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由于金融全球化与自由化的发展 ,改变了传统的以银行为中心的金融中介制度运行环境 ,银行中介依靠与其客户建立的长期交易关系 ,将有关借款人信用的信息生产与风险负担结合在一起 ,从而在信息收集和处理方面所具有的优势逐步地丧失 ;同时 ,自有资本比率等规制性成本及其流动性交易成本的上升 ,又使银行中介在降低交易费用的竞争中处于劣势。因此 ,贷款债权流动化的产生和发展实际上是银行中介降低交易成本、寻求自身发展的内在需求所致
Due to the development of financial globalization and liberalization, the operating environment of the traditional bank-centered financial intermediation system has been changed. Bank intermediaries rely on the long-term trading relationship established with their clients to combine the production of information on borrowers’ credit with the risk burden , So the advantages in information collection and processing are gradually lost. At the same time, the regulatory cost such as the self-owned capital ratio and the rise in the liquidity transaction costs make the bank intermediaries at a disadvantage in the competition for reducing transaction costs. Therefore, the emergence and development of the liquidity of loan claims is actually caused by the inherent needs of bank intermediaries to reduce transaction costs and seek for their own development