The Comparative Empirical Research Of The Finance Derivatives' Effect On The Value Of State Banks And Joint-stock Banks

As the rapid development of Finance Derivative from 1990's, the trade variety of it becomes more and more, the scale of it becomes larger and larger, it has been the highest frequency used tool for commercial banks in the financial decision-making for risk hedging. However, Finance Derivative is also a double-edged sword. As the spread of the financial crisis to the global, Lehman Brothers Holding Inc. and Merrill Lynch& Co. Inc go into bankruptcy. These events result in that the academe focus more emphases on the research of Finance Derivative.Under this background, we conclude the basic theory of Finance Derivative, and review the theory of Foreign-exchange Derivative and Interest-rate Derivative which are the two Finance Derivatives used mostly. Then we consider the effect of Finance Derivative on value as the point of entry, build the conceptual model and present 5 research hypotheses. Under this, the paper collects 4 state banks and 6 joint-stock banks'data from 2004-2008 and makes analysis with spss11.5. Our finding shows several conclusions as follow: Finance Derivative has positive effect on joint-stock bank's value, but don't have such positive effect on state bank. What's more, Interest-rate Derivative has noticeable positive effect on joint-stock bank, and it can improve and predict the value of joint-stock banks.