资产证券化与商业银行盈利能力研究

以中国银行业为研究样本,本文考察了资产证券化对银行盈利的影响。研究发现,资产证券化的发展显著促进了银行盈利增长;资产证券化不仅可以拓宽银行盈利渠道,提高非利息收入在盈利结构中的比重,还可以促使银行强化经营管理能力、优化资产流动性结构、降低风险承担及缓解资本约束,由此提升盈利能力。异质性检验发现,相比上市银行与大型银行,非上市银行和中小银行更易从资产证券化的盈利增长效应中获益。基于时间变化趋势的检验结果显示,在发行首笔资产支持证券之后,资产证券化对银行盈利增长的促进作用逐步增强。本文提出,应基于资产证券化的功能定位完善制度体系,审慎看待资产证券化的发展,同时对具有不同风险承担能力的中小银行实施差异化的金融创新政策。

Asset Securitization and Profitability of Commercial Banks

This paper takes Chinese banking industry as a research sample to examine the impact of asset securitization on bank profitability.The study finds that the development of asset securitization has significantly promoted the growth of bank profitability,asset securitization improves profitability,because it can not only broaden the bank's profitability channels and improve the proportion of non-interest income in the profitability structure,but also promote the bank to strengthen its management ability,optimize the asset liquidity structure,and reduce risk-taking and capital constraints.The heterogeneity test shows that when compared with listed banks and large banks,non-listed banks and small and medium banks are more likely to benefit from the profit growth effect of asset securitization,and the test results based on the time trend show that after the issuance of the first assetbacked securities,the role of asset securitization in promoting the bank's profit growth is gradually enhanced.This paper argues that we should enhance the system and regulations based on the functional orientation of asset securitization,and take a cautious view of the development of asset securitization.At the same time,we should implement different financial innovation policies for small and medium-sized banks with different risk-taking capabilities.