英语论文网

HSBC and foreign market strategies
汇丰银行和外国的市场策略

1.引言

汇丰银行因拥有资产1502000000000美元而成为世界上最大的银行及世界上排名第一的金融服务机构。它提供的服务包括个人金融服务、商业和企业银行业务、银行和市场投资，私人银行业务，以及其他服务等全面的金融服务。汇丰银行的国际网络，在欧、亚太地区、美国、中东和非洲等76个国家和地区遍布着超过9500个办事处。

1.2文献综述

是什么决定了国外的市场准入战略？为回答这个问题，大多数现有的文献都会把焦点集中在要进入市场的公司的特点上，特别是其资源和能力（Barney，1991，Anand和Delios，2002）以及减少交易成本的需求方面（Buckley和Casson，1976；Anderson和Gatignon，1986；Hill，Hwang和Kim，1990）,资源和能力同样也是很重要的（Peng，2001）.最近的研究工作表明，策略是根据企业的经营特点和环境进行特殊调节。

1. Introduction

With assets of US $1,502 billion, HSBC Holdings is one of the largest banking and financial services organisations in the world.1 It provides a comprehensive range of financial services including personal financial services, commercial and corporate banking, investment banking and markets, private banking, and other activities. HSBC's international network comprised over 9,500 offices in 76 countries and territories in Europe, the Asia-Pacific region, the America, the Middle East and Africa.

1. 2. Literature Review

What determines foreign market entry strategies? To answer this question, most existing literature has focused on the characteristics of the entering firm, in particular its resources and capabilities (Barney, 1991; Anand and Delios, 2002) and its need to minimize transaction costs (Buckley and Casson, 1976; Anderson and Gatignon, 1986; Hill, Hwang, and Kim, 1990). While resources and capabilities are certainly important (Peng, 2001), recent work has suggested that strategies are moderated by the characteristics of the particular context in which firms operate (Hoskisson et al., 2000; In particular, institutions—the ‘rules of the game'—in the host economy also significantly shape firm strategies such as foreign market entry (Peng, 2003; Wright et al., 2005). In a broad sense, macro-level institutions affect transaction costs (North, 1990). However, traditional transaction cost research (exemplified by Williamson, 1985) has focused on micro-analytical aspects such as opportunism and bounded rationality. As a result, questions of how macro-level institutions, such as country-level legal and regulatory frameworks, influence transaction costs have been relatively unexplored, remaining largely as ‘background.' However, a new movement in research posits that institutions are far more than ancillary elements, and that institutions directly influence what resources a firm has at it's disposal as it strives to develop and launch strategy. Nowhere is this point more clearly borne out than in emerging economies, where institutional frameworks differ greatly from those in developed economies (Khanna, Palepu, and Sindha, 2005; Meyer and Peng, 2005; Wright et al., 2005; Gelbuda, Meyer, and Delios, 2008). Given these institutional differences, how do foreign firms adapt entry strategies when entering emerging economies? Focusing on this key question, it can be argued that (1) institutional development (or underdevelopment) in different emerging economies directly affects entry strategies, and (2) investors' needs for local resources impact entry strategies in different ways in different institutional contexts. In essence, we advocate an integrative perspective calling not only for explicit considerations of i