商业研究

商业研究

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资产证券化创新对银行风险承担影响的路径与机制分析

李佳，黄雪宁   

  1. （山东师范大学 经济学院，济南 250014）
  • 收稿日期:2017-09-11 出版日期:2018-02-22
  • 作者简介:李佳（1981-），男，河南商丘人，山东师范大学经济学院金融系副教授，金融学博士，研究方向：资本市场和风险管理；黄雪宁（1995-），女，山东菏泽人，山东师范大学经济学院研究生，研究方向：货币政策与金融稳定。
  • 基金资助:
    国家社科基金项目“经济下行期资产证券化创新对银行风险承担的影响研究”，项目编号：16CJY070。

An Analysis of the Impact Mechanism and Path of Asset Securitization Innovation on Bank Risk Taking

LI Jia,HUANG Xue-ning   

  1. （School of Economics, Shandong Normal University, Jinan 250014,China)
  • Received:2017-09-11 Online:2018-02-22

摘要： 资产证券化创新势必影响银行个体行为，进而对宏观金融产生“溢出效应”。随着资产证券化创新不断提速，其对个体银行风险承担及宏观金融稳定影响的机制与路径需要进一步厘清，以利于对其合理监管。从动态视角看，资产证券化创新是通过影响银行个体行为作用于其风险承担水平，并通过一定的“溢出效应”影响至金融稳定，资产证券化创新对银行风险承担的影响呈现出一个“由微观向宏观过渡”的三阶段动态路径。因此，须以“审慎+鼓励”的态度推进资产支持证券创新，促使银行合理利用资产证券化创新之基本功能，从宏观层面考虑针对资产证券化的监管，真正发挥资产证券化创新的本质作用。

关键词: 资产证券化创新, 银行风险承担, 机制, 路径构建

Abstract: Asset securitization innovation is bound to affect the individual behavior of the bank, and then has a “spillover effect” to the macro-finance. With the increasing speed of asset securitization innovation, the mechanism and path of its impact on individual bank risk taking and macro financial stability should be further clarified, so as to facilitate reasonable supervision. From a dynamic perspective, the asset securitization innovation is based on the impact of the individual behavior of the bank on its risk bearing level and influences the financial stability through a certain “spillover effect”, and the impact of asset securitization on bank risk assumes a three stage dynamic path from microcosmic to macro transition. Therefore, we should promote asset backed securities innovation with the attitude of “prudent and encouragement”, enable banks to make rational use of the basic functions of asset securitization innovation, consider the supervision of asset securitization from the macro level, so as to really play the essential role of asset securitization innovation.

Key words: asset securitization innovation, bank risk taking, mechanism, path construction