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  3. That firms which strive hard to sustain profits may act incautiously is a concern in many industries. The severity of today’s fi

That firms which strive hard to sustain profits may act incautiously is a concern in many industries. The severity of today’s fi

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问题     That firms which strive hard to sustain profits may act incautiously is a concern in many industries. The severity of today’s financial crisis is blamed by some on the pressure of competition on banks. There is a bulky academic literature that links liberalisation of markets with an increase in bank failures. It argues that the lifting of restraints, such as interest-rate caps on deposits or rules that prevent banks from operating in certain markets, leads to more intense competition. That is good for borrowers, but it also hurts banks’ profit margins by reducing the "franchise value" that comes from expected earnings.
    A diminished franchise is not only bad for shareholders. By reducing the stake that banks have in their own long-term survival it may make bank failures more likely. A bank that could look forward to a stream of fat profits in a sheltered market would be careful to lend prudently to avoid a bankruptcy that would destroy the franchise. But a bank earning only lean and uncertain margins on garden-variety(普通的)loans may have little to lose by gambling on riskier ventures. If these paid off, the bank would benefit. If they did not, depositors or government would pick up the bill.
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答案 许多企业担心，那些努力维持利润的公司可能会采取鲁莽行为。有人将当今经济危机的严重性归咎于银行面临的竞争压力。大量的学术文章指出市场自由化与银行破产案的增加有关。这篇文章认为，放宽诸如存款利率上限或阻止银行从事某些市场活动的规定等限制做法导致竞争更加激烈。这对借贷者有利，但同时也损害了银行的利润率，因为它降低了来自于预期收入的“特许权价值”。 特许权的缩小不仅对股东不利，同时，它还会因减少用于银行自身长期生存的投资而使其更有可能破产。如果能期待在有保障的市场获得源源不断的丰厚利润，银行会在贷款时小心谨慎，以避免破产而毁坏特许权。不过，对于靠普通贷款仅赚取薄利和不稳定利润的银行来说，从事更冒险的投机活动也许不会有什么损失。一投机活动成功，银行将获利。如果失败，储户或政府将会为此买单。
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