上市银行信贷资产证券化对其经营绩效影响研究

发布时间：2018-04-06 06:15

本文选题：上市银行　切入点：信贷资产证券化　出处：《安徽大学》2017年硕士论文

【摘要】：利率市场化改革的推进,引发商业银行融资能力下降、流动性不足等问题,信贷资产证券化的出现则有利于商业银行改善流动性、降低融资成本、拓宽融资渠道、增加中间收入,而且对存款需求的降低,有利于释放监管资本、改善资产负债结构、提高资本充足率。再加上商业银行巨大的信贷资源沉淀存量,开启信贷资产证券化业务可以盘活存量资产,解决信贷供需之间的矛盾,支持实体经济的发展。因此,为了有效推进信贷资产证券化业务在我国的发展进程,本文从理论和实证两个方面,综合论述信贷资产证券化对上市银行经营绩效产生的影响。首先,基于信贷资产证券化重启及利率市场化大背景下,研究信贷资产证券化对商业银行及整体经济的重要意义,接着按照安全性、流动性和盈利性三种效应对国内外文献综述进行梳理。其次,介绍信贷资产证券化在我国的发展情况,在界定信贷资产证券化内涵的基础上,从发展阶段、政策进程以及发展现状这三方面概述我国信贷资产证券化业务的发展特点。最后,从规范分析和实证检验两个角度阐述信贷资产证券化对银行经营绩效改善的作用。理论上认为信贷资产证券化会正向提高银行的经营绩效,具体来说,在安全性方面,会提高资本充足率、分散转移信用风险,同时强制信息披露义务会使得开展证券化业务的银行不断完善经营管理,提高抵御风险能力;在流动性方面,通过提前释放存量资本,维护日常居民支取需要,提高资金使用效率,同时也增强了银行融通资金的能力;在盈利性方面,一方面,银行作为服务和发起机构,会取得中间服务费用和息差收益,另一方面,资金的快速回流,增加了银行可用资本,拓宽投资范围,盈利能力提高。实证部分选取2006年第一季度到2015年第四季度16家上市银行的面板数据进行研究,根据实证结果得出以下结论:信贷资产证券化对总体样本上市银行经营绩效具有显著的正向影响;信贷资产证券化对全国股份制银行和城市商业银行的经营绩效具有显著的促进作用,而对国有控股的经营绩效影响不明显;对于盈利性效应,信贷资产证券化对总体样本上市银行具有显著正向促进作用,区分不同性质银行时,仅对全国股份制银行产生显著正向影响;对于安全性效应,信贷资产证券化业务对总体样本上市银行影响不显著,但是对全国股份制银行和城市商业银行具有积极作用;对于流动性效应,结果与对盈利性影响相同,即对总体样本上市银行和全国股份制银行具有显著正向促进作用。
[Abstract]:The promotion of market-oriented interest rate reform has led to the decline of commercial banks' financing capacity and the lack of liquidity. The emergence of credit asset securitization will help commercial banks improve liquidity, reduce financing costs, and broaden financing channels.Increasing intermediate income and reducing the demand for deposits will help to release regulatory capital, improve the structure of assets and liabilities, and increase the capital adequacy ratio.In addition, with the huge stock of credit resources of commercial banks, opening the business of credit asset securitization can activate the stock assets, solve the contradiction between supply and demand of credit, and support the development of real economy.Therefore, in order to effectively promote the development of credit asset securitization in China, this paper comprehensively discusses the impact of credit asset securitization on the operating performance of listed banks from both theoretical and empirical aspects.First of all, under the background of credit asset securitization restart and interest rate marketization, the importance of credit asset securitization to commercial banks and the whole economy is studied, and then according to the security,Liquidity and profitability of the three effects of literature review at home and abroad to sort out.Secondly, this paper introduces the development of credit asset securitization in China, and on the basis of defining the connotation of credit asset securitization, summarizes the development characteristics of credit asset securitization business in China from three aspects: the development stage, the policy process and the development status quo.Finally, the paper expounds the effect of credit asset securitization on the improvement of bank operating performance from two angles of normative analysis and empirical test.Theoretically, it is believed that credit asset securitization will positively improve the operating performance of banks. Specifically, in terms of security, it will improve the capital adequacy ratio and disperse the transfer of credit risks.At the same time, the obligation of compulsory information disclosure will make the banks carrying out securitization business to improve their management and increase their ability to resist risks. In terms of liquidity, they can maintain the daily residents' needs by releasing the stock capital in advance.Improving the efficiency of the use of funds, as well as enhancing the ability of banks to finance funds; in terms of profitability, banks, on the one hand, as services and initiators, earn intermediate service fees and interest margins, and, on the other, the rapid return of funds.Increased bank available capital, broaden the scope of investment, profitability improved.The empirical part selects the panel data of 16 listed banks from the first quarter of 2006 to the fourth quarter of 2015.According to the empirical results, the following conclusions are drawn: credit asset securitization has a significant positive impact on the operating performance of the overall sample of listed banks;The credit asset securitization has the remarkable promotion function to the national joint-stock bank and the city commercial bank's management performance, but has no obvious influence to the state-owned holding's management performance;Credit asset securitization has a significant positive effect on the overall sample of listed banks. When differentiating banks of different nature, credit asset securitization only has a significant positive impact on national joint-stock banks.The effect of credit asset securitization on the total sample listed banks is not significant, but it has a positive effect on national joint-stock banks and urban commercial banks, and the effect on liquidity is the same as on profitability.That is, the overall sample of listed banks and national shareholding banks have a significant positive promotion role.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.4;F832.51;F830.42

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