资产证券化对银行动机扭曲影响的实证分析

Empirical Analysis of Effect of Asset Securitization on Bank Motivation Distortion

文章从商业银行风险承受水平的视角，构建面板数据模型，利用中国商业银行证券化数据，研究资产证券化对商业银行动机扭曲的影响。结果表明，无论在通常情况下，还是在非常时期，资产证券化都会增强商业银行经营资产的流动性，进而提高银行的风险承受水平。为防范商业银行进行证券化后的风险上升，有效的流动性监管是必要的。

From the perspective of commercial banks＇ risk tolerance, this paper builds a panel data model, and then uses the securitization data of Chinese commercial banks to study the influence of asset securitization on the distorted motivation of com- mercial banks. The results show that whether in normal circumstances or in extraordinary times, asset securitization will improve the liquidity of commercial banks＇ operating assets and enhance banks＇ risk tolerance. To guard against the risk rise of commer- cial banks after their securitization, effective liquidity supervision is necessary.