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

发布时间：2018-05-24 21:49

  本文选题：直接融资 + 银行业特许权价值　； 参考：《国际金融研究》2017年06期

【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。
[Abstract]:Under the background of China's new normal economy and the structural reform of the supply side, the study of the impact of direct financing on the bank's franchise value is of great significance for the correct guidance of the development of the banking industry and the continued maintenance of the competitiveness of the banking market. This paper uses the PR model to measure the value of the franchise in the banking sector and empirically studies the 2005-2014 The change trend of China's banking franchise value in this year shows that the bank concession value has an inverted U trend in this period. In the case of further controlling the market concentration and other variables, it is found that the development of direct financing market has a significant positive impact on the franchise value of the banking industry, that is, the market of direct financing in recent years. The exhibition, not only does not bring about the decline in the value of the bank's franchise, but by expanding the scope of the bank's business, enhancing the efficiency of the use of funds, improving the profit and management of the banking industry, and improving the value of the bank's franchise.
【作者单位】： 武汉大学社会保障研究中心;中央财经大学经济学院;
【分类号】：F224;F832.33
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本文编号：1930691