直接融资对我国银行业特许权价值的影响——基于Panzar-Rosse模型的实证研究  

The Effect of Direct Financing on the Bank Franchise Value——An Empirical Study of Panzar-Rosse Model

作　　者：董楠[1] 伏霖[2] 徐思[2] 

机构地区：[1]武汉大学社会保障研究中心 [2]中央财经大学经济学院

出　　处：《国际金融研究》2017年第6期65-74,共10页Studies of International Finance

摘　　要：在中国经济新常态和供给侧结构性改革的大背景下,研究直接融资对银行特许权价值的影响,对于正确引导银行业的发展,继续维持银行业市场竞争力具有十分重要的意义。本文借鉴测度银行业特许权价值的PR模型,实证研究了2005-2014年我国的银行业特许权价值的变化趋势,发现这期间银行特许权价值呈倒U型变动趋势。在进一步控制了市场集中度等变量的情况下,实证发现直接融资市场的发展对银行业特许权价值存在显著地积极影响,即近年来直接融资的市场发展,不仅没有带来银行特许权价值的下降,而是通过扩大银行的业务范围,增强资金利用效率,提高了银行业的利润和经营稳健性,提升了银行特许权价值。Against the background of China＇s new normality and the Supply-side structural reform, it is important to study the relationship between the development of direct financing and the franchise value of the banking industry. In this paper, we calculate the H-statistics of the PR model to measure the franchise value of the banking industry in China, and we find that the franchise value of China＇s banking industry presents a U-shaped trend during 2005-2014. Furthermore, with the control of the market concentration and other variables, we argue that the development of direct financing in recent years has a significant and positive effect on the franchise value of the banking industry, which explores the business scope of banks and increasing the efficiency of capital utilization.

关 键 词：直接融资 银行业特许权价值 PANZAR-ROSSE模型 H统计量 

分 类 号：G21[文化科学—新闻学] D43[政治法律—政治学]