Financial transmission right（FTR） provides a financial tool for market participants to hedge against price risks due to transmission congestions. However， at the same time it may also introduce vertical market power. Firstly， the concept of FTR is introduced. Then， based on game theory， the impact of FTR on intrinsic market power is evaluated analytically with Cournot， Stackelberg and Forchheimer models. Finally， the relationship between the influences and the elasticity of demand， cost function coefficients are discussed. The results show that FTR will increase the market power of generators in all three models. Specifically， FTR has the greatest market power in the Cournot model and the least in the Forchheimer model.