公司在持續吸收和管理業務的能力上有所不同。他們使用了捕食的生物學隱喻,他們的證據與以下觀點一致:一些捕食者能夠更好地瞄準理想的獵物,并且能夠更好地制服他們瞄準的獵物。匯豐似乎已經發現自己就是這樣一個成功的掠奪者。有人可能會猜測,匯豐最初選擇收購實力較弱的銀行,既是出于必要,也是出于設計。對于任何給定的規模,一家盈利的銀行將比一家不盈利的銀行花費更多,為了實現其多元化的目標,匯豐銀行需要收購大型銀行?,F在匯豐銀行是世界上最大的銀行之一,無論是以市值還是總資產衡量,它都有了更多的回旋余地。
    Conclusion 結論
    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.
    假設營銷支出和市場份額之間存在正相關關系,營銷活動如果目標明確,應該會對市場份額產生增量影響。然而,在“四大”銀行內部,這似乎并不總是成立的。1995年至2000年間,巴克萊銀行和匯豐銀行的市場份額均增長了1%,盡管在營銷方面的投資水平差異很大。勞埃德TSB的市場份額下降了2%,盡管該銀行的支出明顯高于巴克萊銀行或匯豐銀行,而納特韋斯特銀行和蘇格蘭皇家銀行的總支出是巴克萊銀行的兩倍多,但均下降了4%。這或許至少在一定程度上解釋了為什么匯豐采取了高度收購戰略,認識到盡管核心品牌很強大,但客戶認可度可能已經飽和,因此在推出以零售為重點的新服務的同時,將這兩個新品牌整合到子公司,保持了這一主張的新鮮感。
    Recommendations 建議
    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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