The Securitization Of Credit Assets Is Profitable For Commercial Banks Heterogeneity Of The Effect Of Profit Level

Securitization of credit assets as the innovative financial tools,not only provides investors with a new investment tool,enriched the investor’s investment options,better the rational allocation of assets for investors,can also improve the liquidity of commercial bank,reduce the risk of commercial Banks and financing costs,adjusting capital structure,enhance the level of profit.Due to these advantages,commercial banks have been very motivated to carry out this business for many years,which makes the securitization of credit assets develop into one of the important financial instruments in the capital market.There are rich types of underlying assets,but there is a large gap in the issuance scale of various products.This article innovation based on the underlying assets corresponding to different business object property securitization of credit assets can be divided into probability and securitization of credit assets securitization of credit assets to private,through the analysis of the situation,found that the two types of credit asset securitization in issuance,credit rating and the homogeneity feature differences,and experienced by probability is given priority to to the securitization of credit assets to private transformation,Therefore,this paper attempts to explore the heterogeneity of the impact of securitization of public and private credit assets on the profitability of commercial banks.This paper from two aspects: benefits and costs of the analysis of the securitization of credit assets of commercial Banks profit level,the influence mechanism,and then from the profitability,leverage ratio,asset turnover three aspects analyzes the probability and the private credit asset securitization of commercial bank profitability causes of heterogeneity,and lay a solid theoretical basis for subsequent empirical.Second,16 listed commercial Banks in 2015-2020 years of the related data as the research sample,issuance to the originator of the securitization of credit assets as the explained variable,to return on net assets,profitability,leverage ratio,asset turnover to be explained variable,and liquidity ratio,LDR and relevant control variables,build the fixed effect model.The paper makes an empirical analysis on the relationship between the scale of credit asset securitization and the profitability level of commercial banks under the whole sample,and the relationship between the scale of credit asset securitization and the profitability level of commercial banks under the public and private samples.The main conclusions are as follows :(1)total credit asset securitization has a significant negative impact on the return on equity of commercial banks;(2)There is heterogeneity in the impact of public credit asset securitization and private credit asset securitization on the profitability of commercial banks.Specifically,private credit asset securitization has a significant negative impact on the profitability of commercial banks,while public credit asset securitization has an insignificant positive impact on the profitability of commercial banks;(3)The effect of private credit asset securitization on the path of commercial banks’ profitability is different from that of public credit asset securitization: private credit asset securitization has a significant positive impact on capital turnover,and a negative impact on profit margin;The securitization of public credit assets has a significant positive impact on profit margin.Finally,according to the research conclusions,some suggestions are given from the aspects of the issuing time and scale of credit securitization and the construction of credit rating system.