Bank valuation and size: Evidence from Japan
Bank valuation and size: Evidence from Japan
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银行估值和规模：来自日本的证据
DOI：
10.1016/j.pacfin.2020.101403
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发表时间：
2020
影响因子：
4.6
通讯作者：
Noriko Tanahashi
中科院分区：
文献类型：
--
作者：
H. Sakawa;Naoki Watanabel;Hitoshi Sasaki;Noriko Tanahashi
本文实证分析了大型商业银行的估值是否随其规模的增加而增加。我们调查日本的上市银行，因为日本的金融体系以银行为中心，有几家大型银行可以被视为“太大而不能倒闭”（TBTF）。我们的研究结果弱支持日本银行的规模和托宾的q之间的正相关关系，在美国的银行不同。这意味着，由于日本银行的安全网功能，存在一种TBTF溢价。然而，在控制了银行固定效应之后，TBTF溢价的好处消失了。因此，我们推测，日本的TBTF银行与美国的银行一样，从事风险更高的银行活动，导致其估值降低。
This study empirically analyzes whether the valuation of large commercial banks increases with their size. We investigate publicly listed banks in Japan because the Japanese financial system is known to be bank-centered and has several large-sized banks that can be treated as “too-big-to-fail” (TBTF). Our results weakly support the positive relationship between size and Tobin's q for Japanese banks, different from banks in the United States. This implies that a kind of TBTF premium exists, owing to the safety-net function of Japanese banks. However, the benefits of the TBTF premium vanish after controlling for bank fixed effects. Thus, we conjecture that Japanese TBTF banks engage in riskier bank activities, which results in lowering their valuations, as in the case of U.S. banks.