信息不对称与银行不良资产证券化：理论述评、国际经验与政策建议Theoreticalreview,InternationalexperienceandpolicysuggestionofAsymmetricInformationandAssetSecuritization摘要商业银行不良资产，指的是处于不良经营状态下的资产，不仅很难为银行创造利息收入，而且很难收回本金。目前国际上常见的处理不良资产的方式主要有以下几种：折价销售、资产证券化、专门的资产管理、剥离不良资产等，其中资产证券化是最重要的处理方式。不良资产证券化能够扩大投资者的选择范围、促进商业银行经营模式转变，对于活跃我国金融市场有着重要意义。国内叫停八年的不良资产证券化于2016年被实施重启，希望以此化解银行业风险。而在现有市场机制信息不对称的情况下，不良资产证券化又是否能够成功化解银行危机，为我国金融市场注入新的活力，成为金融风险处置探索中的一次成功尝试？对此，文章试图从目前关于不良资产证券化的理论综述中汲取国际经验，探讨信息不对称下的银行不良资产证券化，为我国国有银行进行不良资产证券化提供政策建议，更好地为实体经济提供融资。本文首先介绍了不良资产证券化的概念，对国内外相关理论进行综述，吸取借鉴美国及韩国的国际经验。接着采用固定效应模型对不良贷款率对银行资产证券化是否存在影响进行了回归分析。然后联系我国实际情况，分析我国推行不良资产证券化的阻力，如何克服信息不对称的不利影响，最后提出我国商业银行实施不良资产证券化的政策建议。关键词：资产证券化；信息不对称；商业银行；不良资产AbstractNon-performingassetsofcommercialbanksrefertoassetsthatarenotingoodoperatingconditionandcan’tcreateinterestincomeforbanksorevendifficulttorecovertheprincipal.Atpresent,theinternationalcommonwaytodealwithnon-performingassetsofbanksare:sellingatadiscount,establishingspecialassetmanagementcompanies,divestitureofnon-performingassets,themostimportantofwhichisassetsecuritization.Thesecuritizationofnonprofitassetscanincreaseinvestors'choicesandpromotethechangeofbanks’operationmodel,whichisofgreatsignificancetotheactivefinancialmarketinChina.Theeraofstableoperationofthebankhasended.Whenthecommercialbankshavemadelittlegoodfortuneindealingwithnonperformingassets,non-performingassetssecuritizationwhichhadbeenstoppedforeightyearshasbeenrestartedin2016,hopingtoresolvethebankingrisks.Inthecaseofasymmetricinformationofexistingmarketmechanism,whetherthesecuritizationofnon-performingassetscansuccessfullyresolvethebankingcrisis,injectnewvitalityintoChina'sfinancialmarketandbecomeasuccessfulattemptintheexplorationoffinancialriskdisposal?Inthisregard,thearticleattemptstodrawontheinternationalexperienceandthetheoryofsecuritizationofnon-performingassets,explorethesecuritizationofbanknon-performingassetsunderinformationasymmetry,providepolicyrecommendationsforthenon-performingassetssecuritizationofourstate-ownedbanks,forbetterprovidingfinancingfortherealeconomy.Thispaperfirstintroducestheconceptofnon-performingassetssecuritization,summarizestherelevanttheoriesathomeandabroad,drawslessonsfrominternationalexperience.Then,afixedeffectsmodelwasusedtoconductaregressionanalysisonwhetherthesecuritizationofbankassetsaffectsthenon-performingloanratio.Finally,IconsidertheactualsituationofChina,analyzetheresistanceofsecuritizationofbanks’non-performingassetsinChina,howtoovercometheadverseeffectsofinformationasymmetry,andfinallyputsforwardthepolicysuggestionsontheimplementationofnon-performingassetssecuritizationinChina'scommercialbanks.Keywords:Assetsecuritization;asymmetricinformation;NPA(non-performingasset);commercialbank目录一、引言1（一）资产证券化及其特点1（二）选...
