中美两国商业银行特许权价值及影响因素的比较研究  

Comparative Study on Commercial Bank's Franchise Value and Its Cause in China and the United States

作　　者：马晓军[1] 欧阳姝[1] 

机构地区：[1]南开大学经济学院金融学系,天津300071

出　　处：《金融研究》2007年第04A期53-71,共19页Journal of Financial Research

摘　　要：本文采用托宾Q的方法度量了1998-2005年中国7家商业银行和美国96家商业银行的特许权价值,并就市场相关因素和银行相关因素对特许权价值的影响进行分析。本文发现市场集中度对特许权价值具有良好的解释作用,同时发现,随着未来银行集中度的下降,我国商业银行若要提高特许权价值,只有依靠提高银行的经营能力。本文还发现坏账率、坏账准备金率、资本充足率和贷款资产率这些指标在影响两国银行特许权价值时,作用方式有一定差异。Using Tobin＇ s Q measurement, this paper has computed the franchise value of 7 commercial banks in China and 98 banks in the United States using data from 1998 to 2005. It analyses the market-related factors and bank-related factors to the franchise value. It finds that market concentration can be a good factor to explain franchise value. The paper also finds that in the future Chinese banks can increase the franchise value only by improving their operating abilities because the market-related factors will reduce their franchise value. The paper also shows that there exist some differences when NPL rate, NPL reserve, capital adequacy ratio and loan asset rate affecting the franchise value.

关 键 词：商业银行 特许权价值 托宾Q 市场集中度 

分 类 号：F832.33[经济管理—金融学]