银行不良资产处置手段之：不良贷款证券化原理和对利润影响的探讨

Core Viewpoint - The article argues that securitization is not an effective method for disposing of non-performing loans, despite its appearance of providing immediate liquidity and reducing the bank's non-performing loan balance [2][3]. Summary by Sections Securitization Process - A bank issued a securitized product based on personal credit non-performing loans, with a total principal amount of 11.10 billion yuan and an expected recovery of 2.37 billion yuan over 2-3 years [3][5]. - The securitized product was issued for 1.82 billion yuan, which is only 16.40% of the total principal amount [4]. Investor and Bank Perspectives - Investors are attracted to the securitized product because the expected recovery of 2.37 billion yuan exceeds the issued amount of 1.82 billion yuan, providing potential profit [6]. - The bank benefits from securitization by reducing its non-performing loan balance and receiving service fees for managing the loans post-securitization [7]. Profit Impact Analysis - The actual recovery from the securitized loans during the transition period was 1.05 billion yuan, which is 60.73% of the investment amount received [11]. - If the bank had not securitized, it could have potentially increased its profit by approximately 1.14 billion yuan through recovery and reversal of provisions [19][21]. Accounting and Provisioning - The securitized loans had a book value of 1.725 billion yuan after provisioning, and the profit from the securitization was only 0.004 billion yuan, indicating minimal financial benefit [16][19]. - The article highlights that the bank's profit from securitization is limited due to the high level of provisions already accounted for [20]. Long-term Implications - The article suggests that securitization may lead to a long-term negative impact on the bank's profitability, as future recoveries from the securitized loans will not contribute to the bank's profits [21]. - The potential for multiple securitizations could cumulatively result in significant profit losses for the bank [21].