Study On The Impact Of Credit Asset Securitization On The Operating Performance Of Listed Banks

With the advancement of interest rate liberalization,commercial banks have encountered many problems,such as the decline in financing capacity,liquidity shortage.The emergence of credit asset securitization is not only beneficial to improving the liquidity of commercial bank,reducing the cost of financing,broadening the financing channels and increasing the middle income,but also to reducing the demand for deposits,which is conducive to the release of regulatory capital,the improvement of asset-liability structure and the capital adequacy ratio.Coupled with the huge commercial bank credit resources,credit asset securitization can revitalize the stock of assets,and to resolve the contradiction between the supply and demand of credit to support the development of the real economy.Therefore,in order to accelerate the development process of credit asset securitization in China,this paper from theory and empirical,comprehensive discuss the impact of credit assets securitization on the operating performance of listed banks.Firstly,based on the background of credit asset securitization and interest rate liberalization,this text discusses the significance of credit asset securitization to commercial banks and the overall economy,then according to the effects of security,liquidity and profitability for carding domestic and foreign research literature.Secondly,this paper introduces the development of credit asset securitization in our country,on the basis of defining the connotation of credit assets securitization,then from the stage of development,the policy process and current situation of the development to outline the development characteristic of credit asset securitization in our country.Finally,from the two aspects of normative analysis and empirical test,this paper expounds the function of credit asset securitization to improve the operating performance of banks.In theory,it is thought that the securitization of credit assets will be positive to improve bank's operating performance.Specifically,in terms of security,it will improve the capital adequacy ratio,disperse and transfer credit risk,at the same time,mandatory disclosure obligations require banks to improve the management,and thus improve the ability to resist risks;in terms of liquidity,through the release of capital deposit in advance,it can maintain daily withdraw needs of residents,improve the efficiency of the use of funds and enhance the ability of bank financing;in terms of profitability,on the one hand,the bank as a service provider and the originator,will get the intermediate service fees and interest margins,on the other hand,with the rapid return of capital,the bank have more available capital to broaden the scope of investment and get more profit.In the empirical part of this paper,takes 16 listed commercial banks' data from the first quarter of 2006 to the fourth quarter of 2015 as sample,the empirical results show that:credit asset securitization has a significant positive impact on the performance of Listed Banks;credit asset securitization is good for the national joint-stock banks and city commercial banks,but the effects of state-controlled banks is not obvious;for the effect of profitability,credit asset securitization have a significant positive effect on the overall sample banks,distinguish between banks with different properties,only the national joint-stock banks have a significant positive effect;for the effect of security,the result of overall sample banks is not significant,but the national joint-stock banks and city the commercial bank are good;for the effect of liquidity,as same as the impact on the profitability,have a significant positive impact on the overall sample banks and national joint-stock banks.