【正文】 estors were rapid in Bulgaria and Croatia. Romania is the only one of the six transition countries in this study to retain significant government ownership in its banking sector through 2003 with only one of its three largest banks privatized.轉(zhuǎn)型國家的銀行民營化效率作者：約翰 in addition, they claim that it facilitates the early waves of privatization ofgovernmentowned domestic banks. Hence, this empirical literature provides evidence that ownership matters。kely, and Wachtel (1998), no systematic empirical work was possible until sufficient time had elapsed to make the construction of a meaningful dataset possible. The basic issue to investigate is whether or not privatization improves bank performance. Although the theoretical literature indicates that private firms should outperform governmentowned firms, empirical evidence is needed to confirm this theoretical hypothesis for banks in transition countries.The empirical literature provides evidence of the influence of ownership on the performance of individual banks and on the effectiveness of the banking sector. In a crosscountry study, La Porta, LopezDeSilanes, and Shleifer (2002) find that the performance of governmentowned banks is inferior to that of private banks. Claessens, Demirg252。 大學(xué)畢業(yè)設(shè)計(jì)（論文）外文翻譯題 目： 轉(zhuǎn)型國家的銀行民營化效率 學(xué) 院： 經(jīng)濟(jì)與管理學(xué)院 專 業(yè)： 金融學(xué) 班 級(jí)： 姓 名： 指導(dǎo)教師： 201* 年 6 月**大學(xué)學(xué)士學(xué)位論文外文翻譯Privatization Matters: Bank Efficiency in Transition CountriesAuthor: Bonin, J. P., Hasan, I., amp。 Wachtel, 1. Introduction A construct Banking sectors in the transition economies of Central and Southeastern Europe were restructured dramatically the with a financial organization that, in most cases, was designed to support the central planning apparatus, new governments moved to create modern mercial banking sectors immediately. The first rudimentary step was to divest mercial and retail activities from the portfolios of national banks and to set up new jointstock banks with universal licenses that were fully stateowned initially. Bank privatization was an essential part of the financial reform agendas in these countries. Although much descriptive work exists on these financial sector reforms and bank privatizations, ., Bonin, Mizsei, Sz233。cKunt and Huizinga (2001) investigate performance differences between domestic and foreign banks in eighty countries, both developed and developing, over an eightyear period from 1988 to 1995. These authors find that foreign bank entry was followed by a reduction in both the profitability and the overhead expenses of domestic banks and that foreign banks in developing countries perform better than do domestic banks. For Latin American countries, Crystal, Dages, and Goldberg (2001) argue that foreign bank entry is associated with improved production of financial services and more banking petition。 in particular, government ownership of banks is less efficient than private ownership and foreign bank entry has a salutary effect on banking sectors.Much of the empirical literature on banking in transition countries addresses the impact of foreign bank entry on banking efficiency. Hasan and Marton (2003), Drakos (2003), and Fries and Taci (2003) demonstrate that the entry of more efficient foreign banks creates an environment that forces the entire banking system to bee more efficient, both directly and indirectly, in transition countries. Buch (2000) pares interest rate spreads in the three fasttrack transition countries, Hungary, Poland and the Czech Republic, from 1995 to 1999. She finds evidence confi