Research On The Impact Of Credit Asset Securitization On The Operation Stability Of China's Commercial Banks

In recent years,China's economy has developed rapidly and gradually entered a new normal period of adjustment and shifting gears.The economic development mode is changing with each passing day,and financial innovation is also accelerating.After 2012,China's credit asset securitization has developed rapidly and become a highlight of financial innovation.Tracing the development history of credit business,it is not difficult to see that in the early stage of its development,asset securitization,with its basic skills of credit risk transfer and liquidity increase,can bring continuous power to the stable development of American banking industry.However,the outbreak of the financial crisis in 2008 clearly demonstrated the role of asset securitization in the accumulation of bank credit risks and the spread of liquidity crisis,which pushed the relationship between asset securitization and bank stability to the forefront.Since then,"securitization-stability" and "securitization-instability" have formed two camps.Crisis after the securitization of credit assets business development speed to grow,but yet the impact of financial crisis on securitization market to be reckoned with,and therefore to re-examine the relationship between asset securitization and banking stability,further study of the basic function of asset securitization can promote the stable development of the banking industry appear urgent and meaningful.This paper mainly takes the credit asset securitization activities of China's commercial Banks as the research object,sorts out and summarizes relevant domestic and foreign literatures,and concretely sorts out the basic contents of credit asset securitization and the operational stability of commercial Banks.From a theoretical point of view,the securitization of credit assets can improve the operating conditions of Banks through the transfer of credit risks and the increase of liquidity,but to some extent,the securitization of credit assets may lead to the accumulation of risks through adverse selection and moral hazard of commercial Banks.Therefore,it is of great significance to deeply explore whether credit asset securitization has positive or negative effects on the operational stability of commercial Banks.In empirical research,this paper use the securitization of credit assets and commercial Banks in 2014-2018 quarterly data,from the perspective of credit risk and liquidity risk,Z index and liquidity ratio as an indicator to measure the stability of the representative structure balance panel econometric model,analyzes the securitization of credit assets of commercial Banks operating stability effect.The results show that the securitization of credit assets reduces the overall stability of commercial Banks.Based on the theoretical research and empirical results,this paper puts forward relevant countermeasures and Suggestions from the aspects of expanding the scope of basic assets,improving relevant laws and regulations and strengthening financial supervision,combining with the actual situation of the development of credit asset securitization in China.