关键词: 资产证券化, 银行, 杠杆

Abstract: By examining the theoretical mechanism of asset securitization affecting bank leverage, this paper makes use of the relevant data of China's banking industry to conduct an empirical test. It is found that asset securitization helps to inhibit the growth of bank leverage, and this inhibition effect will gradually increase with the issuance of the first asset-backed securities. After distinguishing different types of banks, it is found that non-listed banks and small-medium banks, which lack of capital compensation channels and have unstable debt structure, are more likely to benefit from the leverage inhibition effect of asset securitization. The results of the impact mechanism show that asset securitization can curb the growth of bank leverage by optimizing the structure of financing and asset liquidity, improving the maturity mismatch and reducing risk-taking. Further research shows that the leverage inhibition effect of asset securitization can also control the pro-cyclicality of leverage caused by scale expansion. Therefore, while improving the institutional framework of asset securitization, improving the structure of assets and liabilities and improving the level of fine management will help to enrich the deleveraging measures of banks.

Key words: asset securitization, commercial bank, leverage