1) Investment banks play an important role in mergers and acquisitions (M&A) in China by reducing transaction costs, managing risks, and helping achieve scale efficiencies.
2) While M&A activity and deal sizes have increased in China, investment banks' participation and revenue from financial advisory services have not kept pace due to underdeveloped capital markets, limited financing options, and investment banks' own limited capabilities.
3) Challenges include excessive government intervention, immature investment banking sector, and enterprises' reluctance to utilize investment bank services for M&A deals.
Overpricing of IPOS in Bangladesh: Book building methodNazmul Hasan
This is an analytical study upon the stock exchanges of Bangladesh. Entitled "Overpricing of IPOS in Bangladesh: Book building method". It will help you to understand the context of the problem of Bangladeshi Share Market and Capital Stock Exchange.
A Study on Ratio Analysis at Accord Puducherryijtsrd
This document summarizes a study on ratio analysis of ACCORD Puducherry, an organization providing financial assistance to entrepreneurs. The study analyzed ACCORD's financial performance from 2015-2019 using ratio analysis and trend analysis of data collected from financial statements. Ratio analysis showed current ratio, net profit ratio, and other ratios were generally satisfactory. Trend analysis found stock levels fluctuated over the period while cash, receivables, and current assets trended upward. Working capital fluctuated. The study concluded ACCORD's financial position over the period was satisfactory but ratios could be improved further to boost growth. It recommended increasing working capital and profitability ratios to improve performance.
The document discusses the Indian banking sector and outlines three potential scenarios for its development by 2010:
1) High performance: Policymakers intervene minimally and management drives significant changes to reduce costs and increase growth, innovation and productivity. Banking strongly supports the economy.
2) Evolution: Policymakers and management take gradual steps towards reform, addressing some constraints. The sector emerges as an important economic driver but still lags developed markets.
3) Stagnation: Restrictive policies and lack of management changes limit growth, productivity and the sector's ability to support the fast-growing economy.
The path taken will depend on coordinated actions across policymaking and strong strategies from public, private and foreign banks to
201401 Banking Industry Outlook: Repositioning for GrowthFrancisco Calzado
The document provides an outlook on the 2014 banking industry. It discusses how banks will need to focus on repositioning for growth in a challenging regulatory environment. Key points include:
- Banks will need to improve agility to take advantage of ongoing uncertainty and pivot toward growth while strengthening infrastructure and supporting growth.
- Competition and consolidation in the industry will intensify as large banks specialize in core businesses and geographies with the highest returns, while smaller banks face challenges from high compliance costs.
- Banks will seek to differentiate the customer experience, leverage data for improved reporting and capital efficiency, and build organizational agility to adapt to changing market conditions.
A comparison of technical efficiency of performance of different banks before...Alexander Decker
This document summarizes a study that compares the technical efficiency and performance of banks in Pakistan before and after mergers from 2001 to 2010. It analyzes six mergers that occurred: Prime and ABN AMRO, ABN AMRO and Royal Bank of Scotland, RBS and Faysal Bank, Saudi Pak Commercial Bank and Silk Bank, Union Bank and Standard Chartered Bank, and Cres and Samba Bank. Regression and data envelopment analysis are used to analyze variables like assets, advances, branches, and labor productivity. The results found most banks improved somewhat after mergers. A complete comparison of individual bank performance pre-and post-merger identified deficiencies. The study aims to evaluate past mergers to provide guidance on achieving the best
Assessing the effect of liquidity on profitability of commercial banks in kenyaAlexander Decker
This document discusses factors that affect the profitability of commercial banks in Kenya. It provides background on the banking sector in Kenya and reviews various theories on factors that influence bank profitability, including market power theory, efficiency structure theory, and the Modigliani-Miller theorem. The study aimed to determine the effect of internal factors like liquidity on the profitability of commercial banks in Kenya. It found that liquidity has a statistically significant and positive relationship with bank profitability.
Etude PwC sur les opérations de fusions et acquisitions dans le secteur banca...PwC France
The document discusses how banking mergers and acquisitions (M&A) are evolving in a new environment shaped by long-term trends and short-term factors. It notes that banking M&A has declined significantly since the financial crisis but will remain important for adaptation. Key drivers changing banking M&A include economic growth in emerging markets, increasing banking integration globally, ongoing regulatory reforms, and strategic shifts in goals and participants. The document then analyzes how banking M&A is evolving differently across key regions and through other transactions like loan sales.
Writekraft Research and Publications LLP was initially formed, informally, in 2006 by a group of scholars to help fellow students. Gradually, with several dissertations, thesis and assignments receiving acclaim and a good grade, Writekraft was officially founded in 2011 . Since its establishment, Writekraft Research & Publications LLP is Guiding and Mentoring PhD Scholars.
Our Mission
“To provide breakthrough research works to our clients through Perseverant efforts towards creativity and innovation”.
Vision
Writekraft endeavours to be the leading global research and publications company that will fulfil all research needs of our clients. We will achieve this vision through:
Analyzing every customer’s aims, objectives and purpose of research
Using advanced and latest tools and technique of research and analysis
Coordinating and including their own ideas and knowledge
Providing the desired inferences and results of the research
In the past decade, we have successfully assisted students from various universities in India and globally. We at Writekraft Research & Publications LLP head office in Kanpur, India are most trusted and professional Research, Writing, Guidance and Publication Service Provider for PhD. Our services meet all your PhD Admissions, Thesis Preparation and Research Paper Publication needs with highest regards for the quality you prefer.
Overpricing of IPOS in Bangladesh: Book building methodNazmul Hasan
This is an analytical study upon the stock exchanges of Bangladesh. Entitled "Overpricing of IPOS in Bangladesh: Book building method". It will help you to understand the context of the problem of Bangladeshi Share Market and Capital Stock Exchange.
A Study on Ratio Analysis at Accord Puducherryijtsrd
This document summarizes a study on ratio analysis of ACCORD Puducherry, an organization providing financial assistance to entrepreneurs. The study analyzed ACCORD's financial performance from 2015-2019 using ratio analysis and trend analysis of data collected from financial statements. Ratio analysis showed current ratio, net profit ratio, and other ratios were generally satisfactory. Trend analysis found stock levels fluctuated over the period while cash, receivables, and current assets trended upward. Working capital fluctuated. The study concluded ACCORD's financial position over the period was satisfactory but ratios could be improved further to boost growth. It recommended increasing working capital and profitability ratios to improve performance.
The document discusses the Indian banking sector and outlines three potential scenarios for its development by 2010:
1) High performance: Policymakers intervene minimally and management drives significant changes to reduce costs and increase growth, innovation and productivity. Banking strongly supports the economy.
2) Evolution: Policymakers and management take gradual steps towards reform, addressing some constraints. The sector emerges as an important economic driver but still lags developed markets.
3) Stagnation: Restrictive policies and lack of management changes limit growth, productivity and the sector's ability to support the fast-growing economy.
The path taken will depend on coordinated actions across policymaking and strong strategies from public, private and foreign banks to
201401 Banking Industry Outlook: Repositioning for GrowthFrancisco Calzado
The document provides an outlook on the 2014 banking industry. It discusses how banks will need to focus on repositioning for growth in a challenging regulatory environment. Key points include:
- Banks will need to improve agility to take advantage of ongoing uncertainty and pivot toward growth while strengthening infrastructure and supporting growth.
- Competition and consolidation in the industry will intensify as large banks specialize in core businesses and geographies with the highest returns, while smaller banks face challenges from high compliance costs.
- Banks will seek to differentiate the customer experience, leverage data for improved reporting and capital efficiency, and build organizational agility to adapt to changing market conditions.
A comparison of technical efficiency of performance of different banks before...Alexander Decker
This document summarizes a study that compares the technical efficiency and performance of banks in Pakistan before and after mergers from 2001 to 2010. It analyzes six mergers that occurred: Prime and ABN AMRO, ABN AMRO and Royal Bank of Scotland, RBS and Faysal Bank, Saudi Pak Commercial Bank and Silk Bank, Union Bank and Standard Chartered Bank, and Cres and Samba Bank. Regression and data envelopment analysis are used to analyze variables like assets, advances, branches, and labor productivity. The results found most banks improved somewhat after mergers. A complete comparison of individual bank performance pre-and post-merger identified deficiencies. The study aims to evaluate past mergers to provide guidance on achieving the best
Assessing the effect of liquidity on profitability of commercial banks in kenyaAlexander Decker
This document discusses factors that affect the profitability of commercial banks in Kenya. It provides background on the banking sector in Kenya and reviews various theories on factors that influence bank profitability, including market power theory, efficiency structure theory, and the Modigliani-Miller theorem. The study aimed to determine the effect of internal factors like liquidity on the profitability of commercial banks in Kenya. It found that liquidity has a statistically significant and positive relationship with bank profitability.
Etude PwC sur les opérations de fusions et acquisitions dans le secteur banca...PwC France
The document discusses how banking mergers and acquisitions (M&A) are evolving in a new environment shaped by long-term trends and short-term factors. It notes that banking M&A has declined significantly since the financial crisis but will remain important for adaptation. Key drivers changing banking M&A include economic growth in emerging markets, increasing banking integration globally, ongoing regulatory reforms, and strategic shifts in goals and participants. The document then analyzes how banking M&A is evolving differently across key regions and through other transactions like loan sales.
Writekraft Research and Publications LLP was initially formed, informally, in 2006 by a group of scholars to help fellow students. Gradually, with several dissertations, thesis and assignments receiving acclaim and a good grade, Writekraft was officially founded in 2011 . Since its establishment, Writekraft Research & Publications LLP is Guiding and Mentoring PhD Scholars.
Our Mission
“To provide breakthrough research works to our clients through Perseverant efforts towards creativity and innovation”.
Vision
Writekraft endeavours to be the leading global research and publications company that will fulfil all research needs of our clients. We will achieve this vision through:
Analyzing every customer’s aims, objectives and purpose of research
Using advanced and latest tools and technique of research and analysis
Coordinating and including their own ideas and knowledge
Providing the desired inferences and results of the research
In the past decade, we have successfully assisted students from various universities in India and globally. We at Writekraft Research & Publications LLP head office in Kanpur, India are most trusted and professional Research, Writing, Guidance and Publication Service Provider for PhD. Our services meet all your PhD Admissions, Thesis Preparation and Research Paper Publication needs with highest regards for the quality you prefer.
China banking intermediary business report, 2011ResearchInChina
This document analyzes the development of intermediary business in the Chinese and foreign banking industries from 2007 to 2011. It finds that the intermediary business of Chinese banks has grown significantly in recent years, with revenue increasing 45.96% year-over-year in the first half of 2011. It also notes that the intermediary business is highly concentrated among the largest Chinese banks and has been growing faster for joint-stock banks than state-owned banks. The document then examines the intermediary business lines and performance of individual major Chinese banks.
The survey received 740 responses from diverse companies to gauge liquidity strategies and challenges. Key findings show that 36% of respondents increased cash balances in the past year primarily due to higher operating cash flows. Safety remains the top priority for short-term investments, with 52% of cash held in bank deposits. Regulatory uncertainty around money market funds continues to impact investment decisions.
A nexus between liquidity & profitability a study of trading companies in sri...Alexander Decker
This document summarizes a study that investigated the relationship between liquidity and profitability of trading companies in Sri Lanka. The study analyzed annual report data from 8 listed trading companies over a 5-year period from 2008 to 2012. Correlation and regression analyses were used to examine the nature and extent of the relationship between liquidity ratios like current ratio and quick ratio and profitability ratios like return on equity and return on assets. The findings suggest there is a significant relationship between liquidity and profitability among the sampled trading companies in Sri Lanka. However, the results may not be generalizable to non-public companies or other sectors. The document provides background on liquidity, profitability, prior studies on the relationship, and the methodology used
Liquidity management and commercial banks profitability in nigeriaAlexander Decker
This document summarizes a research study that examined the relationship between liquidity management and profitability in commercial banks in Nigeria. The study found that liquidity and profitability are significantly related, with each influencing the other. Effective liquidity management is important for banks' success and survival, as both insufficient and excessive liquidity can erode profitability. The study recommends that central banks maintain a flexible interest rate policy to help banks manage liquidity and profitability, and promote alternative payment methods to reduce banks' need to hold excess cash reserves.
This document summarizes a review of trade services operations of banks in Bangladesh from 2011-2015. It finds that while documentary credits remain the most widely used payment method, cash in advance increased in import transactions due to regulatory changes. Pre-shipment financing relied more on cash credits than export development funds. Global correspondent banking relationships are being reduced, impacting some local banks. Trade financing declined overall in 2015 though private banks increased their market share. Enforcement of online reporting and monitoring has improved reporting accuracy but information gaps remain. Money laundering and compliance are ongoing challenges that require coordinated efforts between banks and regulators.
The document discusses tax policy and incentives for attracting foreign direct investment (FDI) to developing countries, using Vietnam as a case study. It begins by classifying different types of tax incentives and evaluating their advantages and disadvantages. It then analyzes data on tax incentives adopted in 107 developing countries, finding that tax holidays and preferential tax rates are most common. While incentives can positively impact FDI inflows, they often result in significant lost tax revenue. The document concludes by detailing Vietnam's corporate income tax rates and incentives, which are generally competitive but may not be optimally efficient.
Analysis of the Influence of Bank Governance on Cash Holdings of Banks in Ghanaijtsrd
This document summarizes a study that examines the impact of bank governance characteristics on the cash holdings of universal banks in Ghana from 2009-2018. It finds that board size, working capital, and bank size significantly influence cash holdings, with board size having a negative effect. CEO duality has a positive but insignificant impact, while board independence and insider ownership have negative but insignificant influences. The study aims to help shape bank governance policies in Ghana and other developing countries.
An analysis of the impact of mergers and acquisitions on commercial banks per...Alexander Decker
This document analyzes the impact of mergers and acquisitions on commercial banks in Nigeria. It discusses how the Central Bank of Nigeria introduced reforms in 2004 that required banks to increase their minimum capital to 25 billion naira by 2005. This led to over 80% of banks merging into 25 banks, while 14 banks that did not meet the requirement were liquidated. The document examines whether these mergers improved bank performance in terms of profitability, capitalization, and earnings per share. It also discusses the theoretical background and history of bank recapitalization in Nigeria.
This document analyzes the financial performance of State Bank of India over a 5-year period from 2013-2018. Key findings from the analysis include:
1) State Bank of India maintained a high current ratio on average of 16.15 times over the period, indicating strong liquidity. Regression analysis showed that increases in current assets positively impacted the current ratio.
2) Profitability ratios like gross profit ratio, operating profit ratio, and return on shareholders' funds were on average 167.36%, 60.964%, and 5.777143% respectively, demonstrating good overall profitability. However, two-way ANOVA found significant differences in profitability ratios over the years.
3) Turnover ratios like
The document discusses the opportunities and challenges facing India's banking sector in 2010. It analyzes three possible scenarios - high performance, evolution, and stagnation - depending on the actions taken by policymakers and bank management. For high performance, it emphasizes the need for industry consolidation, increased capital availability, strengthened regulation and corporate governance, and support for new technologies. Both policymakers and management must take decisive steps to build an enabling framework and upgrade capabilities for the banking sector to fulfill its potential in fueling India's economic growth.
The market-oriented economies and the global market place have enhanced the competition for funds and market share thereby cutting down the spreads of the banks, a part from declining spread, banks are also witnessing a faster growth in their expenses when compared to their revenues predominant in these expenses are the raising salary expenses and loan-loss expenses. banks are responding by introducing new product lines and developing the existing services into more sophisticated ones,in order to offset the rising expenses
Banking sector concentration, competition, and financial stability: The case ...Eesti Pank
Bank competition and financial stability in Baltic countries.
The study examines the relationship between competition and risk-taking in the Baltic banking sectors from 2000-2014. It finds a non-linear or U-shaped relationship where risk first decreases and then increases with competition. In more concentrated markets, banks take less risk but in highly competitive markets the margin effect increases risk. The results support the view that both competition and market power influence bank risk and stability, with market power significantly impacting soundness and market share influencing credit risk. The findings have implications for regulating competition and concentration in Baltic banking sectors.
This document analyzes the operation mode of Capitaland's Real Estate Investment Trusts (REITs) in Singapore and discusses implications for China's real estate industry. It finds that Capitaland uses a "dual-fund" model where private equity funds incubate early-stage projects that are later injected into REITs for stable income and asset realization. Key characteristics include covering the entire industry chain from development to asset management, and pairing private funds and REITs to accelerate investment cycles. When applying this model in China, adjustments should be made for differences in economic/cultural environment, and rental housing REITs could serve as pilots given China's current conditions.
Growth Implications of Managerial Finance in Business: Empirical Evidence fro...Premier Publishers
The effective management of business finance is critically dependent on the proper understanding of the interrelationships between different dimensions of financial management and growth performance of the business. This study examines the relationship between selected managerial finance functions and growth of business in Akwa Ibom State, Nigeria using Pearson’s Product Moment Correlation model. The results show that all the managerial functions selected for the study are positively correlated with growth, but with varying levels of significance. The implication of the results is that, given the diversity and specialized nature of managerial finance, every dimension of management relating to financial resources should be taken seriously to ensure long-term sustainable growth of business.
1) The document discusses a study on increasing restaurant tax revenues in Ponorogo Regency, Indonesia through tax intensification and expansion activities.
2) It analyzes the effects of tax intensification and expansion on restaurant tax receipts based on data from 2015-2019 and surveys of 159 restaurant taxpayers.
3) The results found that both tax intensification and expansion had a significant positive effect on increasing restaurant tax revenues in the region. Improving tax administration, services, and knowledge were effective intensification strategies.
Perform EIC Analysis of Banking Sector and HDFC bank khushbu chauhan
This document provides an analysis of the banking sector and HDFC Bank through fundamental analysis. It begins with an overview of fundamental analysis and its three steps: economy analysis, industry analysis, and company analysis. The economy analysis covers economic variables, growth rates, and government policies that are positive for banking. The industry analysis finds that banking is in the expansion stage, exhibiting strong growth and profitability. The company analysis shows that HDFC Bank has stronger financial metrics than competitors like ICICI Bank, making it a good investment. Key metrics like NAV, market value, and performance over time are presented to compare HDFC Bank favorably.
1. The document is a report on the fundamental analysis of Tata Motors that analyzes the company's performance from economic, industry, and company perspectives.
2. It discusses the importance of fundamental analysis in evaluating companies and outlines the steps involved, which include macroeconomic analysis, industry analysis, company situational analysis, and financial analysis.
3. The analysis finds that Tata Motors' revenue declined slightly in recent years but has generally increased over the long term, and it is the largest commercial vehicle manufacturer in India and globally by volume.
China's economy is facing significant challenges as its industrial base needs upgrading. While consumption is growing, continued overreliance on investment and infrastructure has led to overcapacity in key industries like steel. To avoid getting trapped in the middle-income trap, China needs to further develop its services sector, remove constraints on private businesses to redirect investment, and reform inefficient state-owned enterprises through measures like consolidation and improved management incentives. Upgrading China's industrial base from low-cost manufacturing to more advanced, technology-driven industries and services will be difficult but is critical for sustained economic growth.
Why Banks Are Failing the Innovation Test - The Disruption House Research Reportrupertbull
Banks are failing to keep up with innovation when compared to other industries and companies. A study of 65 financial institutions found that the largest global banks lagged other companies and banks in key innovation capabilities like leadership and process innovation. While banks have strategic capabilities, they are not deploying them effectively due to leadership problems and a focus on product over process innovation. The study concludes banks must improve inter-generational leadership, develop new business platforms, use agile processes, engage employees, and create a narrative for change to better innovate.
China banking intermediary business report, 2011ResearchInChina
This document analyzes the development of intermediary business in the Chinese and foreign banking industries from 2007 to 2011. It finds that the intermediary business of Chinese banks has grown significantly in recent years, with revenue increasing 45.96% year-over-year in the first half of 2011. It also notes that the intermediary business is highly concentrated among the largest Chinese banks and has been growing faster for joint-stock banks than state-owned banks. The document then examines the intermediary business lines and performance of individual major Chinese banks.
The survey received 740 responses from diverse companies to gauge liquidity strategies and challenges. Key findings show that 36% of respondents increased cash balances in the past year primarily due to higher operating cash flows. Safety remains the top priority for short-term investments, with 52% of cash held in bank deposits. Regulatory uncertainty around money market funds continues to impact investment decisions.
A nexus between liquidity & profitability a study of trading companies in sri...Alexander Decker
This document summarizes a study that investigated the relationship between liquidity and profitability of trading companies in Sri Lanka. The study analyzed annual report data from 8 listed trading companies over a 5-year period from 2008 to 2012. Correlation and regression analyses were used to examine the nature and extent of the relationship between liquidity ratios like current ratio and quick ratio and profitability ratios like return on equity and return on assets. The findings suggest there is a significant relationship between liquidity and profitability among the sampled trading companies in Sri Lanka. However, the results may not be generalizable to non-public companies or other sectors. The document provides background on liquidity, profitability, prior studies on the relationship, and the methodology used
Liquidity management and commercial banks profitability in nigeriaAlexander Decker
This document summarizes a research study that examined the relationship between liquidity management and profitability in commercial banks in Nigeria. The study found that liquidity and profitability are significantly related, with each influencing the other. Effective liquidity management is important for banks' success and survival, as both insufficient and excessive liquidity can erode profitability. The study recommends that central banks maintain a flexible interest rate policy to help banks manage liquidity and profitability, and promote alternative payment methods to reduce banks' need to hold excess cash reserves.
This document summarizes a review of trade services operations of banks in Bangladesh from 2011-2015. It finds that while documentary credits remain the most widely used payment method, cash in advance increased in import transactions due to regulatory changes. Pre-shipment financing relied more on cash credits than export development funds. Global correspondent banking relationships are being reduced, impacting some local banks. Trade financing declined overall in 2015 though private banks increased their market share. Enforcement of online reporting and monitoring has improved reporting accuracy but information gaps remain. Money laundering and compliance are ongoing challenges that require coordinated efforts between banks and regulators.
The document discusses tax policy and incentives for attracting foreign direct investment (FDI) to developing countries, using Vietnam as a case study. It begins by classifying different types of tax incentives and evaluating their advantages and disadvantages. It then analyzes data on tax incentives adopted in 107 developing countries, finding that tax holidays and preferential tax rates are most common. While incentives can positively impact FDI inflows, they often result in significant lost tax revenue. The document concludes by detailing Vietnam's corporate income tax rates and incentives, which are generally competitive but may not be optimally efficient.
Analysis of the Influence of Bank Governance on Cash Holdings of Banks in Ghanaijtsrd
This document summarizes a study that examines the impact of bank governance characteristics on the cash holdings of universal banks in Ghana from 2009-2018. It finds that board size, working capital, and bank size significantly influence cash holdings, with board size having a negative effect. CEO duality has a positive but insignificant impact, while board independence and insider ownership have negative but insignificant influences. The study aims to help shape bank governance policies in Ghana and other developing countries.
An analysis of the impact of mergers and acquisitions on commercial banks per...Alexander Decker
This document analyzes the impact of mergers and acquisitions on commercial banks in Nigeria. It discusses how the Central Bank of Nigeria introduced reforms in 2004 that required banks to increase their minimum capital to 25 billion naira by 2005. This led to over 80% of banks merging into 25 banks, while 14 banks that did not meet the requirement were liquidated. The document examines whether these mergers improved bank performance in terms of profitability, capitalization, and earnings per share. It also discusses the theoretical background and history of bank recapitalization in Nigeria.
This document analyzes the financial performance of State Bank of India over a 5-year period from 2013-2018. Key findings from the analysis include:
1) State Bank of India maintained a high current ratio on average of 16.15 times over the period, indicating strong liquidity. Regression analysis showed that increases in current assets positively impacted the current ratio.
2) Profitability ratios like gross profit ratio, operating profit ratio, and return on shareholders' funds were on average 167.36%, 60.964%, and 5.777143% respectively, demonstrating good overall profitability. However, two-way ANOVA found significant differences in profitability ratios over the years.
3) Turnover ratios like
The document discusses the opportunities and challenges facing India's banking sector in 2010. It analyzes three possible scenarios - high performance, evolution, and stagnation - depending on the actions taken by policymakers and bank management. For high performance, it emphasizes the need for industry consolidation, increased capital availability, strengthened regulation and corporate governance, and support for new technologies. Both policymakers and management must take decisive steps to build an enabling framework and upgrade capabilities for the banking sector to fulfill its potential in fueling India's economic growth.
The market-oriented economies and the global market place have enhanced the competition for funds and market share thereby cutting down the spreads of the banks, a part from declining spread, banks are also witnessing a faster growth in their expenses when compared to their revenues predominant in these expenses are the raising salary expenses and loan-loss expenses. banks are responding by introducing new product lines and developing the existing services into more sophisticated ones,in order to offset the rising expenses
Banking sector concentration, competition, and financial stability: The case ...Eesti Pank
Bank competition and financial stability in Baltic countries.
The study examines the relationship between competition and risk-taking in the Baltic banking sectors from 2000-2014. It finds a non-linear or U-shaped relationship where risk first decreases and then increases with competition. In more concentrated markets, banks take less risk but in highly competitive markets the margin effect increases risk. The results support the view that both competition and market power influence bank risk and stability, with market power significantly impacting soundness and market share influencing credit risk. The findings have implications for regulating competition and concentration in Baltic banking sectors.
This document analyzes the operation mode of Capitaland's Real Estate Investment Trusts (REITs) in Singapore and discusses implications for China's real estate industry. It finds that Capitaland uses a "dual-fund" model where private equity funds incubate early-stage projects that are later injected into REITs for stable income and asset realization. Key characteristics include covering the entire industry chain from development to asset management, and pairing private funds and REITs to accelerate investment cycles. When applying this model in China, adjustments should be made for differences in economic/cultural environment, and rental housing REITs could serve as pilots given China's current conditions.
Growth Implications of Managerial Finance in Business: Empirical Evidence fro...Premier Publishers
The effective management of business finance is critically dependent on the proper understanding of the interrelationships between different dimensions of financial management and growth performance of the business. This study examines the relationship between selected managerial finance functions and growth of business in Akwa Ibom State, Nigeria using Pearson’s Product Moment Correlation model. The results show that all the managerial functions selected for the study are positively correlated with growth, but with varying levels of significance. The implication of the results is that, given the diversity and specialized nature of managerial finance, every dimension of management relating to financial resources should be taken seriously to ensure long-term sustainable growth of business.
1) The document discusses a study on increasing restaurant tax revenues in Ponorogo Regency, Indonesia through tax intensification and expansion activities.
2) It analyzes the effects of tax intensification and expansion on restaurant tax receipts based on data from 2015-2019 and surveys of 159 restaurant taxpayers.
3) The results found that both tax intensification and expansion had a significant positive effect on increasing restaurant tax revenues in the region. Improving tax administration, services, and knowledge were effective intensification strategies.
Perform EIC Analysis of Banking Sector and HDFC bank khushbu chauhan
This document provides an analysis of the banking sector and HDFC Bank through fundamental analysis. It begins with an overview of fundamental analysis and its three steps: economy analysis, industry analysis, and company analysis. The economy analysis covers economic variables, growth rates, and government policies that are positive for banking. The industry analysis finds that banking is in the expansion stage, exhibiting strong growth and profitability. The company analysis shows that HDFC Bank has stronger financial metrics than competitors like ICICI Bank, making it a good investment. Key metrics like NAV, market value, and performance over time are presented to compare HDFC Bank favorably.
1. The document is a report on the fundamental analysis of Tata Motors that analyzes the company's performance from economic, industry, and company perspectives.
2. It discusses the importance of fundamental analysis in evaluating companies and outlines the steps involved, which include macroeconomic analysis, industry analysis, company situational analysis, and financial analysis.
3. The analysis finds that Tata Motors' revenue declined slightly in recent years but has generally increased over the long term, and it is the largest commercial vehicle manufacturer in India and globally by volume.
China's economy is facing significant challenges as its industrial base needs upgrading. While consumption is growing, continued overreliance on investment and infrastructure has led to overcapacity in key industries like steel. To avoid getting trapped in the middle-income trap, China needs to further develop its services sector, remove constraints on private businesses to redirect investment, and reform inefficient state-owned enterprises through measures like consolidation and improved management incentives. Upgrading China's industrial base from low-cost manufacturing to more advanced, technology-driven industries and services will be difficult but is critical for sustained economic growth.
Why Banks Are Failing the Innovation Test - The Disruption House Research Reportrupertbull
Banks are failing to keep up with innovation when compared to other industries and companies. A study of 65 financial institutions found that the largest global banks lagged other companies and banks in key innovation capabilities like leadership and process innovation. While banks have strategic capabilities, they are not deploying them effectively due to leadership problems and a focus on product over process innovation. The study concludes banks must improve inter-generational leadership, develop new business platforms, use agile processes, engage employees, and create a narrative for change to better innovate.
Conducting Financial Services Business in China_TopConsulting(mid) Faustyna Gawryluk
This document provides an overview of conducting financial services business in China. It discusses the four major industries (banking, securities, trust, and insurance), legal forms of financial services businesses, regulators in the sector, and taxes and contract law considerations. The key points are:
1) Banking, securities, trust, and insurance are the four major financial industries in China. Banking and insurance have seen steady growth, while securities rebounded in 2013 after declines.
2) Common legal forms for foreign investment include equity joint ventures, cooperative joint ventures, wholly foreign-owned enterprises, and joint stock companies.
3) Financial services are highly regulated in China by agencies like the PBOC, CB
1) The globalization of China's financial industry is key to supporting the global expansion of Chinese enterprises. While Chinese commercial banks began expanding overseas in the early 2000s, more financial institutions increased overseas investments after 2009.
2) Overseas direct investment from China sharply increased between 2007 and 2009, driven by demand from non-financial industries, increased investments from China Investment Corporation during the financial crisis, and opportunities to acquire undervalued foreign assets.
3) For Chinese financial institutions to further expand globally, they need to adjust their business models, increase profits from capital markets, and better adapt to serving the needs of Chinese enterprises investing overseas. Strong government support is also needed to address issues around foreign exchange reserves and capital injections.
In recent years, the number of delisting shows dramatically increased in the world particularly
in China. This study will discuss on delisting focus in the context of China’s New Third Board Market (NTBM).
Furthermore, the delisted firms in China's New Third Board Market (NTBM) shows dramatically increased.
Moreover, this research is to make propositional statements and propose a framework to be tested empirically
in future studies. Based on agency theory, we proposed that there will be positive relationship among board
size, board independence,
This document provides an overview of financing for small and medium enterprises (SMEs) in India. It discusses the importance of SMEs to the Indian economy and some of the challenges faced by SMEs in obtaining adequate financing. It highlights the role of the Small Industrial Development Bank of India (SIDBI) in successfully providing various forms of financing to SMEs over time. Overall, the document argues that while SIDBI has achieved good results in SME financing, both private and public sector banks need innovative models to further expand financing to the important SME sector of the Indian economy.
The document discusses factoring in China. It notes that factoring has grown steadily in China since 2004, with a large jump in 2010. By 2010, China had become one of the leading factoring markets worldwide in terms of volume. However, factoring has not fully addressed financing problems faced by Chinese SMEs. The document then outlines new regulations in Shanghai governing the establishment and operation of commercial factoring companies to further develop the factoring market in China.
Corporate Websites through the Eyes of an Investor. Republic of TajikistanАлександр Никишев
Surveying Corporate Governance in the Republic of Tajikistan: Corporate Websites through the Eyes of an Investor, is an independently produced survey of corporate information disclosure practices in Tajikistan. It finds that most companies disclose corporate information, including details about financing, performance, ownership, and governance, on an ad hoc basis, often with incomplete information.
Mercer Capital's Value Focus: FinTech Industry | First Half 2017Mercer Capital
Mercer Capital’s quarterly newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. This newsletter focuses on FinTech segments, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity.
This document is a term paper submitted by Rajkumar Victor Halder to his professor K.M. Anwarul Islam on the topic of how financial markets influence economic development. It includes an executive summary, table of contents, introduction and outlines discussing financial markets and institutions, their importance and impact on the economy. It analyzes Bangladesh's financial system, including the money market of banks, stock market, bond market and insurance market. The paper recommends reforms to strengthen these markets and enhance financial intermediation and resource allocation.
This document summarizes a study on improving small and medium enterprises' (SME) access to financing in ASEAN countries. It finds that SME primarily rely on internal funds and informal financing, with formal financing making up less than 25% of funding needs. While many banks are interested in SME loans, they face impediments including risk aversion, a lack of skills in evaluating SME, and legal/regulatory frameworks that do not adequately support SME lending. The study recommends strategies at both the national and regional level to address these issues, such as improving credit guarantee programs, engaging non-bank lenders, standardizing SME definitions, and increasing skills development for evaluating SME loans.
CAN MERGERS AND ACQUISITIONS IMPROVE BANKING INDUSTRYIulian Warter
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CAN MERGERS AND ACQUISITIONS IMPROVE BANKING INDUSTRYLiviu Warter
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HOW REGULATION IS DAMAGING COMPETITION IN ASSET MANAGEMENTGary Mead
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Effective sources and uses of finance is one of the primary activities for the success of a
business, where imprudent financing practices have been identified as a key constraint for the development
of the SME sector. For instance, the empirical evidence suggests that uncertainties of the SMEs due tolack
of skills and knowledgeable workers, economic fluctuations and financingcosts at firm level constitutes to het
ride from proper access to formal financing
Bangladesh is successful in garments sector primarily without policy support but government came with some policy support such as Bonded warehouse and Back to Back Letter of credit for import of raw materials from other countries. The growth of export of garment is allowing down as Bangladesh only produce low cost garment and "experts" suggesting entrepreneurs to go for high value garment without policy support. Bangladesh needs technology and development of own brands for overseas market.
1. Please detail your efforts to extend banking products and services to wider parts of the community.
2. Banks face many challenges – new regulations, more competition, slowing growth in some markets. Please describe your strategy for keeping your bank’s returns high?
3. Why you choose Banking Career?
4. Loan against Share. Should Banking Industry Promote or Not?
5. What particular actions provided your bank with significant success or market advantage over the past 12-15 months?
This document appears to be a project report on mergers and acquisitions in the Indian banking sector. It discusses several bank mergers that have occurred in India, including HDFC Bank and Times Bank, ICICI Bank and Bank of Madura, and Global Trust Bank and UTI Bank. It analyzes the motives and benefits of mergers, such as increasing competitiveness and shareholder value. The report also examines the recommendations of the Narasimham Committee on banking reforms regarding consolidation in the sector through mergers between strong banks. Overall, the document provides an overview of mergers and acquisitions that have taken place in the Indian banking industry.
Fintech and market structure in financial services: Market developments and p...Paperjam_redaction
This document summarizes the potential impacts of financial technology (FinTech) and large technology firms (BigTech) on market structure and financial stability. Some key points:
1) FinTech and BigTech could significantly alter the universe of financial services providers and the degree of competition and concentration in markets through new entrants.
2) While competition may benefit consumers, it could also put pressure on incumbent firms' profitability and lead to increased risk-taking.
3) BigTech firms in particular may achieve large market shares quickly due to existing customer networks, data advantages, and ability to subsidize financial services.
4) Increased reliance on third-party cloud and data providers could introduce new systemic risks if
This research re euml xamine of what has been done by other researcher with the object of research on what is different aimed at peaceful and steady to analyze the good vibes this partial as well as simultaneous the amount of its credits micro small and medium enterprises (SMES) and prepare the funds to a third party against operating profit in public credit bank Cirebon district.
The results of the testing of hypotheses first discovered that variable credit small and medium enterprises 0.5456 or by 54,56 % show is influence against operating profit. The results of the testing of hypotheses to two variable third party funds of savings of 0.52134 or by 52,13 % show is influence against operating profit. The results of the testing of hypotheses to three variable third party funds in deposits of 0.5612 or by 56,12 % show is influence against operating profit.
All of the results of the analysis showed in constant of 0.5905 or 59.05%. This credit public bank Cirebon district contribute to the development and growth the small and medium enterprises (SMES) that is in Cirebon district and the rest is the other factors that to affect in out of what researchers do.
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2) It finds that while external bailouts have no short-term impact, there is a long-term causal relationship between bailouts and macroeconomic stability as well as with foreign direct investment, GDP, and imports.
3) To improve stability, the authors recommend that Ghana reduce reliance on external bailouts, increase foreign reserves, and expand agriculture and industrialization.
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The document summarizes a study on optimizing the stock portfolio of PT XYZ, a state-owned pension fund company in Indonesia. In 2021, PT XYZ's actual stock portfolio performed poorly, with a return of 0.56% and Sharpe ratio of 2.39%, below targets. Using the Markowitz portfolio model and 5 years of stock price data, the study optimized the 2021 portfolio. The optimized portfolio increased the Sharpe ratio to 21.67% and return to 1.62%, outperforming the actual portfolio. An efficient frontier analysis identified multiple portfolio options with different risk-return profiles. The results recommend PT XYZ use the Markowitz method to improve future portfolio performance and evaluation.
The document analyzes the financial performance of 20 health sector companies in Indonesia from 2018-2021 using various financial ratios and DuPont analysis. It finds that hospital companies generally benefited during the pandemic due to increased patient numbers, while pharmaceutical companies saw mixed results depending on retail and distribution impacts. Specifically, the analysis found that one hospital, Metro Healthcare Indonesia, had the highest average return on equity of 0.26 over the period. Other key findings are also presented regarding factors influencing financial performance changes before and during the COVID-19 pandemic.
This document discusses a proposed marketing strategy for Hirka, a shoe company that makes shoes from chicken claw skin. Hirka currently markets its products through social media, e-commerce, and word of mouth. However, brand awareness and sales are still low due to a lack of marketing and advertising. The products are also currently only available for men. The study aims to identify the target market and appropriate marketing strategy to increase Hirka's brand awareness and purchase intention. A survey was conducted of 206 respondents to assess their brand recognition of and purchase intention toward Hirka's products. The results showed most respondents were unaware of the Hirka brand and had low purchase intention. Various analyses were used to develop marketing strategies,
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2) It reviews literature on customer loyalty and satisfaction and how the marketing mix (7Ps) can impact satisfaction.
3) An analysis was conducted using SEM-PLS to evaluate the relationships between the 7Ps, customer satisfaction, and loyalty using data from 153 RAM Water users. The results showed the 7Ps significantly impacted satisfaction which significantly impacted loyalty.
This document proposes an integrated luggage storage and transportation scheme. It analyzes the current luggage storage market and compares traditional and new "Internet +" models. The proposed scheme designs functional modules like storage, transportation, tourism services and insurance. It provides solutions for different business scenarios like short/long term storage, inter-station delivery, and tourism services. The goal is to improve resource utilization and provide convenient luggage services for travelers.
- The Ecobiz.id platform was created to help farmers in Indonesia by facilitating knowledge sharing and connecting farmers to buyers. However, the platform still lacks interactivity and network effects due to poor existing content that does not meet user needs.
- This study examines how to motivate stakeholders, especially potential content creators, to actively participate and create valuable, interesting, and relevant content for users. Improving the quality and variety of content is expected to increase interactivity on the platform and provide value to users.
- Interviews and observations of stakeholders and users were conducted to understand their perspectives on existing content and how content could motivate involvement and interaction on the platform. The results will help improve content marketing strategies to better engage users.
This document analyzes strategies to increase brand awareness and intention to use PosAja, an application-based delivery service owned by PT Pos Indonesia. It conducts external and internal analyses, as well as surveys consumers to measure brand awareness and factors influencing intention to use. The survey finds low brand recognition of PosAja. Quantitative analysis shows brand logo and advertisements significantly impact brand awareness, while brand name and promotions do not. Further analysis is needed to identify strategies to improve awareness and drive more customers to use PosAja.
This document summarizes a research study that examined the effect of budgetary participation and internal control on managerial performance, with job relevant information as a moderating variable. The study was conducted at three type C regional general hospitals in Jambi Province, Indonesia that had intermediate accreditation levels. The results showed that budgetary participation and internal control positively affected managerial performance. Job relevant information was found to moderate the relationship between internal control and managerial performance, but did not moderate the relationship between budgetary participation and managerial performance. The document provides background information on the hospitals studied, discusses relevant theories, and outlines the research questions and objectives.
This document analyzes and compares environmentally friendly cryptocurrencies with the highest trading classical cryptocurrencies from July 2019 to April 2022. It finds a statistically significant correlation between the values of eco-friendly and classical cryptocurrencies, suggesting investors apply similar investment approaches to both. It also concludes the demand for eco-friendly cryptocurrencies is increasing as the world moves toward sustainability. The study uses daily closing price data from various sources to analyze 7 eco-friendly and 7 highest value classical cryptocurrencies over 34 months. Descriptive statistics of the data are presented in a table.
This document summarizes the evolution and enlightenment of global financial regulatory systems based on a comparative analysis of systems in the UK, US, and China. It finds that financial regulatory systems generally evolve from mixed/centralized models to separated/institutional models to more integrated approaches. The UK and US systems demonstrate a progression from separation to unification to twin peaks models. China's system has transitioned from the central bank as sole regulator to separated then integrated regulation. Key lessons for China include understanding the role of regulation in promoting development while preventing risks, and adapting international best practices to its national context.
This study analyzed the impact of e-service quality (e-servqual) on customer satisfaction and loyalty at Bank Negara Indonesia (BNI). A survey was conducted with 274 BNI customers who use the mobile banking app. The results of structural equation modeling showed that e-servqual has a significant positive effect on both customer satisfaction and loyalty. Customer satisfaction also has a significant positive effect on loyalty. The study concludes that improving e-servqual can increase customer satisfaction and loyalty for BNI, which is important for the bank's future success.
The document discusses intellectual effort and references. It notes that the brain is just a gateway to the mind, and the mind needs to maintain the brain to concentrate on useful thoughts. It also argues that those who do evil will not get an afterlife, and animals cannot attain infinite spiritual energy or an afterlife. The document concludes that solving problems requires analyzing causes, and that politics and total quality management will become more connected over time. Reform requires having a theory and being a bit of a philosopher.
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C472428.pdf
1. American International Journal of Business Management (AIJBM)
ISSN- 2379-106X, www.aijbm.com Volume 4, Issue 07 (July-2021), PP 24-28
*Corresponding Author: Wang Jun 1
www.aijbm.com 24 | Page
An analysis of M & A business of investment banks in China
Wang Jun
(School of Accounting and Finance, Xiamen University Tan KahKee College, China)
*Corresponding Author: Wang Jun
ABSTRACT : With the continuous improvement of China's capital market, more and more enterprises realize
their own expansion by means of M & A. among them, investment banks, as participants, play an important role
in M & A. Starting from the relationship between investment banks and M & A business, this paper analyzes the
current situation and problems of M & A business of investment banks in China, and puts forward some
suggestions to promote the development of M & A business of investment banks.
KEYWORDS -Investment bank, Enterprise merger and acquisition, Financing instruments, Government
intervention
I. Introduction
Investment bank plays an important role in modern market economy and financial system. In China,
the main body of investment banking business is securities companies. In addition, commercial banks, insurance
companies and other financial institutions are also involved. In this paper, China’s investment banks refer to
China’s securities companies and other financial intermediaries engaged in M & A business with investment
banking as the main business.
The M & A business of investment banks can be divided into two types: one is M & A planning and
financial consulting business, in which investment banks only act as intermediaries to provide planning,
consulting and corresponding financing services for the main body of M & A transactions; the other is property
investment business, namely direct investment business. The M & A business mentioned in this paper includes
the financial advisory services provided by investment banks for M & A, divestiture, defense, reorganization
and separation of enterprises (hereinafter referred to as "M & A business"), excluding direct investment business.
Investment bank plays an important role in M & A. On the one hand, investment banks can reduce the
transaction costs of enterprises and help enterprises avoid the risk of M & A. On the other hand, investment
banks can help enterprises achieve scale effect while providing financing arrangements for enterprises. In
addition, investment banks help to adjust the economic structure. Its intermediary role can make use of its
flexible and innovative business, according to the operation principle of market economy, to make the right
direction for enterprise merger and acquisition in line with the optimal allocation of market resources, so as to
alleviate the problems of overcapacity and unscientific allocation of resources in some industries, and finally
realize the optimization of economic structure.
II.M & A market and the status quo of financial advisory business of investment banks in China
According to the data of China Securities Industry Development Report 2016, benefited from the
simplification of M & A audit mechanism and the optimization of supporting financing policies, in 2015, the
number and scale of major asset restructuring transactions of China’s listed companies reached a record high, M
& A transactions were active, and helped the overdue reform.485 major asset restructuring transactions were
disclosed for the first time, up 107.26% compared with 234 transactions in 2014;The scale of major asset
restructuring transactions reached 1361.3 billion yuan, up 127.79% over 2014.Among them, China Securities
Regulatory Commission approved 320 plus major asset restructuring, including 90 in Shanghai Stock Exchange
and 230 in Shenzhen Stock Exchange.
In 2015, the investment bank’s financial advisory business achieved a total revenue of 13.793 billion
yuan, a year-on-year increase of 99.35%;The proportion of financial consulting business in the total revenue of
the industry decreased slightly compared with 2014, about 2.4%.
However, among all the announced M & A events in 2015, 421 have completed the implementation,
accounting for 28.8% of all the announced events. The above figures show that the completion efficiency of the
reorganization in 2015 is relatively low. Then in 2016, the number of mergers and acquisitions failures also
reached the highest level in the past years, and 20 listed companies failed to restructure in January alone.
2. An analysis of M & A business of investment banks in China
*Corresponding Author: Wang Jun 1
www.aijbm.com 25 | Page
Table1.Financial advisory bodies of mergers and acquisitions ranked by transaction amount from 2014 to
2015
corporate
name
2015 2014
M & A
transaction
amount (100
million yuan)
Number of
consultancy
projects
M & A
transaction
amount (100
million yuan)
Number of
consultancy
projects
Huatai
United
820.10 30 169.07 17
GuotaiJunan 600.33 16 373.32 7
citic
securities
435.81 17 30.00 10
CITIC
construction
427.61 18 100.38 10
Haitong
Securities
405.49 10 79.42 8
CICC
securities
335.70 5 25.45 3
Southwest
Securities
198.67 18 174.35 21
industrial
securities
163.78 12 16.77 4
GF securities 157.10 20 132.93 15
Shen
wanhongyuan
securities
117.68 6 22.60 2
Data source: according to the CSRC audit notice
III. The problems of M & A business of investment banks in China
The above situation shows that although the M & A business of investment banks in China has a broad
development prospect, there are imbalances and mismatches between the scale and quantity of M & A business
and the participation degree of investment banks. The number of the former has increased year by year, but the
participation of the latter has not been followed up in time, and the business service mode of the former is
relatively limited, and the service object is relatively single. The specific problems can be sorted out from the
macro market, investment banks themselves and mergers and acquisitions enterprises.
3.1Macro level issues
First of all, China’s capital market is underdeveloped and the government intervenes too much.
Compared with the developed countries, China’s capital market is relatively young, in addition to the gap in
scale, China’s capital market system and regulations are not perfect, which makes the investment banks can not
let go in the development of M & A business. The existence of lemon effect makes the information collection of
investment banks incomplete, information asymmetry leads to the efficiency of M & A greatly reduced, and the
effect of M & A is not satisfactory. In addition, the speculation of China’s stock market is more serious, and
there is a certain decoupling phenomenon between the stock price and the company value, which makes the
investment banks can not complete the correct judgment of the target enterprise value through the single index
of stock price. Moreover, the government intervenes too much in M & A, which makes the M & A business
which should reflect the economic goal more government color, which deviates from the market economy
leading and resource optimal allocation that M & A should have.
In addition, for the financing channels involved in M & A, the available financing tools are relatively
limited. Among them, bank loans, corporate bonds and stock financing are mostly limited. Although the vitality
of financial innovation has been greatly improved in recent years, the industry chaos caused by innovation is
becoming more and more serious, which makes the financial supervision of China’s capital market gradually
strict and perfect. Generally speaking, in the choice of M & A financing tools, China’s investment banks have
less choices than foreign investment banks. In addition, the definition of investment bank in different countries
is not completely consistent, and there are no corresponding laws and regulations in China’s investment banking
business, which makes it difficult to standardize the business of investment bank, and gives opportunities to
some illegal business and illegal operation.
3. An analysis of M & A business of investment banks in China
*Corresponding Author: Wang Jun 1
www.aijbm.com 26 | Page
3.2Problems of investment banks themselves
Strictly speaking, China’s investment banks are not up to the standard of investment banks. In terms of
business operation, they are still mainly engaged in the traditional business such as securities underwriting
business, brokerage business and self-supporting business. The business income of merger and acquisition
business is far less than the first three, and the income generating capacity and business proportion are far less
than the traditional business. Therefore, M & A business is still a new business for China’s investment banks.
Compared with the one-stop service of foreign investment banks, from the business consultation in the
early stage of M & A to the implementation of M & A, and then to the relationship maintenance after M & A,
the M & A service provided by China’s investment banks is slightly insufficient. Of course, regardless of
whether China’s investment banks have the ability to provide this one-stop service, the excessive government
intervention itself makes China’s investment banks unable to go deep into the M & A activities of enterprises,
which objectively hinders the development of their M & A business. Moreover, few investment banks in China
are able to set up branches overseas to provide M & A services for large multinational companies. Most of their
customers are domestic small and medium-sized listed companies. It can be seen that their service breadth is
still confined to China, and there is still a large space for the development of overseas markets and the
developers of large multinational companies.
These are mainly due to the weak comprehensive strength of China’s investment banks. According to
the data released by the China Securities Association, as of the end of 2017, 131 securities companies had total
assets of 6.14 trillion yuan and net capital of 1.58 trillion yuan, of which 120 had achieved profitability at the
end of the year, and the businesses such as securities underwriting, securities investment and asset management
still accounted for a large proportion of business income. Compared with the banking industry, the capital
strength of securities companies is still weak, and their influence on the domestic financial system is insufficient.
Therefore, domestic investment banks can only allocate the limited capital. On the premise of meeting the
development of related securities business, there are few cakes that can be allocated to the development of M &
A business.
3.3 Problems of merger and acquisition enterprises
In recent years, the reform of state-owned enterprises has aroused the wave of mergers and acquisitions
of Chinese enterprises by riding the great wheel of the development of the securities market. In the actual
operation of M & A, the role of investment banks has not been taken seriously. There are two reasons from the
aspect of M & A enterprises. First of all, the company has been regarded as a disgraceful title when it is merged.
On the one hand, there is suspicion of the company’s poor management in the society. On the other hand, the
founding team will be labeled as making money to protect itself and transferring risks in disguised form.
Secondly, most of the M & A executives think that it is more practical to form a M & A working group from
within the company, without paying extra fees and relying on the power of investment banks to carry out M & A
business.
In addition, many enterprises M & A strategic decisions are not accurate, the M &A objectives are not
clear, and even the M & A positioning is wrong. This brings a lot of risks and difficulties to investment banks in
the process of assisting enterprise mergers and acquisitions. If the situation is serious, it will lead to the failure
of M & A.
IV. Suggestions on promoting the development of M & A business of investment banks in China
The positive role played by investment banks in M & A is affirmed. Therefore, in order to actively
promote the development of M & A business of investment banks and maximize its positive role, this paper puts
forward the following suggestions.
4.1 Reduce external barriers
First of all, in order to play the role of market economy, we should clarify the role of the government in
M & A, reduce unnecessary government intervention, and return the M & A decision to the relevant enterprises
themselves. The government should provide macro guidance and service support for M & A, and should not
blindly intervene in the work of M & A in violation of the law of market operation by blindly pursuing their own
interests. In particular, we should deal with the role of the government in state-owned enterprises; participation
in M & A. For those enterprises that should be merged according to the law of market economy development
but have difficulties in merger and acquisition, the government should provide relevant support, such as
personnel placement, tax payment, cost sharing after merger and acquisition, so as to provide necessary
guarantee for the development and subsequent improvement of merger and acquisition.
In addition, we should allow and encourage the innovation of financial instruments, so that M & A
enterprises can choose more financing channels. Although convertible bonds, warrants and other instruments
have been used more mature in foreign M & A business, they are still not commonly used financing instruments
in China, and many financial derivatives are in vain, which can not be recognized by the regulatory authorities
in actual operation. Of course, the development of the capital market needs a standardized environment, and
4. An analysis of M & A business of investment banks in China
*Corresponding Author: Wang Jun 1
www.aijbm.com 27 | Page
financial innovation can not be separated from the regulatory track. The establishment of relevant laws and
regulations is urgent, and the regulatory gaps should be filled and improved in time. However, some financing
tools that are mature in foreign applications, urgently needed in domestic environment, and can be followed up
by regulatory capacity should be given development space, Let them timely replenish capital blood for the heart
of M & A within the controllable range, and boost the smooth progress of M & A activities.
4.2 Improve the conditions of investment banks
Compared with foreign countries, China’s investment banking business is still immature and has a long
way to go in terms of operating years, business scale and profitability. First of all, from the perspective of the
main body engaged in investment banking business, most of them are securities companies, trust companies,
financial companies, etc., the number seems to be large, but the comprehensive strength is not ideal, and there is
a significant gap compared with foreign investment banks specializing in the business. To become an investment
bank in a real sense, it is impossible to rely on the strength of a certain financial body. We need to start with the
integration of the whole industry. On the one hand, we need to carry out mergers and acquisitions among
industries, concentrate high-quality resources, and improve the risk prevention and control mechanism. On the
other hand, we need to actively seek opportunities for cooperation with international well-known investment
banks. In cooperation, we learn more about the advanced operational experience and management methods of
the other side, and carry out China Based Innovation Practice on the basis of taking the essence.
Training professionals is another way to improve the conditions of investment banks. In this
intelligence intensive industry, talents are the core of competition and the driving force of development. At
present, China has a relatively complete training and standard system for securities practitioners, fund
practitioners and futures practitioners. It is these people, especially securities practitioners, who constitute the
main operators of enterprise merger and acquisition business. Of course, their previous work experience and
professional knowledge are essential for M & A business, but they can not meet the needs of cross industry and
cross regional complex M & A trend. Therefore, investment banks need to shoulder the responsibility of
personnel training, build a team that adapts to the development of the industry and has complete professional
knowledge, strengthen foreign exchange and learning, and constantly strengthen the team’s professional quality
and practical ability. At the same time, the establishment of a suitable talent incentive mechanism can not only
cultivate talents, but also keep talents, stimulate their inspiration and tap their potential to the maximum extent.
4.3 Merger and acquisition of enterprises
First of all, it is necessary to rectify the name of M & A. proper M & A behavior conforms to the law of
market economy and is the progressive optimization and allocation of resources. Therefore, it is necessary to
establish the professional manager system. On the one hand, the existence of professional manager system can
avoid some business owners; prejudice against M & A business and improper M & A behavior for personal
purposes. On the other hand, in the implementation of M & A policy, professional managers have more obvious
professional advantages, and can make more correct judgments based on their rich experience and professional
knowledge.
In addition, in the formulation of M & A plan, we should pay attention to the feasibility study of the
project. In determining the target of M & A, we must conduct a comprehensive investigation and detailed
analysis of the relevant enterprises. Only with complete information and scientific analysis can we fully grasp
the advantages and risks of the target enterprise, make a correct judgment on the synergy effect after M & A,
and make the M & A activities consistent with the long-term development goals of the enterprise.
V. Conclusion
Based on the analysis of the current situation of the M & A business of investment banks in China, this
paper points out the existing problems and puts forward some suggestions: in the M & A business of investment
banks, the degree of marketization needs to be improved, the role of market economy should be played, the role
of government in M & A should be clarified, and unnecessary government intervention should be reduced;
Investment banks should seek cooperation in the competition, learn from foreign advanced experience, and
cultivate professional talents; In the setting of M & A plan, we should emphasize the combination of
professionalism, scientificity and feasibility.
Reference
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*Corresponding Author: Wang Jun
1
(School of Accounting and Finance, Xiamen University Tan KahKee College, China)