Research On The Financial Effect Of Credit Asset Securitization In China

Asset securitization as a financial innovation tool in the late 1960s,originated in the United States,has become one of the most important financing tools in Europe and the United States and regions.China's first pilot asset securitization in 2005,during which the impact of the financial crisis has been in a state of suspension,and in 2012 to restart asset securitization business.Academia and industry generally pointed out that credit asset securitization operation principle and special operation mechanism can play a positive effect on the bank's operation,especially to optimize the structure of assets and liabilities of the banks themselves,broaden sources of income,improve the liquidity of the assets,and disperse the credit risk of commercial banks.In other words,credit asset securitization can enhance and improve the profitability,liquidity and security of commercial banks.For the above reasons,this thesis makes a theoretical analysis and Empirical Study on the financial effect of asset securitization of commercial banks.In this thesis,we use the method of combination of theory and empirical research to study the effect of 9 listed banks' credit asset securitization on their profitability,liquidity and security from 2007 to 201 5,The results show that:(1)Commercial banks to carry out credit asset securitization business,to revitalize the stock of funds,improve liquidity has played a significantly positive effect;(2)Commercial banks to carry out credit asset securitization business,to increase the source of income of commercial banks,improve the overall profitability of commercial banks has played a positive effect;(3)Commercial banks to carry out credit asset securitization business,to improve the level of bank security has a negative effect.Based on the above conclusions,this thesis puts forward some suggestions to improve the financial effect of commercial bank credit asset securitization.The innovation of this thesis is mainly reflected in the following two points:First,the research on the financial effect of credit asset securitization in China is relatively less and tends to qualitative discussion,The facts show that China's credit asset securitization of financial effects can not be ignored,This thesis not only systematically expounds the mechanism of the impact of credit asset securitization on the profitability,liquidity and security of commercial banks,At the same time,the empirical method is used to test the function and effect of credit asset securitization in practice.Second,the research uses principal component analysis and multiple regression model to test the financial effect of credit asset securitization,Overcome the shortcomings of previous researches using static indicators,the research is more comprehensive and complete.