| There is a close relationship between the franchise value of commercial banks and bank efficiency.In reality,franchise value will play an important role in the implementation of financial supervision policy,and become the link between financial supervision and bank risk management.It is of great theoretical and practical significance to study the correlation between concession value and commercial bank efficiency.Therefore,this paper systematically explores the impact of franchise value on commercial bank efficiency from current situation analysis,theoretical analysis,empirical test,and political enlightenment as last.Firstly,this paper analyzes the current characteristics of concession value of commercial banks based on Tobin Q method,and analyzes the current characteristics of commercial banks' operating efficiency and wind control efficiency by using the variable model of Super-SBM scale reward in DEA method.Secondly it analyzes the mechanism of direct and indirect effects of franchise value on commercial banks' efficiency from the theoretical level.Then,based on the data of 16 commercial banks from 2008 to 2017,panel data model is constructed to test the effect of franchise value on commercial banks' operating efficiency and wind control efficiency and its heterogeneity.The main conclusions of this paper are as follows:firstly,current situation analysis shows that the distribution of concession value and operating efficiency and wind control efficiency of non-state-owned holding commercial banks are similar,and they are concentrated at both ends of the highest and lowest values.However,the franchise value,operating efficiency and wind control efficiency of state-owned holding commercial banks are mainly distributed in the middle end.At the same time,the franchise value of listed commercial banks is generally declining.Management efficiency and wind control efficiency also have strong fluctuation and uneven characteristics.Secondly,theoretical analysis tells that commercial banks have a direct impact on the operation efficiency of banks in addition to the monopoly nature of franchise value.And through the franchise value self-regulation effect on the efficiency of bank wind control directly,but also through deposit and loan spreads,deposit growth rate and non-interest income on the bank efficiency of the indirect impact.Lastly,empirical test shows that the monopoly incentive effect of commercial bank franchise value on bank operation efficiency and the self-discipline effect on bank wind control efficiency exist significantly,and the difference of deposit and loan interest rate will also exist.The path of deposit growth rate and non-interest income has indirect influence on bank efficiency.Fifth,the effect of government on commercial bank's "helping hand" further weakens the effect of franchise value on bank operation efficiency and wind control efficiency.Non-state-owned commercial banks need franchise value to improve bank efficiency. |
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