Research On The Impact Of Credit Asset Securitization On The Liquidity Of Chinese Commercial Banks

As of 2020,it has been nearly half a century since the concept of credit asset securitization was proposed.At present,credit asset securitization is still one of the most important financial instruments in the world,and its issuance scale is also increasing year by year.Due to the relatively slow development of my country’s financial system,it was not until 2005 that my country began to conduct experiments and explorations related to credit asset securitization.At the initial stage of the experiment,the prices of credit asset securitization related products were not stable and fluctuated greatly.People’s interest is not high,and sales are not ideal.In 2008,when the subprime mortgage crisis in the United States triggered a global financial crisis,my country’s supervisory authorities were cautious,and domestic credit asset securitization related businesses were also suspended.It was only in 2012 that my country’s credit asset securitization business was restarted,and it was encouraged by the government to develop rapidly in recent years.Credit asset securitization,as a structured financing method,enables commercial banks to sell their existing credit assets in real life,thereby obtaining more liquid funds.On the one hand,as funds return,it helps to ease the shortfall in commercial banks’ borrowing The liquidity risk of long loans and maturity mismatches.On the other hand,with the real sale of credit assets,the credit risk has also been transferred.With the spread of the global new crown epidemic and the increasing international trade frictions,the downward pressure on my country’s economy has continued to increase,and the various risks faced by commercial banks have also increased.At present,due to the short practice time of credit asset securitization business in my country,and the lack of empirical data,there is no consensus on its impact on the liquidity of commercial banks and the transmission path of the impact.Therefore,how to scientifically understand the credit asset securitization Financial tools are particularly important for improving the level of asset and liability management of commercial banks and improving their risk management level.This article first briefly introduces liquidity,the connotation of commercial bank liquidity and credit asset securitization and the general process of credit asset securitization from the theoretical level,and then introduces the motivation of commercial banks to securitize credit assets and the influence of commercial banks’flow Finally,on the basis of describing the current status of the development of credit asset securitization business in my country,this paper conducts an empirical study on the impact of credit asset securitization on the liquidity of commercial banks and the path of influence.This empirical study selects 16 commercial banks’ financial data from the first quarter of 2014 to the fourth quarter of 2019 as the samples for the empirical study.In terms of exploring the impact of credit asset securitization on the liquidity of commercial banks,select the loan-to-deposit ratio and The current ratio is an explained variable that represents liquidity.Using two different explained variables is mainly to test the robustness of the model,making the conclusion more convincing.In the selection of control variables,in addition to comprehensive consideration of the internal and external factors that affect the liquidity of commercial banks,it also increases the heterogeneity of commercial banks,making the selection of control variables more scientific and reasonable.The empirical research results show that credit asset securitization has a positive impact on the improvement of commercial banks’ liquidity.Next,the influence path of credit asset securitization on the liquidity of commercial banks is discussed.The theoretical analysis and empirical research on the influence path of credit asset securitization are carried out.The results show that credit asset securitization improves asset quality and releases supervision by optimizing the structure of assets and liabilities.The three aspects of cost are used to improve the liquidity of commercial banks.At the end of the article,a number of related policies are proposed.First,it is necessary to encourage commercial banks to develop credit asset securitization business,expand the scope of investors,strengthen the construction of regulatory systems and information disclosure mechanisms,increase the securitization of non-performing assets,and improve my country’s commercial banks.The ability to manage liquidity risk.