Mark-to-Market, Loan Retention, and Loan Origination
研究了按市值计价会计对采用发放后分销贷款模式的银行的影响，发现相比历史成本会计，按市值计价虽能提高事后贷款计量准确性，但迫使银行承担更多风险并可能降低事前贷款发放努力和平均贷款质量。
ABSTRACT We study the effects of mark-to-market accounting (MTM) for banks following the originate-to-distribute lending model. Banks have expertise in originating loans, but it is costly for them to retain the loans on their books. We study how the accounting measurement of the retained loans affects the banks’ origination and retention decisions. We show that, relative to historic cost accounting (HC), MTM has three consequences. First, it improves the accuracy of loan measurement ex post. Second, it forces banks to retain more risk exposure on their own books. Finally, it can reduce ex ante origination efforts and lower the average quality of loans in the economy. JEL Classifications: G01; G21; G30; M41.