存款保险制度与银行资产证券化  

Deposit Insurance System and Bank Asset Securitization

作　　者：王晓[1] 李佳[2] Wang Xiao;Li Jia

机构地区：[1]山东财经大学经济学院,山东济南250014 [2]山东师范大学经济学院,山东济南250358

出　　处：《证券市场导报》2023年第1期21-34,共14页Securities Market Herald

摘　　要：存款保险制度的实施可能会提升银行风险承担,并导致资产流动性结构恶化,而这些因素构成了银行发展资产证券化的潜在动因。本文以2012年信贷资产证券化重启后的银行数据为样本,研究存款保险制度对银行资产证券化发展的影响。研究发现:存款保险制度的实施显著促进了银行资产证券化发展。机制检验表明,主动风险承担的提升、资产流动性结构的恶化及资本充足水平的降低,是存款保险制度促进银行资产证券化发展的重要作用渠道。进一步检验异质性特征,发现存款保险制度的实施主要促进了银行抵押贷款证券化的发展,并对全国性和城市商业银行的资产证券化发展具有显著促进作用。本文不仅基于银行微观行为深化了对存款保险制度影响效应的认知,而且拓展了银行资产证券化的研究视域,对进一步优化存款保险制度和资产证券化发展路径提供了新的思路。The implementation of the deposit insurance system may enhance bank risk-taking and lead to the deterioration of the asset liquidity structure. These factors are the potential motivation for banks to develop asset securitization. This paper takes the bank data after the restart of credit asset securitization in 2012 as a sample to study the impact of the deposit insurance system on the development of bank asset securitization. The research finds that the implementation of the deposit insurance system has significantly promoted the development of bank asset securitization. The mechanism test shows that the improvement of active risk-taking, the deterioration of asset liquidity structure, and the reduction of capital adequacy are important channels for the deposit insurance system to promote the development of bank asset securitization. Further testing on heterogeneity characteristics shows that the implementation of the deposit insurance system has mainly promoted the development of bank mortgage securitization, and has significantly promoted the asset securitization of national and urban commercial banks. This paper not only deepens the understanding of the impact of the deposit insurance system based on the bank’s micro behavior, but also expands the research horizon of bank asset securitization, and provides new ideas for further optimizing the development path of the deposit insurance system and asset securitization.

关 键 词：存款保险制度 资产证券化 银行风险承担 资产流动性 

分 类 号：F832.5[经济管理—金融学]