同业特定目的载体投资业务对商业银行绩效的影响——基于39家上市银行年度数据的实证研究

The impact of SPV investment of the interbank business on commercial banks performance——An Empirical Study based on the annual data of 39 listed-commercial banks

针对近年来商业银行同业特定目的载体投资业务发展迅速的现实背景,本文对上市银行同业特定目的载体投资业务与经营绩效的关系进行了分析研究。本文首先简要梳理了同业特定目的载体投资业务的交易结构、发展现状等情况,并从收入来源及潜在风险的角度定性分析了该业务对商业银行绩效的影响;随后运用计量模型,分析了上市银行同业特定目的载体投资业务对银行绩效的实际影响,结果显示,同业特定目的载体投资业务提高了银行(尤其是区域性银行)的净息差水平,但降低了净资产收益率,且增加了信用风险,原因可能是银行(尤其是区域性银行)在业务开展过程中对基础资产的项目准入、后续管理等经营管理工作把控不严;对此,提出了加强基础资产管理、推进标准化资产投资转型的政策建议。

This paper uses the panel data of 39 listed-commercial banks in 2013-2017 to analyse the SPV investment of interbank business to influence the commercial banks performance.The results show that because of the reducing credit qualification of the bascic assets by the commercial banks,especially the regional commercial banks,the information opaque and the difficulty in management and the potential risk of the SPV investment,the SPV investment of interbank business increase the business risks and reduce the performance of the commercial banks.This paper also proposes two policy recommendations:tightening the credit qualification of the bascic assets,and promoting SPV investment business transformation.