由于缺少成熟的证券化市场,我国商业银行无法通过证券化手段转移风险,只能通过传统的线性交换策略转移风险。通过在“挤兑模型”中加入证券化因素,并利用“挤兑边界”分析法将风险大小可视化,可以得到证券化策略能够在绝大多数条件下提供比线性风险规避策略更好的规避效果。在不存在信心冲击的条件下,以银行个体风险最小化为基础的最优选择是交换整个证券化中的高级部分,并使高级部分的偿还额等于存款额;但在存在信心冲击的条件下,这一选择失效,银行风险最优选择策略存在变更。 Due to the lack of a mature securitization market, commercial banks in our country can not transfer risks through securitization methods, and can only transfer risks through traditional linear exchange strategies. By including the securitization factors in “run-time model ” and using “run-to-run ” analysis to visualize the size of the risk, a securitization strategy can be provided which is better than the linear risk aversion strategy under most conditions To avoid the effect. Under the condition of no confidence impact, the optimal choice based on minimizing the individual risk of the bank is to exchange the senior part of the entire securitization and make the senior part equal the deposit amount. However, under the condition of the confidence impact , The failure of this choice, bank risk optimal selection strategy change.