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本文采用2003-2015年我国上市银行的数据和广义最小二乘法,实证研究利率市场化对银行特许权价值的影响。研究发现:整体而言,样本期我国银行特许权价值较为稳定,没有随金融管制的放松而大幅下降。利率市场化压缩了银行的净利差收益,直接降低了银行特许权价值。利率市场化等金融改革措施激发了银行的市场活力,增强了银行利用现有特许经营条件和优势创造价值的能力,间接提高了银行特许权价值。
This paper uses the data of China’s listed banks from 2003 to 2015 and generalized least squares to empirically study the impact of the marketization of interest rates on the value of bank concessions. The study finds that: Overall, the value of bank concessions in China is relatively stable during the sample period, and it has not dropped drastically with the relaxation of financial regulations. The marketization of interest rates has squeezed the bank’s net interest margin and directly reduced the value of bank concessions. Financial reform measures such as interest rate liberalization have stimulated the market vitality of banks and enhanced their ability to create value through the use of existing franchise conditions and advantages, indirectly raising the value of bank concessions.