商业银行金融衍生产品的使用对其价值的影响--以我国16家上市商业银行为例

The Influence of the Use of Financial Derivatives of Commercial Banks on Their Values--Take the Example of 16 Listed Commercial Banks in China

在市场经济与金融创新不断深化的背景下,金融衍生产品扮演着越来越重要的角色。本文选取我国16家上市商业银行2010~2016年间公布的财务年报数据以及其他相关资料,借助商誉价值模型,实证研究了金融衍生产品对于银行总价值的影响。研究结果显示,金融衍生产品的使用会正向增加银行的价值。此外,银行的资本状况、营业状况、经营历史等控制变量对其价值也有影响。最后,在研究的基础之上提出了参考性建议。

In the context of continuous deepening of market economy and financial innovation, financial derivatives play an increasingly important role. This paper selects the financial annual report data and other relevant data published by the 16 listed commercial banks of China from 2010 to 2016, and uses the goodwill value model to empirically study the impact of financial derivatives on the total value of banks.The research results show that the use of financial derivatives will positively increase the value of banks.In addition, the control variables such as the bank’s capital status, business status and business history also influence its value. Finally, based on the research, the reference suggestions are put forward.