Banks often regard securitization as a balance sheet transformation tool. Traditionally mortgages are a bank's largest asset and also the least liquid. Securitization involves packaging similar assets such as mortgages and selling them to a trustee, either through the establishment of a special purpose vehicle （SPV） or corporate entity. Bonds are then issued （backed by the assets） by this corporate entity and sold to investors. This is done to generate additional funds for the bank and to manage the structure of the balance sheet. These additional funds can then be used for further lending, acquisitions, stock repurchases, etc. 銀行通常將資產(chǎn)證券化視為資產(chǎn)負(fù)債表轉(zhuǎn)換工具。從傳統(tǒng)上看，貸款抵押是銀行的資產(chǎn)，也最不算是流動(dòng)資產(chǎn)了。資產(chǎn)證券化就是通過成立一個(gè)特設(shè)載體（SPV）或公司實(shí)體來對(duì)類似資產(chǎn)比如抵押進(jìn)行包裝，然后將其賣給某一托管人。然后公司實(shí)體會(huì)發(fā)行資產(chǎn)抵押債券，并賣給投資者。這樣做是為了替銀行生成額外資金并對(duì)資產(chǎn)負(fù)債表的結(jié)構(gòu)進(jìn)行管理。然后這些額外資金被用于進(jìn)一步的貸款、收購(gòu)、股票回購(gòu)等等。