商业银行参与信贷资产证券化的动因研究

Research on the Motivation of Commercial Banks’Participation in Credit Asset Securitization

基于非平衡面板模型,选取2014—2018年中国44家商业银行的数据,共计220个样本,分类讨论了影响商业银行参与信贷资产证券化的主要因素。研究发现:国有商业银行和股份制银行出于流动管理动因来进行信贷资产证券化,并且股份制银行的监管资本套利动因非常明显,城市商业银行进行信贷资产证券化是改善经营能力的动因。不同银行参与信贷资产证券化的动因区别较大,为此,建议有关部门可在这方面出台更有针对性的政策和完善相关监管机制,投资者可从这方面着手抓住更有针对性的投资机会。

Based on the unbalanced panel model,a selection has been made of the data of 44 commercial banks in China from 2014 to 2018,along with a total of 220 samples,followed by a discussion of the main factors affecting the participation of commercial banks in credit asset securitization.The results show that the state-owned commercial banks and joint-stock banks carry out credit asset securitization for the purpose of liquidity management,with a very obvious regulatory capital arbitrage motivation on the part of joint-stock banks.It can be seen that the motivations for different banks to participate in the securitization of credit assets are quite different.Therefore,it is suggested that the relevant departments should introduce more targeted policies,thus improving the relevant regulatory mechanism,meanwhile investors can seize more targeted investment opportunities from this aspect.