Research On The Impact Of Credit Asset Securitization On The Profitability Of Commercial Banks

With the continuous development of credit asset securitization in China,the impact of credit asset securitization on the profitability of commercial banks has attracted extensive attention of scholars.However,there is no unified understanding of the impact of credit asset securitization on the profitability of commercial banks in the current academic research.Based on this,this paper selects the impact of credit asset securitization on the profitability of commercial banks as the research topic to empirically analyze the impact of credit asset securitization on the profitability of commercial banks.Firstly,this paper introduces the research background and significance,and summarizes the relevant research at home and abroad.At present,China’s credit asset securitization has entered a rapid development stage.The impact of credit asset securitization on the profitability of commercial banks has attracted extensive attention of scholars.This study helps to enrich the relevant theories of credit asset securitization,and has reference significance for China’s commercial banks to carry out credit asset securitization.This paper defines the concept of profitability of commercial banks,discusses the cost management theory,portfolio theory,bankruptcy isolation theory and credit enhancement theory,analyzes the operation mechanism of credit asset securitization,and discusses the impact mechanism of credit asset securitization on the profitability of commercial banks,mainly including the cost and income of credit asset securitization of commercial banks,It lays the theoretical foundation of this paper.This paper analyzes the development process of credit asset securitization in China,and discusses the development status of credit asset securitization in China from three aspects:market scale,basic assets and secondary market liquidity.This paper summarizes the development characteristics of credit asset securitization in China from four aspects:the concentration of basic asset types,the overall high securities rating,the relative concentration of sponsors and the large issuance in coastal areas.On this basis,this paper puts forward the hypothesis that credit asset securitization will reduce the profitability of commercial banks;Credit asset securitization has different effects on the profitability of different types of commercial banks.Then select the rate of return on total assets as the explanatory variable,the scale of credit asset securitization as the explanatory variable,and the non-performing loan rate,the asset scale of commercial banks,the proportion of net interest income and the deposit loan ratio as the control variables to build the model of the impact of credit asset securitization on the profitability of commercial banks.Select the panel data of 21 commercial banks in China from 2012 to 2019 as the research sample to carry out regression analysis to quantitatively analyze the impact of credit asset securitization on the profitability of commercial banks.The results show that credit asset securitization has a significant negative impact on the profitability of commercial banks.Credit asset securitization has different effects on the profitability of different types of commercial banks,has a negative impact on the profitability of state-owned commercial banks,and has a significant positive impact on joint-stock commercial banks and urban commercial banks.Finally,based on the research understanding of this paper,this paper puts forward some reasonable suggestions for the credit asset securitization of commercial banks:first,reduce the issuance cost of credit asset securitization;Second,actively encourage small and medium-sized commercial banks to carry out credit asset securitization business;Third,optimize the types of basic assets.