金融深化改革如何影响银行特许权价值--基于利率市场化和存款保险制度的研究

How Does the Financial Deepening Reform Affect the Bank Charter Value--Based on Interest Rate Liberalization and Deposit Insurance System

近十年来,随着中国金融领域改革不断深化,银行特许权价值下降趋势明显。已有研究表明,美国最近两次银行倒闭潮都与特许权价值持续下降有关。作为金融深化改革重要措施的利率市场化和存款保险制度对于特许权价值有何影响?本文研究发现,第一,利率市场化减少了商业银行与市场相关的特许权价值,增加了与银行相关的特许权价值;第二,存款保险制度的实施对于特许权价值影响是正向的,有效缓解了除四大行(工、农、中、建)之外的其他银行特许权价值下降态势,但综合来看银行特许权价值仍然处于下降趋势;第三,存款保险制度对不同性质的银行产生的政策效应不同,股份制银行、城商行、农商行平均处理效应递减。进一步研究还发现,存款保险制度的政策效应随着时间的推进在不断显现出来。对此,本文提出了一些有针对性的政策建议。

In the past ten years, with the deepening reform in China’s financial industry, the bank charter value(BCV) has declined obviously. Previous studies have shown that the last two bank failures in the United States were related to the continuous decline in the BCV. What is the impact of the interest rate liberalization and deposit insurance system(DIS) on the BCV as an important measure in the deepening of financial reform?Based on the panel data of 214 commercial banks in China from 2009 to 2018, this paper explores how financial deepening reform affects the BCV from the perspective of interest rate liberalization and DIS.The results show that:(1) the interest rate liberalization reduces the market-related BCV and increases the bank-related BCV;(2) the implementation of the DIS has a positive impact on the BCV, which effectively alleviates the decline of the BCV of other banks except the big four banks(ICBC,ABC,BC and CCB),though the BCV is still in a downward trend;(3) the policy effects of deposit insurance on different banks are different, while the average treatment effects of joint-stock commercial banks, urban commercial banks and agricultural commercial banks are decreasing. Further study finds that the policy effect of DIS continues to emerge with the passage of time.This paper puts forward some targeted policy thinking. First of all, we should pay attention to the BCV and the self-discipline mechanism of banks. Secondly, we should steadily promote the interest rate liberalization. Finally, we should adhere to and improve the DIS.