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来源于超额利润和商誉等无形价值的特许权价值会对银行风险产生抑制作用。基于特许权价值的自律效应,我们对现有研究进行了拓展,运用2006-2009年35家商业银行的年度数据系统性地分析了特许权价值在政府隐性保险下对上市和非上市银行的自律效应。研究发现,即使在政府隐性保险下,特许权价值的自律效应依然显著,并且上市和非上市银行的特许权价值自律效应依然显著,但是借助投融资优势和治理优势,上市银行的特许权价值自律效应受到的抑制作用更大,隐性保险激励其承担更多的风险。
The value of franchises derived from intangibles such as excess profits and goodwill can have a deleterious effect on bank risk. Based on the self-regulatory effect of the value of the concession, we expand the existing research and systematically analyze the concession value under the government implicit insurance using the annual data of 35 commercial banks in 2006-2009 for listed and unlisted banks Self-discipline effect. The study found that, even under the government’s implicit insurance, the self-regulatory effect of the concession value is still significant, and the self-regulatory effect of the concession value of listed and unlisted banks is still significant. However, with the advantages of investment and financing and governance, the value of the concession of listed banks The inhibitory effect of self-regulation is greater, and implicit insurance motivates it to take on more risk.