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

Asset securitization has been widely favored by investors since 1968,until the financial crisis broke out in 2008.The crisis showed people the great power of asset securitization in the process of bank risk accumulation and crisis spread.Until now,the supervision of asset securitization business has been re examined,so China has stopped the pilot work of asset securitization business in China.After China's securitization business has been restarted,it is of great significance to study the impact of asset securitization on the stability of China's financial institutions.Then China's economy has entered a new normal.Although the current financial market in China is still dominated by indirect financing,a number of documents and policies in China indicate that we should actively develop the scale of direct financing market and reduce financing costs.In the meantime,a lot of banks in China are lack of liquidity of credit assets.Today,commercial banks are faced with the problem of effectively improving the liquidity of assets.At this time,asset securitization provides new ideas for the future development of banks.When actively developing asset securitization business,we should always bear in mind the profound lessons brought by the subprime crisis,so it is particularly important to re-examine the impact of asset securitization business on the stability of banks,which is of great significance for the future development of banks and the long-term development of China's financial market and macro-economy.This paper takes the influence of credit asset securitization business on the stability of commercial banks in China as the research topic.Firstly,it combs the relevant literature in the past,expounds the theories of bank stability and asset securitization,and analyzes the practical requirements for the development of asset securitization business in China,reviews the development process,and the development status of this business This paper summarizes the characteristics of asset securitization,and analyzes the impact mechanism of asset securitization on bank stability from the perspective of credit risk and liquidity risk.Then,by selecting the quarterly data of 16 listed commercial banks in China from 2012 to 2018,Z index and current ratio are selected as explanatory variables respectively from the aspects of bankruptcy risk and liquidity,and credit asset securitization activity and virtual variables are selected as explanatory variables,and empirical analysis is conducted,and the conclusion is drawn:at this stage,the implementation of credit asset securitization will be to a certain extent It reduces the stability of China's commercial banks,but the negative impact on the five major banks is not significant and the empirical results are tested for robustness and analyzed in detail in combination with the actual situation in China.Finally,this paper makes policy suggestions.