A Study On The Impact Of Credit Asset Securitization On The Business Stability Of Commercial Banks

The commercial bank carries on the credit asset securitization business to its own management stability has the important influence function.In theory,credit asset securitization can increase cash flow,bankruptcy isolation,risk dispersion and credit enhancement of commercial banks.However,in practice,there are some problems such as unreasonable pricing mechanism,single product category,imperfect credit evaluation system and lack of liquidity in the secondary market.Because the marketization of interest rate is advancing in our country,commercial banks often use the pricing model of developed countries in Europe and the United States in pricing credit asset securitization products,and directly benefit from national debt.The discount rate is the discount rate,but the national debt market is not developed in our country,and the interest rate of the national debt can not be regarded as the risk-free interest rate directly.In terms of basic assets,the asset pool of credit asset securitization in our country is mainly commercial bank to public credit assets,which is not only a single type and often is a good asset,to a great extent,it restricts the credit asset securitization to increase the cash inflow.The role of risk diversification.In the aspect of credit rating,there is a lack of professional large rating agencies in our country,and there is still local protection and administrative intervention in credit rating,which is deeply influenced by foreign large rating agencies.Because credit asset securitization has an important influence on the business stability of commercial banks,it is of great practical significance to analyze the relationship between credit asset securitization and commercial bank operation stability objectively and systematically.Based on the semi-annual data of 10 commercial banks from 2007 to 2016,this paper empirically studies the impact of credit asset securitization on the operational stability of commercial banks.Firstly,it introduces the basic theory and operation mechanism of credit asset securitization,which provides the theoretical basis for the full text analysis.Secondly,it analyzesthe present situation of credit asset securitization and the microcosmic and macroscopic influence of commercial bank's operation stability.This part provides theoretical basis and practical reference basis for empirical analysis.Thirdly,using the actual data of Chinese commercial banks to carry on the empirical analysis,This paper analyzes the five main factors representing the business stability of commercial banks,Granger causality test,tests the securitization ratio index representing the securitization of credit assets and the five main factors representing the operational stability of commercial banks.The VAR model demonstrates the concrete influence of credit asset securitization on the stability of commercial banks.From the conclusion of the study,for different types of commercial banks,the impact of credit asset securitization on their operational stability is different in different periods.From the concrete influence mechanism,the credit asset securitization mainly has the remarkable influence on the commercial bank's profitability and the risk control ability,but has little influence on its growth ability,operation ability and internal supervision ability.In view of the time range,commercial banks can significantly improve their profitability and risk management ability through non-interest income and current ratio in the short term,and thus can significantly improve the stability of commercial banks.But in the long run,credit The influence of asset securitization on the stability of commercial banks is not obvious,and its change is mainly the inevitable result of the development of commercial banks' business activities.According to the classification of commercial banks,for state-owned commercial banks,credit asset securitization has a greater impact on its operational stability,which mainly focuses on the profitability,operational ability and internal supervision ability of banks.According to the above conclusions,this paper provides some advice on how to develop the credit asset securitization business of Chinese commercial banks.