中国商业银行特许权价值的变化及其影响因素研究

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浙江财经学院硕士学位论文

摘要

银行业是特许经营行业，银行的特许权价值从字面上来看就是银行所获得的

特许经营权证的价值。如果遭遇破产，银行不仅会失掉自有资本，也会失去特许

权价值，因此特许权价值的存在实际上增加了银行的破产成本。特许权价值可以

看作银行的无形资产，它的存在能够激励银行采取更加谨慎的经营策略，监管当

局也可以通过特许权价值来加强对银行的监管。

我国学者对特许权价值的研究较少，而且在有限的研究中也以理论分析和研

究特许权价值的风险约束效应居多，对特许权价值的变化及其影响因素缺乏系统

性的研究。本文以我国 22 家商业银行 1999-2009 这11 年的数据为样本，从理论和

实证两方面出发，系统性地分析了我国商业银行以及银行业特许权价值的变化和

影响因素。考虑到我国银行业的特殊性，本文在分析的过程中紧密结合这 11 年来

我国银行业的变化和发展，包括金融体制改革、政府对银行业监管的改变以及银

行业的对外开放。根据国外研究的结论，金融自由化和放松管制通常会导致银行

特许权价值的下降，然而本文通过分析发现这不符合我国银行业的情况。

本文从对银行特许权价值概念的界定入题，首先根据前人的研究成果总结了

银行特许权价值的来源和产生机制，为后文的分析做好铺垫。在度量银行的特许

权价值时，国外通常使用托宾 Q法，因为该方法能够很好地涵盖特许权价值的来

源，而且方便在银行之间进行比较。但是，本文认为这种方法在目前情况下不适

合用来度量我国银行的特许权价值，而且在国内又没有得到普遍认可的度量特许

权价值的方法，于是本文在前人研究的基础了构建了一种新的方法来度量我国商

业银行的特许权价值。本文用样本整体来衡量我国银行业的情况，又将样本分为

三类分别考察了大型商业银行、股份制商业银行和城市商业银行特许权价值的变

化。结果发现，尽管在样本区间内我国也在不断放松管制，银行市场的竞争程度

也在不断加强，但是我国银行业、大型国有银行和股份制商业银行的特许权价值

都是不断上升的，只有城市商业银行特许权价值的变化趋势不明显。

接下来，本文根据特许权价值两方面的来源，也将特许权价值的影响因素分

为两类，首先在理论上定性分析了影响银行特许权价值的因素，然后实证研究了

那些因素与特许权价值之间的关系。结果发现：银行市场竞争的加剧并没有导致

我国银行业特许权价值的下滑，反而在一定程度上促进了我国银行业特许权价值

的提升；国有商业银行改革的成功、中间业务的发展以及外资银行的进入都有利

于我国银行业特许权价值的提高。本文随后解释这种现象，这里分三点简要说明。

第一，虽然更高的垄断通常意味着获得更高超额利润的机会，但是这种获利机会

浙江财经学院硕士学位论文

未必能够在实际操作中转化为特许权价值。我国目前的银行业格局是从“大一统”

演变过来的，而且国有商业银行长期承担着政府职能，高度的垄断不仅没有给他

们带来很高的利润，反而造成了他们的经营效率低下、管理理念落后、服务较差、

道德风险严重，从而特许权价值较低。在这种背景下，改革的成功以及竞争的加

强反而有助于银行改善经营和管理、提高服务质量、增强风险意识，从而有利于

特许权价值的提高。第二，传统的存贷款业务难以在同业之间形成比较优势，而

且我国的市场利率并没有真正形成，因此中间业务的发展有利于特许权价值的提

高。第三，外资银行的进入带来了先进的技术和优良的管理，促进了我国金融市

场的完善，有利于银行特许权价值的提高。

最后，本文根据全文的研究结论提出了一些政策建议，包括鼓励正当竞争、

继续深化金融体制改革、鼓励银行业开放、采取有效措施提高银行业的竞争力等。

关键字：特许权价值；市场相关因素；银行相关因素；金融体制改革

浙江财经学院硕士学位论文

III

ABSTRACT

Banking is the franchise industry; franchise value of banks is the value of banks’

franchise warrants in literally. If encounter bankruptcy, banks will not only lose its own

capital, but also these franchise value, so the existence of franchise value actually

increase the cost of bank insolvency. Bank franchise value can be regarded as an

intangible asset, its existence can inspire banks to take a more cautious business strategy,

and also regulatory authorities can strengthen supervision of banks by franchise value.

Franchise value has been little studied in our country, and the limited study is

primarily related to study in theory and the relationship between bank exposures and

franchise value. Also, there wasn’t systematic study for the change of franchise value

and its impact factors. In this paper, we chose 22 commercial banks’ data in 11 years as

the sample, systematically analyzed the change of franchise value of China’s banks and

its impact factors from both theoretical analysis and empirical study. Taking into

account the special nature of China’s banking industry, we closely combined the change

and development of China’s banking industry, including the financial system, changes

in government regulation of the banking sector and the opening of bank, to analyze

them. According to overseas research findings, financial liberalization and deregulation

often leads to a decline in banks’ franchise value, however, this paper found that it dose

not meet the case of China’s banking industry.

This article firstly defined the concept of franchise value, and summarized its

source and mechanism according to previous research, therefore paved the way for later

analysis. In the measure of the banks’ franchise value, Tobin’s Q is commonly used in

abroad, because the method can well cover the source of franchise value. However, the

paper argues that this approach is not suitable in the present case to measure China’s

banks’ franchise value. In addition, there is no generally accepted method in our country

to measure franchise value. So, we construct a new method in the base of previous

research to measure China’s banks’ franchise value. In the results, we found that

although the control has been loosing as well as the competition has been strengthening,

the franchise value of China’s banking industry and large state-owned banks and

joint-stock commercial banks are rising, and only city commercial banks’ franchise

value dose not appear to an obvious trend.

浙江财经学院硕士学位论文

Next, according to the two sources of franchise, we also divided the impact factors

into two categories. Firstly, we qualitative analyzed the impact factors of bank’s

franchise value, and then we empirical studied the relationship between these factors

and franchise value. As the result, we found that the strengthening of competition not

only didn’t lead to the decline of banks’ franchise value, but also promoted the

increasing of it. Besides, the success of state-owned commercial bank reform, the

development of intermediary business and the entry of foreign banks in China are

conducive to the improvement of franchise value.

Finally, we proposed a number of policy recommendations according to the full

text of this article, including encouraging fair competition, deepening financial reform,

taking effective measures to improve the competitiveness of the banking sector, and so

on.

Keywords: franchise value; market-related factor; bank-related factor; reform of

financial system

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摘要：

浙江财经学院硕士学位论文I摘要银行业是特许经营行业，银行的特许权价值从字面上来看就是银行所获得的特许经营权证的价值。如果遭遇破产，银行不仅会失掉自有资本，也会失去特许权价值，因此特许权价值的存在实际上增加了银行的破产成本。特许权价值可以看作银行的无形资产，它的存在能够激励银行采取更加谨慎的经营策略，监管当局也可以通过特许权价值来加强对银行的监管。我国学者对特许权价值的研究较少，而且在有限的研究中也以理论分析和研究特许权价值的风险约束效应居多，对特许权价值的变化及其影响因素缺乏系统性的研究。本文以我国22家商业银行1999-2009这11年的数据为样本，从理论和实证两方面出发，系统性地分析了我国...

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