文献翻译-----美国小型和大型商业银行的利润效率来源及差异(编辑修改稿)

文献翻译-----美国小型和大型商业银行的利润效率来源及差异(编辑修改稿)内容摘要：

00 million dollar category that are de novos (age under 10 years) has increased from percent to percent. Moreover, DeYoung and Hasan (1998) show that the first three years of operations show particularly low PROFEFF for new banks. The greater dispersion of the data for small banks in recent years also supports this explanation. Thus, the hypothesis that at least part of the decline in small bank PROFEFF between 1995 and 2020 reflects the performance of the de novo banks in the sample appears reasonable. In contrast to the small banks, PROFEFF is relatively stable for mediumsize and large banks when trends in both median and mean values are taken into account. For example, mean PROFEFF for medium size banks remains above throughout the period and large bank PROFEFF remains above . Noheless, some decline is evident in the estimates, which probably reflects in part the fact that banks in all size groups are using less leverage because of pressures from regulators to increase the amount of equity capital on their balance sheet. Results of the Regression Analysis of the Correlates of Profit Efficiency As noted, we consider differences in the significance of the correlates among the size groups as an indication that banks of different sizes have different ways of achieving high profitability. The equity/assets ratio (EQUITY) is negative (as expected) and significant at medium and large banks. This indicates that, within these size groups, the more profitefficient banks, ceteris paribus, use more leverage (less equity) than the other banks in the same size group. Age is positive and significant for small and mediumsize banks but not for large ones. This would be consistent with the notion that the establishment of a strong credit culture is an important element in small and mediumsize bank profitability. Overlapping generations of loan officers (each generation training the next in the art of making loans in the local munity) and relationship development are important elements in developing such a culture. Successful implementation of these strategies would require that the bank be in existence for a considerable period of time. This is the “learning by doing” discussed by Berger and Mester (1997) and mentioned above. The marketplace nonperforming loan ratio (MKTNPL) is significant with the expected negative sign for small and mediumsized banks but is actually positive for large banks. This ratio is not particularly relevant for larger banks since it only considers nonperforming loans in the county where the home office of the bank is located。 most large banks have offices and loans in more than one county. Membership in a multibank holding pany (MBHC) is negative and significant for small and mediumsize banks but not for large ones. Apparently the most successful small and mediumsized banks are independent. It also suggests that large banks that are members of holding panies are less likely to be affected by developments at the holding pany level than are the smaller and mediumsized holding pany members. The relative nonperforming loan ratio (RELNPL) is significant and negative but only for mediumsize banks. Differences in fee revenue (FEEREV) are an important source of differences in profitability at small and mediumsize banks (note the very high significance levels) but not at larger ones. The most likely explanation for this is that virtually all large banks depend on fee revenue rather than that fee revenue is unimportant for t。