The Impact Of Corporate Social Insurance Payment On Employment-a Study Based On A-share Listed Companies

Asset securitization is not only the most unique financial innovation in the 20 th century,but also the financial innovation tool of American capital market.The process of asset securitization is difficult,which can be roughly divided into four stages: origin(2005)--stop(2008)--reopen(2012)--rapid development(so far).In 2021,China issued 2,192 single products and issued a total of 3,139,932 billion yuan of credit assets.The types of products are increasingly rich,and the core assets cover all types of bank credit.The main role of asset securitization is to provide liquidity for commercial banks and reduce risks.However,driven by interests,commercial banks tend to increase the issuance of risky loans,which will eventually lead to the reduction of epidemic and the increase of potential risks.The specific practice is complicated.Based on two contradictory viewpoints,Whether the securitization of credit assets has a positive or negative impact on the liquidity of commercial banks needs further studyBased on the above discussion,this paper discusses the influence of credit asset securitization on the liquidity level of commercial banks from two aspects of theoretical analysis and empirical test.On the theoretical level,this paper discusses and analyzes the three aspects of "motivation","influence" and "mechanism" respectively.Secondly,it analyzes the development of credit asset securitization and its liquidity in China.The above research shows that credit asset securitization has developed rapidly in recent years and its liquidity is relatively stable.Finally,the panel data of 28 commercial banks in China(2012-2020)are analyzed for empirical test.The empirical results show that the securitization of credit assets is negatively correlated with the liquidity of commercial banks.In addition,asset securitization has different effects on commercial banks of different sizes.That is,the securitization of credit assets of both large and small commercial banks will weaken liquidity,and the larger the bank size is,the smaller the impact will be,indicating that the balance sheet liquidity buffer of large banks is naturally higher than that of small commercial banks.Next,this paper will put forward policy suggestions from two aspects to promote the development of asset securitization:regulators and commercial banks.Regulators should further strengthen the supervision over the securitization of commercial banks,gradually establish dynamic risk supervision and comprehensive hedging mechanism,timely publish and improve the information disclosure supervision guidelines for asset securitization,and effectively prevent and eliminate the risks and crises brought by the securitization of single commercial banks to the banking system.At the same time,it is necessary to strengthen the construction of credit rating system,improve the related ability and level of credit rating agencies,and lay a foundation for the development of securitization market.Commercial banks should pay close attention to the changes of the structure of assets and liabilities,strive to avoid unstable liquidity of assets and liabilities,and ensure that the structure of assets and liabilities reaches a reasonable state.Commercial banks should look at asset securitization from the perspective of development and deeply understand and study the possible positive and negative effects of asset securitization.In addition,commercial banks should not only make rational use of asset securitization,but also be alert to its potential negative effects.