银行特许权价值及其影响因素跨国比较  

Bank Franchise Value and Cross-Country Study of Its Factors

作　　者：伏霖[1] 高然[2] 蒋汇[3] 

机构地区：[1]中国科学院研究生院管理学院,北京100190 [2]福建师范大学公共管理学院,福州350108 [3]清华大学机械工程学院,北京100084

出　　处：《管理评论》2011年第8期52-62,共11页Management Review

摘　　要：本文用Panzar-Rosse模型的H值度量了我国银行业2002-2008年特许权价值,发现特许权价值呈现U型变化轨迹,先降低再升高,总体来看我国银行的特许权价值巨大。进一步,本文将影响特许权价值变动的因素分解为管制性因素、银行因素和宏观因素三个方面,通过对86个国家的跨国实证分析表明,市场准入限制、经营范围限制、资本金管制、监管力度、银行成本控制能力、银行业发达程度和实际通货膨胀率与银行特许权价值正相关,外资参与度和经济发展水平与特许权价值负相关。In this paper the authors apply the H-statistic of Panzar-Rosse model to assess the franchise value in China＇s banking industry between 2002 and 2008. The results suggest that the franchise value seems to follow a U-shaped curve： decline first and then increase, and generally the franchise value in China＇s banking industry is great. Further, using cross panel data of 86 countries, we analyze the regulatory-related factors, bank-related factors and macro-related factors to the franchise value. We find that restrictions on bank entry, restrictions on bank activities, capital stringency, supervisory power, the banks cost control capabilities, the development of banking system and the actual inflation rate are positively associated with the franchise value. Thus, the foreign participation and the economic development are negatively associated with the franchise value.

关 键 词：特许权价值 Panzar—Rosse模型 结构方程模型 

分 类 号：F224[经济管理—国民经济] F832