英语翻译7.ConclusionsQuestions regarding the evolving U.S.financ

英语翻译
7.Conclusions
Questions regarding the evolving U.S.financial environment are likely to become increasingly important as bank deregulation moves to new plateaus.Still,evidence about how factors such as bank consolidation affect the provision of traditional banking services is difficult to produce.Bank consolidation is inherently a complex phenomenon that affects bank customers in the particular markets for the banking services that they seek.Given the evolution of bank product markets,small business lending is likely to be one of the few products that will remain relatively local in nature.The characterization of local consolidation activity we present in this paper yields interesting evidence about consolidation-related loan growth patterns at the local market level.In the 1994±1997 study period,we find that big organization consolidations had
adverse effects on small business loan growth,while community bank presence and community bank merger activity were positively related to local small business credit availability.These results are broadly consistent with bank-level evidence regarding the effect of scale and credit culture on small business lending.The presence of community banks also appears to have mattered for local credit availability in this period,as did the competitiveness of the markets where acquisitions were taking place.We find less in the way of negative consolidation effects in markets where the ex ante community bank market share was high or where market concentration was low.These findings suggest
that competition in general or through a strong community bank presence can play a significant role in determining the effects of bank consolidation on the local market.
The general dynamics associated with consolidation activity in small business credit markets appear to have been quite different in the 1997±2000 study period.The relationships we do find indicate that consolidation activity involving big organizations was associated with higher local small business loan growth.
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结论
问题就演变美国的金融环境可能会变得日益银行放松迁新高原重要.不过,如何如银行合并的因素影响到传统的银行提供服务的证据是难以产生.
银行合并本质上是一种复杂的现象,影响了银行服务,他们寻求的特定市场的银行客户.由于银行产品市场的发展,小企业贷款很可能是为数不多的产品之一,将保持相对地区性的.当地巩固活动特征,我们现在
本文得出了有趣的证据,对整合相关的贷款增长模式在本地市场的水平.在1994 ± 1997年的研究期间,我们发现,大机构合并了
不利影响对小企业的贷款增长,而社区银行的存在和社区银行并购活动呈正相关的当地小企业信贷.这些结果大致符合银行的证明有关小企业贷款的规模效应和信用文化.
在社区银行的存在也似乎在此期间当地信贷要紧,就像在那里正在发生的收购市场的竞争力.我们发现在市场的负面影响的方式巩固少事前地方社区银行的市场占有率高,或在市场集中度较低.这些发现提示
在一般或通过一个强大的社区银行存在竞争,可起到决定在本地市场的银行合并影响重大的作用.
巩固与小企业信贷市场的活动有关的通用动力公司似乎是相当2000年的1997 ±研究期间不同.我们的关系确实发现表明,大的合并活动组织的,涉及高当地小企业贷款增长相关.