al research has shown that there exists negative relationship between bank charter value and bank risk-taking behaviors. Individual differences among banks have not changed the conclusion and this is in line with the theoretical literature. But after introducing the dummy variable of official implicit insurance, we find that the effect of charter value on bank risk has decreased greatly. And more, the regressions on different types of banks imply that bank charter value can not act as an effective self-discipline measure. These results make it clear that the official implicit insurance has covered the whole bank sector in China and the se lf-discipline mechanism of charter value cannot be achieved. Key Words: charter value; implicit insurance; risk-taking behavior; panel-data 9
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