Research On The Micro-Driving Factors Of China's Commercial Banks In Securitization Of Credit Assets

Under the background of the slowdown of economic growth,the deepening of the reform of interest rate liberalization and the rapid development of internet finance,China's commercial banks face with the challenges of a single source of income,the narrowing of interest spread and the loss of deposits.The credit asset securitization become important opportunity for commercial banks to achieve business innovation.However,the special transaction structure design makes the credit asset securitization become a tool for commercial banks to carry out risk transfer and regulatory arbitrage.Therefore,it is of great significance to clarify the driving factors of China's commercial banks in securitization of credit assets to promote the innovation of China's commercial banks and maintain the stability of the financial industry.This paper firstly reviews the domestic and foreign literature on the drivers of credit asset securitization and summarizes the four factors that may drive commercial banks to securitize credit assets.Then construct Probit model and Tobit model and conduct empirical research with the data of commercial banks' asset securitization after 2012.And introduces interaction terms to investigate the changes of the marginal driving effect of various factors on the credit assets securitization of commercial banks since the examination and approval system has changed.Probit model and Tobit model empirical results show that China's commercial bank credit asset securitization is mainly driven by capital pressure.Factors such as transfer of credit risk that may increase systemic financial risk are not significantly.The change of the examination and approval system has promoted the development of asset securitization as an innovative financial instrument.And the marginal driving effect of capital pressure on assets securitization of commercial banks has enhanced significantly after the change of the examination and approval system.In addition,asset securitization has not yet become a tool for liquidity management of commercial banks in our country.Therefore,the securitization of assets is not attractive to our commercial banks and the impetus of the development of credit asset securitization in our country is relatively backward.This paper first explores the changes of the marginal driving effect of various driving factors on the commercial banks' asset securitization before and after the change of the examination and approval system,and also optimizes the measurement of the driving factors.The conclusion of this paper provides some references for the policy-making of policy makers in the initial stage of the development of credit assets securitization in our country.