Securitization and Banks’ Capital Structure
研究了资产证券化如何改变银行的融资政策，发现增长机会强、流动性受限、融资成本高或面临逆向选择的银行更倾向于使用证券化，且证券化在中小银行和非上市银行的融资选择中排序更高。
Asset securitization offers banks the possibility of altering their capital structures and the financial intermediation process. This study shows that the introduction of securitization is associated with fundamental changes in the funding policies of banks. We present evidence of more intense use of securitization by banks with stronger growth opportunities, liquidity constraints, costlier alternative sources of funding, and restricted access to capital markets due to adverse selection. Securitization is observed to be higher in the pecking order of financing choices of small- and medium-sized banks and nonlisted banks, which are likely to face more severe adverse selection problems. 1.