The Impact Of Bank Asset Securitization On Its Risk-taking Under Economic Policy Uncertainty

The internationalization and liberalization of financial development and the gradual deepening of financial technology have further increased the competitive pressure on banks.Under the background of uncertain economic policies,can commercial banks still use asset securitization to optimize resource allocation and provide liquidity improve profitability and other powerful functions to reduce their risk-taking,answering this question is of great significance to major banks.In order to explore this issue,this thesis first expounds the research background and research significance,and then discusses the measurement of economic policy uncertainty at home and abroad,economic policy uncertainty and bank risk-taking,and the relationship between asset securitization and bank risk-taking The relevant literature on the relationship is sorted out,and the mechanism by which the bank’s asset securitization may reduce its risk-taking under the uncertainty of economic policy is analyzed from the theoretical level,and three hypotheses are put forward.Secondly,this thesis selects the annual data of 72 banks in my country from 2012 to 2020 as a sample,including 32 listed banks and 40 unlisted banks,uses a fixed effect model to empirically analyze the data,and examines the relationship between economic policy uncertainty and The relationship between banks’ risk-taking and the relationship between banks’ asset securitization and risk-taking under uncertain economic policies,and the sample banks are divided into state-owned banks and non-state-owned banks,and banks with high loan-to-deposit ratio and low loan-to-deposit ratio.Two groups of banks were analyzed for heterogeneity.The empirical results show that: First,economic policy uncertainty will significantly increase the risk-taking of commercial banks.Second,economic policy uncertainty has an uneven impact on different commercial banks’ risk-taking.Rising economic policy uncertainty will significantly increase the risk-taking of non-state-owned banks and banks with a low loan-to-deposit ratio,and the increase in risk-taking for these two types of banks is higher than the level of the full sample.Significantly,and rising economic policy uncertainty can reduce the risk-taking of state-owned banks.Third,when economic policy is uncertain,banks can reduce their risk-taking through asset securitization,and this moderating effect is also heterogeneous.Finally,according to the research conclusion,this thesis puts forward suggestions from three perspectives of government department,banking department and supervisory department.