整合金融服务行业原因、后果和影响未来 毕业论文外文翻译.doc

外文资料 The consolidation of the financial services industry: Causes, consequences, and implications for the future Allen Berger The financial services industry is consolidating around the globe. Mergers and acquisitions (MAs) among financial institutions are occurring at a torrid pace in the US, may occur at a rapid pace in the near future in Europe under monetary union, and may be part of the solution to problems of financial distress in Asia and elsewhere. Moreover, we may be on the brink of a new wave of MAs between large banking organizations and other types of financial service providers worldwide. While there has been considerable research on financial services industry consolidation, much is yet to be understood. The main purposes of this journal special issue are to bring together the most up-to-date research and promote additional research on this important topic. The main purposes of this introductory article in particular are to design a framework for evaluating the causes, consequences, and future implications of financial services industry consolidation, review the extant research literature within the context of this framework (over 250 references), and suggest fruitful avenues for future research. In our framework, the main motivation behind consolidation is to maximize shareholder value, although we also consider the motives of other stakeholders, particularly managers and governments. Value may be maximized through MAs primarily by increasing the participating firms’ market power in setting prices or by improving their efficiency, and in some cases by increasing their access to the safety net. Our framework predicts that the pace of consolidation will primarily be determined by changes in economic environments that alter the constraints faced by financial service firms. We identify five such changes that may be partially responsible for the recent rapid pace of consolidation – technological progress, improvements in financial condition, excess capaci