本文依路徑依賴和障礙上限選擇權評價模式分析，試圖推導受管理的銀行資產價值。上限選擇權捕捉綜效銀行，而綜效銀行的特徵為貸款利率和存款利率是相關的。銀行為路徑依賴，因為當銀行觸及合法且具約束力的障礙時，銀行會被淘汰。聯邦存款保險公司促進法案給予美國聯邦存款保險公司（FDIC）控制障礙的權力，藉由提高障礙管理讓存款保險基金有更好的保護（同時銀行的保護變少），銀行便會增加利差，其承受貸款風險的能力會下降，銀行的違約風險則會上升。像這類的障礙管理行為稱作“債券移轉投資”有顯著的破產預測現象。 Thesis proposes a framework for equity valuation of a regulated bank based on a path-dependent, barrier cap option model. A synergy banking proposal captured by a cap option, a gluing together of deposit-taking and lending, is a characteristic of bank interest margin management between the loan rate and the deposit rate. Path dependency is a characteristic of bank assets because equity can be knocked out whenever a legally binding barrier is breached. The Federal Deposit Insurance Corporation (FDIC) as a regulator and insurer controls the barrier by the power vested in it by the FDIC Improvement Act. Raising the regulatory barrier level, implying better protection of the insurance fund (and thus less protection of the bank), decreases loan risk-taking at an increased margin, but increases the default risk in the bank’s equity returns. Regulatory barrier as such can account for phenomenon of “flight to quality” with significant bankruptcy predication.