商业银行资产证券化动机差异研究

A Study of Differences of Securitization Motives of Chinese Commercial Banks

基于2013年至2019年我国上市商业银行资产证券化样本数据,采用Logistic回归模型对我国商业银行资产证券化的动机进行检验和分析。研究发现:在不同的发展阶段,商业银行实施资产证券化的动机不同。随着我国市场的发展,改善盈利能力动机、流动性风险管理动机和信用风险管理动机逐步出现;不同类型商业银行资产证券化的动机存在差异且对货币政策的敏感度不同,我国国有银行、股份制银行和城市商业银行的证券化动机受经营规模、经营风格和监管等因素影响而呈现不同特征。为促进商业银行资产证券化持续、健康发展,监管应根据发展阶段的不同强化政策引导,针对不同类型的商业银行实施分类管理,并推动商业银行完善资产证券化管理机制。

Based on the sample data of asset securitization of listed commercial banks in China from 2013 to 2019,this paper tests and analyzes the motivation of asset securitization of commercial banks in China using the logistic regression model.It is found that in different stages of development,commercial banks have different motives for implementing asset securitization.With the development of market in China,the motivation to improve profitability,liquidity risk management and credit risk management are gradually emerging;the motivation of asset securitization and the sensitivity to monetary policy of various types of commercial banks differ.The securitization motives of state-owned banks,joint-stock banks and urban commercial banks show different characteristics due to the influence of factors such as business scale,business style and supervision.In order to promote the sustainable and healthy development of asset securitization of commercial banks,supervision should strengthen policy guidance in line with different stages of development,implement classified management for different types of commercial banks,and impel commercial banks to improve the management mechanism of asset securitization.