银行特许权价值的内生风险约束效应——基于中国上市银行的实证研究  

Endogenous Risk Disciplining Effect of Bank Charter Value: Evidence from the Listed Banks in China

作　　者：彭寿康[1] 戴亭园[1] 

机构地区：[1]浙江工商大学金融学院,浙江杭州310018

出　　处：《金融理论与实践》2011年第2期3-8,共6页Financial Theory and Practice

摘　　要：本文采用托宾Q值来衡量上市银行的特许权价值,基于分阶段动态回归模型,对银行特许权价值的影响因素及其风险约束效应进行研究。实证结果显示,外生性和内生性的银行特许权价值都有显著的风险约束效应;回归结果可以通过稳健性检验。Using Tobin＇s Q measurement,this paper was based on multi-steps dynamic regression model to analyze the determinants and risk-disciplined effect of the charter value.The result indicates that the exogenous and endogenous charter value had a disciplining effect on risk-taking.And the results can be confirmed by the robustness checks.

关 键 词：特许权价值 风险约束 托宾Q值 内生性 

分 类 号：F830.2[经济管理—金融学]