我国商业银行信贷资产证券化的微观影响因素研究

Study on the Micro Influencing Factors of Credit Asset Securitization of Commercial Banks in China

商业银行信贷资产证券化作为一种创新型的融资方式,将流动性较弱的信贷资产转化为可在资本市场交易的高流动性证券化产品,提高商业银行流动性和处置效率。当前,由于受到商业银行谨慎性以及宏观因素的影响,信贷资产证券化发展存在一定阻力。基于Tobit模型,引入资产规模和金融深化度等系列变量,深入分析影响商业银行信贷资产证券化的微观因素。结果显示:具有较高不良贷款率和非利息收入、资产规模以及金融深化度较高的商业银行更倾向于开展信贷资产证券化业务;中小型商业银行出于安全性、流动性和经营效益等问题的考虑,对信贷资产证券化业务发展拥有更强的内生需求。有助于加强对信贷资产证券化的了解,增强商业银行利用证券化产品缓解流动性的信心。

As an innovative financing method,securitization of credit assets of commercial banks transforms less liquid credit assets into highly liquid securitized products that can be traded in the capital market and improves the liquidity and disposal efficiency of commercial banks.Currently,there is some resistance to the development of credit asset securitization due to the influence of commercial banks'prudence and macro factors.Based on the Tobit model,this paper introduces a series of variables,such as asset size and financial deepening,to deeply analyze the micro factors affecting the securitization of credit assets in commercial banks.The results show that commercial banks with higher non-performing loan ratios and non-interest incomes,asset sizes,and higher degrees of financial deepening are more inclined to carry out credit asset securitization;small and medium-sized commercial banks have stronger endogenous demand for credit asset securitization development due to considerations of safety,liquidity,and operational efficiency.The research in this paper helps to strengthen the understanding of credit asset securitization and enhance the confidence of commercial banks in using securitization products to alleviate liquidity.