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1、ALTERNATIVEMODELSOFBANKPERFORMANCEChapter4BankManagement,5thedition. TimothyW.KochandS.ScottMacDonaldCopyright©2003bySouth-Western,adivisionofThomsonLearningTraditionalbankperformanceanalysiscarriesthreebasicflawsItignoresthewidediversityinstrategiespursue
2、dbydifferentinstitutionsAbank’stotalassetsnolongerserveasameaningfulyardstickwhenbanksengageinoff-balancesheetactivitiesTheanalysisprovidesnodirect informationconcerninghowor whichofthebank’sactivities contributetothecreationof shareholdervalueWidediversit
3、yinstrategiespursuedbydifferentinstitutionsWhenUBPRswereintroduced,mostbanksdidsimilarthings,whichwerereflectedintheirbalancesheetTheyaccepteddepositsandmadeloans,andmanyinterestrateswereregulatedTheprimarydifferentiationofperformancewasbalancesheetcomposi
4、tionToday,banksmaypursuesharplydifferentstrategiesBank’stotalassetsnolongerserveasameaningfulyardstickwhenbanksengageinoff-balancesheetactivitiesConsiderthesituationwheretwobanksreportthesameassetsize,butonealsohasanextensivemortgage-servicingoperationthat
5、generatesservicingincomeIfthebankwithmortgage-servicingmakesaprofitonthisactivity,itwillreportahigherROA,ceterisparibus,duetothehighernoninterestincomeformortgage-servicingfeesTheanalysisprovidesnodirectinformationconcerninghoworwhichofthebank’sactivitiesc
6、ontributetothecreationofshareholdervalueItsimilarlyignoresotherperformancebenchmarksthatcustomer-focusedmanagersmustconsidertoidentifythebeststrategiesgoingforwardAlthoughROAmightbeabiasedindicatorofperformance,returnonequity(ROE)doesn’tsufferfromthesamewe
7、aknesses.Whenconsideringtheentirebank,stockholders’equitymustsupportallactivities,whetheron-oroff-balancesheet.Thus,acomparisonofnetincometoequitycapturesthereturnstoowners’contributions.Theappropriatepeergroup…aslongasbankshaveasimilarstrategicfocusandoff
8、ersimilarproductsandservices,assetsizeandUBPRratioscanprovidemeaningfulcomparisons.Toidentifytheappropriatepeerinstitutions,managementshouldconsiderthefollowing:Whatisthebank’sstrategicfocus?Whatarethetraditi
