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首页> 外文期刊>The journal of risk finance >The Chris Gentle column: The struggle for growth
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The Chris Gentle column: The struggle for growth

机译：克里斯·温柔的专栏：为成长的斗争

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Growth is back on the agenda for the financial services industry. But this time around, it is tempered by a continuing focus on cost containment. The growth frenzy of the 1990s - and subsequent rollback - has led most financial institutions to adopt a more cautious and measured approach to growing their business. What is striking is that the pressures faced in the retail and capital-market areas of financial services are so similar: the majority of firms are claiming that they will grow quicker than the market. Investors are becoming increasingly hard to convince that all financial institutions can deliver on this promise. The combination of the maturing of financial markets and slow-growing economies raises the issue of the sustainability of the business models of some financial institutions. Yet the pressure to grow is as great as ever. Share-price appreciation is driven largely by future expectations, with past and present performance merely an indicator of what is to come. In fact, more than 70 percent of a company's total shareholder value is generally attributable to revenue growth. Analysis underscores the point, showing an unmistakable relationship between share price and revenue growth. Over the past four years, the five financial services companies with the fastest-growing revenues saw their stock prices shoot up an average of 91 percent. That is four-and-one-half times better than the industry average (19 percent), and twice that of the industry's largest revenue takers (46 percent; see Figure 1).
机译：增长重新登上了金融服务行业的议程。但是这次，它一直关注成本控制。 1990年代的增长狂热 - 以及随后的回滚 - 导致大多数金融机构采取了一种更加谨慎和衡量的方法来发展其业务。令人惊讶的是，金融服务的零售和资本市场领域所面临的压力是如此相似：大多数公司声称它们将比市场增长更快。投资者越来越难以说服所有金融机构都能实现这一诺言。金融市场成熟和缓慢发展的经济体的结合提出了一些金融机构的商业模式的可持续性问题。然而，成长的压力一如既往。股票价格的赞赏主要是由未来的期望驱动的，过去和现在的表现仅是对即将发生的事情的指标。实际上，公司总股东价值的70％以上通常归因于收入增长。分析强调了这一点，显示了股价和收入增长之间的无误关系。在过去的四年中，增长最快的五家金融服务公司的股价平均股价上涨了91％。这是行业平均水平（19％）的四倍半，是该行业最大收入的两倍（46％;见图1）。

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