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In recent years, the banking system has been an important force to improve the financing efficiency of China's financial market, but the accumulation of risks brought about by long-term credit expansion cannot be ignored, and the deterioration of real economic risks caused by economic downward pressure will inevitably be transmitted to the banking system. With the downward trend of economic growth and the continuous rise of bank risks, the development of asset securitization in China continues to accelerate, so what needs to be considered is what impact will asset securitization innovation with micro functions such as risk transfer and liquidity effect have on bank risk taking? In the context of the strengthening economic downtrend, can asset securitization become an important way for banks to manage risk? The answers to these questions can not only provide theoretical support for maintaining bank stability and optimizing the regulatory measures of regulators, but also provide decision-making support for the maintenance of the bottom line of "no systemic risk". Therefore, this book takes the "economic downturn" as the research background, and comprehensively discusses the impact of asset securitization on banks' risk taking on the basis of existing literature. The main research conclusions of this book are: (1) Against the background of "economic downward pressure", it is theoretically concluded that the purpose of asset securitization in China's commercial banks is to improve the liquidity structure of assets, alleviate the term mismatch of assets and liabilities, and enhance risk management capabilities and competitiveness. Moreover, with the increase of bank operating pressure, the functions of asset securitization to increase liquidity, transfer risk, improve profitability and replenish capital will gradually be paid attention to by banks, which also highlights the operational difficulties brought by the downward pressure of the economy, which is one of the purposes of government departments to vigorously promote asset securitization. (2) Theoretically, the impact of asset securitization on bank risk taking follows a three-stage path of transition from "micro to macro": in the first stage, asset securitization will affect the individual behavior of banks through functions such as risk transfer, liquidity effect and regulatory capital arbitrage, which is the impact of the micro stage. In the second stage, the impact of the above functional effects on the individual behavior of banks will be reflected through changes in the bank's asset liability structure, liquidity structure, term structure and risk appetite, and reflected in the changes in the level of risk taking, which is the impact of the meso stage. In the third stage, the impact of asset securitization on banks' risk-taking will have a certain spillover effect, and the spillover effect will eventually be reflected in the change in financial stability, which is the impact of the macro stage. (3) Taking the development of bank credit asset securitization after the restart as a sample, it is found that asset securitization significantly promotes the increase of bank risk in the initial stage, and the mechanism analysis results show that asset-backed securities issuing banks mainly increase the non-performing loan ratio through moral hazard tendencies or engaging in high-risk business, and holding a higher proportion of risk assets and more "basic resources", and in the early stage of development, banks pay more attention to the high credit quality of the underlying asset pool, or adopt micro-behaviors such as "risk retention". This is not conducive to risk mitigation. At the same time, through long-term analysis, it is found that asset securitization can alleviate bank risks driven by policy factors, which shows that the current policy has basically achieved its due goals and is an effective "policy", which also shows that with the passage of time and the continuous development of asset securitization, the effect of rising bank risk will continue to weaken. (4) Against the background of "economic downward pressure", the impact of asset securitization on bank risk is empirically examined, and the results show that in the downward trend of the economy, asset securitization can significantly reduce bank risk, and asset securitization is more conducive to reducing the risk of unlisted banks and smaller banks than listed banks and larger banks; In the analysis considering the differences in the microstructure of banks, it is found that for banks with low asset liquidity, capital scale, profitability and high proportion of risk assets, asset securitization is more conducive to achieving risk mitigation, which also confirms that under the downward pressure of the economy, asset securitization can reduce risks by improving the microstructure of bank asset liquidity, capital scale, profitability level and proportion of risk assets. (5) Using empirical analysis methods such as two-way fixed effect, double difference, and intermediary effect, the impact of asset securitization on bank stability is further analyzed, and it is found that under the downward trend of the economy, asset securitization has not adversely affected bank stability, and has not led to excessive growth of bank leverage. (6) The rational development of asset securitization can serve as an important path to maintain the stability of banks in the economic downturn, which can be mainly achieved by clarifying the functional positioning of asset securitization, dynamically monitoring the transmission chain of asset securitization affecting bank risk bearing, and improving the banking supervision system after asset securitization. (7) During the economic downturn, China's bank asset securitization should follow the following development strategy, that is, gradually promoting the optimization of financial structure as the development goal of asset securitization; Cautious view of the functional system of asset securitization; Strengthen the supervision of asset securitization based on "macro-prudential supervision"; Improve the institutional guarantee for the development of asset securitization from the perspective of legal system. Keywords: economic downturn; asset securitization; Banking System has been an important force to improve the Financing efficiency of Chinese FinancialMarket, but the risk accumulation brought by long-term Credit Expansion can not be ignored,and the deterioration of real Economic Risk caused by Economic Downward pressure will inevitably be transmitted to the Banking System.With the downward trend of economic growth and the rising risk of Banks,the development of Asset Securitization in China is speeding up. Therefore,we need to consider how the innovation of Asset Securitization with micro functions such as Risk Transfer and Liquidity Effect will affect the Risk-Taking of Banks? Under the background of economic downward trend,can asset securitization become an important way of Bank RiskManagement? The answers to these questions can not only provide theoreti cal support for maintaining bank stability and optimizing regulatory measures of regulators,but also provide decision support for maintaining the bottom line of“no systemic risk”. Therefore,based on the research background of“Economic Downturn Period”,this book comprehensively discusses the impact of Asset Securitization on Bank Risk-Taking on the basis of existing literature. The main conclusions of this book are as follows：1. Based on the background of“Downward Pressure of Economy”,it is theoreti cally concluded that the purpose of developing Asset Securitization of Chinese Commercial Banks is to improve the structure of Asset Liquidity,alleviate the termmismatch of Assets and Liabilities,and enhance the ability and competitiveness of RiskManagement.Taking Chinese Banking industry as a sample, this paper makes an empiri cal study and finds that the real purpose of developing Asset Securitization of Banks is to mitigate risks and improve them for profit,it is also found that the downward trend of economy is an important driving force for banks to develop Asset Securitization.With the increase of bank operation pressure,the functions of Asset Securitization,such as increasing liquidity,transferring risk,increasing profitability and replenishing capital,will gradually be taken seriously by banks. This also highlights the operational difficulties brought by the downward pressure of economy which is the purposes for the government department that vigorously promotes Asset Securitization.2.In theory,the impact of Asset Securitization on Bank Risk-Taking follows a three-stage path of transition from“micro to macro”: In the first stage,Asset Securitization will affect bank individual behavior through risk transfer,liquidity effect,regulatory capital arbitrage and other functions,which is the impact of the micro stage. In the second stage,the impact of the above-mentioned functional effects on the bank's individual behavior will be reflected in the changes of the bank's asset liability structure,liquidity structure,term structure and risk preference,and reflected in the changes of the risk-taking level,which is the impact of the meso stage. In the third stage,the impact of Asset Securitization on Bank Risk-Taking will have a certain spillover effect,and the spillover effect will finally be reflected in the change of financial stability,which is the impact of the macro stage.3.Taking the development of bank credit Asset Securitization after the restart as a sample,it is found that Asset Securitization significantly promotes the rise of bank risk in the initial stage. At the same time,the mechanism analysis results show that Asset-Backed Securities issuing banks mainly increase the non-performing loan rate through moral hazard tendency or engaging in high-risk business,and holding a higher proportion of risk assets and more“basic resources”,And in the early stage of development,banks pay more attention to the high credit quality of the basic asset pool,or take micro behaviors such as“risk retention”,which are not conducive to risk mitigation. At the same time,through long-term analysis,it is found that asset securitization can alleviate bank risk under the promotion of policy factors. It can be seen that the current policies have basi cally achieved their due goals,which are effective policies. This conclusion also shows that with the passage of time and the continuous development of Asset Securitization,the effect of its leading to the rise of bank risk will continue to weaken.4.Based on the background of“downward pressure of economy”,this paper makes an empiri cal study of the impact of Asset Securitization on Bank Risk.The results show that Asset Securitization can significantly reduce bank risk in the downward trend of economy. Compared with listed banks and larger banks,Asset Securitization is more conducive to reduce the risk of non listed banks and smaller banks. Considering the differences of bank microstructure,the paper analyzes the impact of Asset Securitization on bank risk In the analysis,it is found that for banks with low liquidity,capital s cale ,profitability and high proportion of risk assets,Asset Securitization is more conducive to risk mitigation,which also proves that under the downward economic pressure,Asset Securitization can achieve risk by improving the bank's micro structure of asset liquidity,capital s cale,profitability and proportion of risk assets reduction.5.By using the two-way fixed effect,double difference,intermediary effect and other empiri cal analysis methods,we further analyze the impact of Asset Securitization on bank stability,and find that Asset Securitization has not brought adverse effects on bank stability and excessive growth of bank leverage under the trend of economic downturn. We can see that the development of bank Asset Securitization in China is in a stable state at present,Its micro function is also within the normal boundary.6.The rational development of Asset Securitization can serve as an important path to maintain the stability of banks in the economic downturn,which can be realized by clarifying the functional orientation of Asset Securitization, dynami cally monitoring the transmission chain of the impact of Asset Securitization on bank risk bearing,and improving the banking regulatory system incorporated into Asset Securitization.7.In the period of economic downturn,Asset Securitization of banks in China should adhere to the following development strategies:gradually promoting the optimization of financial structure as the development goal of Asset Securitization; prudently treating the functional system of Asset Securitization; strengthening the supervision of Asset Securitization Based on“macro prudential supervision”; improving the institutional guarantee of Asset Securitization development from the perspective of legal system. Key Words:Economic Downturn; Asset Securitization; Bank Risk（AI翻译）
