金融结构变迁与银行资产证券化发展:影响机制及经验证据  

Financial Restructuring and the Development of Bank Asset Securitization: Effect Mechanisms and Empirical Evidence

作　　者：李佳[1] Li Jia(School of Economics,Shandong Normal University, Jinan,Shandong 250358 , China)

机构地区：[1]山东师范大学经济学院,山东济南250358

出　　处：《金融经济学研究》2019年第1期67-82,共16页Financial Economics Research

基　　金：国家社会科学基金项目(16CJY070)

摘　　要：以2011～2017年中国银行业为研究样本,系统分析了金融结构变迁是否促进了银行资产证券化,研究发现,金融结构中直接融资比例的提升显著促进了银行资产证券化发展,金融市场化趋势主要通过不良贷款与盈利状况恶化等方面促使银行发展资产证券化,这两项因素也是银行发行资产支持证券的真实目的;随着时间不断推移,金融结构变迁对银行发展证券化的促进效应将持续存在,并呈不断增强态势。基于此,在银行资产证券化没有超出优化风险管理渠道、改善盈利性功能的前提下,可以放松资产证券化管制,推进拥有"真实出售"功能的"表外化"模式,同时加强对银行资产证券化的监管。Using the Chinese banking industry between 2011 and 2017 as a research sample,this study systematically analyzes whether financial restructuring promotes the development of asset securitization by banks.The study found that an increase in the direct financing ratio of financial structure has significantly promoted the development of bank asset securitization.The trend of financial marketization mainly facilitates the development of asset securitization by banks through non-performing loans and the deteriorating profitability.These two factors are the real objectives for banks issuing asset-backed securities.As time goes by,financial restructuring will continue to promote bank asset securitization with an increasing trend.Therefore,if bank asset securitization does not go beyond optimized risk management channels and,in addition,improves its profitability function,the industry may relax control over asset securitization,promote the "externalization" model with a "true sale" function,and strengthen the regulation of bank asset securitization.

关 键 词：金融结构 市场化 银行 资产证券化 

分 类 号：F832.1[经济管理—金融学]