信贷资产证券化对我国商业银行经营稳定性的影响

The Impact of Credit Asset Securitizationon the Operational Stability of Chinese Commercial Bank

现阶段我国资产证券化稳步发展,商业银行广泛开展了信贷资产证券化业务。本文研究信贷资产证券化对商业银行经营稳定性的影响,并使用我国22家商业银行2012-2019年数据进行实证检验。研究发现:整体而言,信贷资产证券化对我国商业银行的经营稳定性产生了负面影响。在分样本的异质性检验中发现,信贷资产证券化有利于提高国有银行经营稳定性,而非国有银行则与之相反。最后,本文从商业银行和监管当局的角度提出相应的政策建议。

In recent years,China's asset securitization has developed steadily,and commercial banks have extensively participated in the securitization market to carry out credit asset securitization business.This paper first analyzes the impact of asset securitization on the stability of bank operations from theoretical perspective,and uses the 2012-2019 data of 22 Chinese commercial banks to do further empirical research.The results show that at this stage the asset securitization generally has a negative impact on the operational stability of China's commercial banks.In the sub-sample heterogeneity test,it finds that for state-owned banks,credit asset securitization contribute to improve operational stability of commercial bank;non-state-owned banks have the opposite conclusion.In the end,this paper puts forward corresponding policy recommendations from the perspective of commercial banks and regulator.