我国上市银行特许权价值自律效应的实证研究  

The Empirical Study on Self-discipline Effect of Listed Banks' Franchise Value in China

作　　者：许国新[1] 石琴[2] 

机构地区：[1]西南财经大学中国金融研究中心,四川成都610074 [2]西南财经大学金融学院,四川成都610074

出　　处：《中国软科学》2009年第1期20-27,40,共9页China Soft Science

基　　金：西南财经大学创新人才培养基金资助

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,是银行自律的执行动力。基于5家上市银行1999-2006年的面板数据,用托宾Q度量特许权价值,并构建多元回归模型进行实证分析。我国上市银行的特许权价值存在自律效应,其价值越高,银行经营越加稳健,然而随着我国银行业竞争的加剧,特许权价值正逐渐减弱,提升银行内在效率是保持特许权价值的关键,对后过渡期的中国银行业的安全发展具有重要意义。Franchise value is the patent＇ s value of future rents that a bank is expected to earn from its access to protected markets. It has a disciplining effect on risk - taking. 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 regressions. We can find that the banks＇ franchise value has a disciplining effect in the five ones. That is to say, if a bank had high franchise value, it would have been managed in the safe way. However, following with the competi- tion in our country, 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 in the period of post - transition.

关 键 词：上市银行 特许权价值 风险承担 自律效应 

分 类 号：F832.3[经济管理—金融学]