Study On The Impact Of Credit Asset Securitization On The Stability Of Commercial Banks In China

Since the Chinese economy entered the "new normal",China's commercial banks have been faced with many challenges from both internal and external factors.Although the development of domestic securitization is facing a late start,all aspects of theory and practice are still inadequate and not systematic.And so on,but the securitization can be packaged and restructured through the structural arrangement of the capital products with poor liquidity but expected stable cash flow in the capital market through real sale,making it a securities product that can be traded in the market,in the transfer and reduction.The positive role of credit risk while recovering part of the liquidity in advance is valued by all parties.However,after the financial crisis,people began to notice the accumulation of credit risk caused by securitization,induce credit expansion and possible adverse selection and moral hazard problems.What impact does asset securitization have on the stable operation of banks? Has become the focus of attention.Since the restart in 2012,the asset securitization business has maintained a good momentum and is expected to be high.In this context,it is particularly important to further study the impact of credit asset securitization on bank stability.This paper makes a theoretical analysis and empirical research on the relationship between credit asset securitization and the stability of commercial banks in China's current economic reality,which has far-reaching significance for re-recognizing the securitization activities in China's specific economic environment.This paper firstly combs the connotation and motivation of credit asset securitization,the concept of bank stability and the causes of bank instability,and analyzes the development history,realistic background and development status of credit asset securitization in China.Secondly,from the perspective of the principle of asset securitization and the theory of information asymmetry,principal-agent theory and effective market hypothesis,the paper elaborates the principle of credit asset securitization on the positive and negative aspects of commercial bank stability,and proposes the research of this paper.Assumption.Finally,based on the relevant panel data of 80 commercial banks in China from 2005 to 2017,the Z value and liquidity ratio are used as the measure of bank stability,and the comprehensive effect of credit asset securitization in China's special market environment is empirically analyzed.Under the supervision and influence of the stability of the banking industry,it further explored whether there is credit expansion and moral hazard in the credit asset securitization of domestic commercial banks,and carried out regression analysis based on the time zone and the nature of commercial banks.The empirical research results show that:(1)credit asset securitization is conducive to improving the operational stability of China's commercial banks;(2)credit asset securitization will improve the bank's stability and encourage China's commercial banks to expand their credit;(3)China's development Banks in the credit asset securitization business are accompanied by varying degrees of moral hazard in the transaction process.This paper proposes relevant policy recommendations for the development of securitization activities under the current economic real conditions in China through the combination of literature and empirical tests.It is of great significance to improve the modern macro-prudential supervision framework and improve the stability of the banking system.