The paper also shows that there exist some differences when NPL rate, NPL reserve, capital adequacy ratio and loan asset rate affecting the franchise value.

本文还发现坏账率、坏账准备金率、资本充足率和贷款资产率这些指标在影响两国银行特许权价值时，作用方式有一定差异。

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The NPL formation rate was slower than people thought.

不良贷款生成率比人们预想的要慢一些。

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"OCBC can absorb an NPL rate of 19.6% without impairing its book value, " says Salomon banking analyst John Doyle, who also favors UOB, which boasts the lowest NPL rate - 5.1% - among the Big Four.

CNN: CHOICE CUTS IN SINGAPORE