The Influence Of Internet Finance On The Securitization Motivation Of Commercial Banks

In recent years,the regulatory authorities have continued to promote the comprehensive governance of Internet finance,and China’s Internet finance has shown a healthy and sustainable development trend again.Internet finance has affected all aspects of social life,and its impact on commercial banks is mainly reflected in the fact that Internet finance aggravates the liquidity risk of commercial banks.First of all,Internet finance reduces the profitability of commercial banks,forcing commercial banks to invest their funds in loans with higher yields but longer maturities;Secondly.Internet finance diverted a large amount of deposit funds from commercial banks,increasing the liquidity pressure of commercial banks.Therefore,the development of Internet finance aggravates the liquidity risk of commercial banks and thus has an impact on the micro operation behavior of commercial banks.With the development of asset securitization registration system,asset securitization business has gradually become an important micro-management behavior of commercial banks,and more and more commercial banks are trying to carry out asset securitization business.This paper attempts to discuss whether Internet finance will have an impact on the decision-making and scale of asset securitization issuance of commercial banks.This paper first constructs a theoretical model of "Internet finance developmentcommercial banks’ liquidity risk rise-commercial banks’ asset securitization issuance enthusiasm increase" based on the theoretical basis,and then takes the data of China’s banking industry from 2013 to 2021 as the research sample,Study the relationship between Internet finance and the issuance of bank asset securitization,and the corresponding heterogeneity characteristics.The results show that:(1)the development of Internet finance has strengthened the enthusiasm of commercial banks to issue asset securities,and deepened the scale and depth of asset securitization issuance of commercial banks;(2)The issuance of asset securitization has the effect of improving the liquidity of commercial banks.The test mechanism of intermediary effect shows that mitigating liquidity risk is the intermediary path for Internet finance to affect the decision-making and scale of bank asset securitization;(3)There is heterogeneity in the impact of Internet finance on the decision of banks to issue asset-backed securities.Internet finance promotes the issuance of more credit asset--backed securities by non-joint-stock banks and state-owned banks;(4)The core conclusion is still significant under the robustness test of the replacement explanatory variable,the explained variable and the instrumental variable method.The article believes that in the face of the continuous impact of Internet finance,commercial banks should use a variety of financial instruments to improve their own operating conditions,and the regulatory authorities should expand the types of basic assets of commercial banks’ asset securitization,provide assistance for commercial banks to issue asset-backed securities,and help commercial banks develop asset securitization products suitable for their own asset structure in a timely and effective manner according to their own loan structure.