Study On The Effect Of Credit Assets Securitization Of Commercial Banks In China

Credit asset securitization means that credit assets are sold to special purpose institutions after being restructured by issuing institutions,and then circulated and transferred in the capital market through such processes as structural stratification,credit rating and credit enhancement,so that assets with poor liquidity can be converted into assets with strong liquidity.China's credit asset securitization business started in 2005 for the first time.During this period,due to the impact of the 2008 financial crisis,it stagnated and restarted in 2012.After the restart,the business is favored by the government and financial institutions.Commercial banks actively carry out this business in order to solve their own problems of poor liquidity and low efficiency of capital operation.Our country's business started late and can not completely copy the foreign development model,so we need to gradually develop the localized theory of asset securitization.This chapter chooses the relevant data of 13 commercial banks which carry out credit asset securitization from the first quarter of 2012 to the third quarter of 2018,and carries out empirical research with panel data regression model.It uses the experience of other scholars for reference and combines the specific situation to select the corresponding variables and evaluation indicators to establish regression model,and chooses the virtual variables and the degree of credit asset securitization.As explanatory variables,non-performing loan rate PLR and capital adequacy rate CAR are selected as indicators to measure the safety of commercial banks,asset return rate ROE is selected as indicators to measure the profitability of commercial banks,loan-to-deposit ratio LDR and liquidity ratio LR are selected as indicators to measure the liquidity of commercial banks,and a logarithm of total assets,equity-to-assets ratio EAR,asset-liability ratio DAR and macroeconomic growth are established.The growth rate GDP is the control variable to establish a model.The empirical analysis of the data with stata12.0 is carried out and the results are discussed.The empirical results show that the explanatory variable coefficients of PLR are negative and CAR is positive,indicating that credit asset securitization can enhance the security effect of commercial banks;the explanatory variable coefficients of ROE are positive,but the data are relatively small,indicating that credit asset securitization increases the profitability of commercial banks,but has a profitability effect.The influence is not particularly significant;the explanatory variable coefficient of LDR is negative,while that of LR is positive,indicating that the liquidity effect of commercial banks is increased by carrying out credit asset securitization.From the above conclusions,we can know that credit asset securitization has brought many good news to commercial banks with its own advantages.This business in China is still in the primary stage of development.Although the total scale and level of business are increasing year by year,there is still much room for improvement compared with the development of foreign countries.In view of the current situation of our country,this paper aims at business links and transaction knots.In terms of institutional and market environment,the following suggestions are put forward:expanding the types and quantities of basic assets,improving the mode of rating and credit enhancement,strengthening the frequency of securities market transactions,actively exerting government functions,establishing and improving relevant laws and policies,and strengthening information disclosure.