Research On The Impact Of Credit Asset Securitization On The Risk-taking Of China’s Commercial Banks

In recent years,the scale of China’s asset securitization market continues to expand,among which the year-on-year growth of credit asset securitization is significant,and asset securitization has ushered in a stage of rapid development,which plays a positive role in revitalizing stock assets,supporting green development and serving the real economy.However,credit asset securitization will also affect the risk-taking of commercial banks,and then affect the stability of the financial system.Therefore,discussing the impact of credit asset securitization on the China’s commercial banks’ risk-taking,it plays an important guiding role in further accelerating the development of asset securitization business.This paper selects the panel data of 41 commercial banks in China from 2012 to 2020 to test how the application of asset securitization,a financial innovation tool,affects the risktaking level of commercial banks through the fixed effect model.The results show that:first,in the early stage of the development of asset securitization,its cost is higher than its income,and the development of asset securitization business improves the risk-taking level of commercial banks;Second;Through the intermediary effect test,it is found that the direct effect of asset securitization is to improve bank risk-taking,and the indirect effect results show that asset securitization improves bank risk-taking through scale effect channel and reduces bank risk-taking through liquidity effect channel,but the impact of the former is greater than that of the latter;Third;The impact of asset securitization on banks’ risk-taking,and it is more significant in non-interest income and non-systemically important banks.In the short run,asset securitization may improve the level of banks risk-taking,but in the long run,the income of asset securitization will be higher than the cost,and the income brought by scale effect will gradually begin to appear.Therefore,this paper believes that we should further develop the asset securitization market to give full play to the positive role of asset securitization business,expand the scope of basic assets and types of collateral,strengthen information disclosure,improve the authenticity of credit rating,gradually liberalize the asset securitization of non-performing loans,and let more investors participate in asset securitization business.At the same time,banks should strictly control the quality of basic assets,improve their professional service ability,and actively monitor their own risktaking level;Government departments should issue a series of policy documents to support the development of asset securitization market and do a good job in supervision,and do a good job in classified supervision according to bank characteristics and market development stage,so as to control the possible risks caused by asset securitization.