Securitization Of Credit Assets And Liquidity Risk Of Commercial Banks In China:Theoretical Transmission And Empirical

In 2005,China launched a pilot program for credit asset securitization.In December of the same year,commercial banks began issuing credit asset-backed securities.However,when credit asset-backed securities entered the market,they were not concerned by investors.The liquidity of credit asset-backed securities in the secondary market was seriously insufficient,resulting in large price fluctuations.For a long time,even no credit asset-backed securities were generated.This made the credit asset securitization of our country at the beginning of a cold reception.The global financial crisis that erupted in the second half of 2008 caused the credit asset securitization business to experience a period of three years of stagnation in China.Until 2012,China's credit asset securitization pilot business restarted.In 2014,with the strong support of the government,China's credit asset securitization business entered a stage of rapid development.A series of favorable policies conducive to the development of asset securitization market were continuously introduced,mobilizing the enthusiasm of financial institutions to carry out credit asset securitization business.The number of securities products has grown by spurt.In 2015,the types of credit asset securitization underlying assets were gradually enriched.On the basis of the original corporate loans,auto mortgage loans and housing mortgage loans,personal consumer loans,lease loans,and equipment mortgage loans were added.In 2016,the non-performing asset loan was restarted.Since 2017,China's credit asset securitization business has entered a normal development stage.At the beginning of the creation of credit asset securitization,it was used as a structural financing tool to resolve bank risks,especially liquidity risk.By securitizing credit assets that are not liquid,the business divests credit assets from bank statements and converts them into highly liquid funds to revitalize bank assets.However,with the continuous development of credit asset securitization,many scholars have found that commercial banks aim at maximizing profits,using funds obtained from credit asset securitization to carry out high-risk loans,excessively issuing credit assets,and at the same time reducing the liquidity buffer of commercial banks.Instead,it increases credit risk and liquidity risk.Therefore,whether the credit asset securitization business will really reduce the liquidity risk of China's commercial banks,especially under the premise that the development of credit asset securitization in China is still not perfect,there is no conclusion yet.Based on China's national conditions,this paper starts from the theory and supplements the relevant empirical analysis to study the impact of credit asset securitization on the liquidity risk of commercial banks in China,and based on this,the corresponding policy recommendations have practical significance.This article has a total of five chapters.The first chapter is the introduction,which mainly includes the background and significance of the topic selection,literature review,research ideas and methods,as well as the innovation and deficiencies of this paper.The second chapter is the theoretical basis of credit asset securitization.It mainly defines the concept of credit asset securitization and explains in detail the principle and operation process of credit asset securitization.At the same time,the current development status of China's credit asset securitization market is summarized from the aspects of market size,basic asset types,basic asset grades and secondary market liquidity.The third chapter is the theoretical transmission of credit asset securitization to the liquidity risk of commercial banks.This part first defines the liquidity risk of commercial banks,and uses the liquidity risk supervision indicators to measure the liquidity risk level of commercial banks in China.Then it discusses the impact mechanism of credit asset securitization on the liquidity risk of commercial banks in China,including both positive and negative aspects.It is found that the original intention of credit asset securitization is to improve the liquidity of commercial banks.But if it is not supplemented by effective supervision,it will lead to an increase in the liquidity risk of commercial banks.The fourth chapter is the regression analysis of the unbalanced panel data of 15 listed commercial banks in 2014 and beyond.It is found that the credit asset securitization business has the upper hand in the process of affecting the liquidity risk of commercial banks.The conjecture of the text is the same.On the basis of summarizing the full text,the fifth chapter puts forward suggestions on four aspects:laws and regulations,credit asset securitization product design,enrichment of securitization base assets and handling of the relationship between supervision and innovation.