Theoretical And Empirical Study Of The Motivation Of Chinese Banks' Asset Securitization

Asset securitization The United States,which emerged in the 1970s,refers to the "real sale" of the assets of the sponsor that lacks liquidity but can produce predictable and stable cash flows to the SPV,and then SPV Through the structured design of credit enhancement,on the basis of the issue of asset-backed securities(Asset-backed Securities,ABS)process.Asset securitization obscures the boundaries between loans and bonds,changes the mode of operation of financial intermediaries,and presents a great challenge to traditional financial intermediary theory.Therefore,asset securitization is regarded as one of the most important financial innovations in the global financial market in recent decades.It has been widely popularized and applied in Japan,the European Union,Canada and other countries in the world.China's credit asset securitization business grew rapidly in the past five years,from tens of billions of shares in 2012 to nearly 300 billion in 2016.More and more commercial banks choose to package the sale of credit assets,asset securitization,based on this background,The question to be studied in this paper is to analyze why more and more commercial banks choose asset securitization.Compared with the developed securitization market in China,China's securitization market is established late.In view of the rapid development trend of ABS in China in recent years,this paper hopes to be explored from abroad on the research of bank credit asset securitization,and empirical analysis The Main Factors of Bank's Securitization of Assets.The results of a large number of literatures show that the asset securitization is mainly based on the causes of liquidity management,the reasons for the supervision of capital arbitrage,the motivations of risk transfer and the improvement of business conditions.This paper argues that the motive of asset securitization of commercial banks in China should be due to liquidity management and capital regulation arbitrage demand,While the credit risk management hypothesis and improve the financial situation hypothesis in our country is not established.Based on the logistic model,the empirical results of the behavioral motivations of the credit securitization of commercial banks in our country also show that the indicators such as interbank borrowing ratio and capital adequacy ratio are negatively correlated with asset securitization tools,which proves that China's commercial banks are out of liquidity management And capital regulation arbitrage motives were established.Empirical also made a few conclusions,first of all,different types of banks to asset securitization of the motivation is different,state-owned banks and joint-stock banks mainly for liquidity management,and city firms and agricultural firms are more in order to regulate capital arbitrage.Second,the larger the asset size of the commercial banks tend to carry out asset securitization.Finally,the empirical conclusion of financial deepening has promoted the development of securitization market.