The Research On Securitization And The Improvement Of Profitability Of Commercial Banks

In recent years,the world's economic growth has been sluggish,the international financial market has become turbulent,so the complex economic situation has posed tremendous challenges to the development of the banking industry.It has been difficult for traditional profitability factors to further increase the profitability of commercial banks.At the same time commercial banks need to find new profit growth points,while the US securitization is providing new ideas for commercial banks to improve their profitability.This dissertation sorts out the previous researches on the factors affecting the profitability of commercial banks and the securitization of commercial banks,discusses the mechanism of securitization to enhance the profitability of commercial banks through DuPont analysis,and uses the data of the U.S.Commercial Banks from 2003 to 2016 to investigate the effect of securitization on the profitability of commercial banks,the results show that:(1)There is a significant positive correlation between securitization rate and profitability of commercial banks,which is robust.At the same time,securitization not only affects the current profitability of commercial banks,but also contributes to the profitability of the next period.(2)Securitization mainly improves the profitability of commercial banks by increasing the asset turnover rate and leverage level of commercial banks.The impact on asset turnover is the main way for securitization to increase the profitability of commercial banks,and the leverage effect implicated that securitization may also raise the risk of commercial banks.(3)The impact of securitization on the profitability of commercial banks is different from that of theory,and the effect is less effective and unstable.(4)Although securitization has markedly improved the profitability of banks of different scales,securitization activities have a greater impact on banks with larger assets,contributing to the greater increase of the profitability.(5)Compared with non-securitized commercial banks with similar individual characteristics,the profitability of securitized commercial banks is much higher.