对我国商业银行特许权价值形成要素的实证分析  

Case Analysis of the Factors that Form Charted Right of Commercial Bank

作　　者：许国新[1] 石琴[2] 

机构地区：[1]湖南大学金融学院,湖南长沙410079 [2]西南财经大学金融学院,四川成都610074

出　　处：《海南金融》2007年第3期21-25,共5页Hainan Finance

摘　　要：特许权价值是银行具有的从受保护市场获取未来租金的牌照价值,由市场相关因素和银行相关因素决定。本文在5家上市银行1999-2006年的面板数据基础上,利用托宾Q的方法度量特许权价值,并构建多元线性回归模型,得知随着市场优势因素的弱化,特许权价值整体呈现下降的趋势,而银行内在效率是其稳定的关键,对于银行业的稳健经营具有重要意义。Franchise value is the patent＇s value of future rents that a bank is expected to earn from its access to protected markets,it arises from two main sources： market-related and bank-related. With a panel data of five listed banks between 1999 and 2006 as the sample, we can measure the franchise value using the method of Tobin＇s Q and constitution the model of multiple linear regression. Following with the market-related sources weakening, the franchise value is declining. Then, the efficiency of bank becomes the key factor of franchise value, which is in favor of the bank＇s soundness.

关 键 词：上市银行 特许权价值 托宾Q 面板数据 实证分析 

分 类 号：F830.33[经济管理—金融学]