摘要
特许权价值是银行持续经营能力的反映,与银行冒险动机密切相关,是银行风险行为的重要影响因素。国际文献表明,特许权价值高的银行为避免破产后被吊销执照,会采取审慎的经营战略;反之,特许权价值较低的银行则具有较高的冒险动机。针对中国的实际情况,我们建立了面板数据模型研究上市银行特许权价值与风险行为之间的关系。结果发现:两者之间存在负相关关系。并且盈利能力造成了风险行为的个体差异;但银行经营杠杆对其过度风险行为却没有显著影响,这是当前《商业银行法》严格限制银行业投资行为的结果。
Charter value is an indicator of banks＇ consistent performance and an important factor inducing their risk - taking behaviors. It has been verified to be connected closely with banks＇ risk-taking incentives according to literatures. Usually, banks with higher charter value will take prudential strategy in order to protect themselves from revoking of their license in case of bankruptcy, and vice versa. Using data of listed banks in China, the paper develops a panel-data model to investigate the relationship of charter value and bank risk-taking behaviors. The result discloses that there is a negative correlation between charter value and bank risk-taking behaviors, and risk investment of different banks diverges individually due to their financial performance. However, the authors have not yet found out strong evidence to confirm the positive relation between risk-taking behaviors and operating leverage, which is the result of current stringent investment restricts on banking.
出处
《金融研究》
CSSCI
北大核心
2006年第12期82-91,共10页
Journal of Financial Research
关键词
特许权价值
上市银行
风险行为
charter value
listed bank
risk-taking behavior
panel-data
the Law of the People＇s Republic of China on Commercial Banks
作者简介
韩立岩，男，北京航空航天大学经济管理学院金融系主任，教授，博士生导师；
李燕平，女，北京航空航天大学经济管理学院博士生。
