過去對證券化誘因的研究大多分別針對流動性與法定資本要求做探討，卻很少研究將證券化所帶來在財務績效表現上的效益視為誘因之一，並與前述兩個誘因一起探討。在本研究中，作者試圖運用Vector Autoregression(VAR)方法來檢視在1993年至2007年間，這三個誘因是否與快速成長的證券化市場有顯著的關係。本研究結果發現，在1993年至2007年間，除了先前研究之流動性與法定資本確實是證券化的誘因之外，對財務績效表現的效益也是誘因之一。然而若將研究時間的架構分成兩個時期：1993年至2000年與2000年至2007年，流動性是前期中證券化的主要誘因；到了後期，財務績效表現及法定資本要求成為主要誘因。也就是說證券化的誘因從起初的促進流動性，轉變為追求公司成長與獲利。這個結果也許可以做為2008年次貸危機的成因解釋之一。

Most of the previous studies about incentives for securitization focus on liquidity and regulatory capital requirement separately. Little has been done to investigate if the financial performance is one of the incentives for securitization and to examine all of them simultaneously. This paper employs a vector autoregression (VAR) method to investigate if there is a significant relationship between incentives for securitization and the highly-grown trend of securitization market over the time period 1993-2007. Our empirical results reveal that in addition to liquidity and regulatory capital requirement which are identified as the incentives for securitization by the previous studies, financial performance of the financial institutions is also one of the incentives for securitization from 1993 to 2007. However, we obtain an interesting result: if the time frame is divided into two parts, from 1993 to 2000 and from 2000 to 2007, then liquidity is the only incentive for securitization in the former period; and financial performance and regulatory capital requirement are the incentives in the latter period. The part of causes of subprime crisis might be explained by the results that incentives for securitization overemphasize chasing growth and profit of companies in the past decade. And the initial incentive for facilitating liquidity is no more significantly related to securitization activities.

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