**4. Results**

*4.1. Univariate Analysis*

4.1.1. By Bank Type

For the study of how bank-specific determinants drive loan securitization in the whole banking industry and in different types of banks, the sample is divided into four types of bank. First, the whole sample is divided into policy banks and commercial banks (see Table 3). Policy banks in China are responsible for financing economic and trade development and state-invested projects according to policy (Turner et al. 2012), namely the China Development Bank, the Import and Export Bank of China, and the Agricultural Development Bank of China. However, China has approved further reforms to those banks (State Council 2015). The remaining banks are commercial banks. The main difference between these two types of banks is that policy banks provide services for policy-related lending, while commercial banks aim to pursue higher profits.

#### **Table 3.** Specific kinds of banks.


Source: (A) Whole banks = policy banks + commercial banks. (B) Commercial banks = city/rural commercial banks + national joint-equity commercial banks + global systemically important banks.

> Commercial banks are further divided into two kinds of bank according to asset scale, namely, city/rural commercial banks and national commercial banks. City/rural commercial banks' assets are much smaller than the other two types of bank and are only found on the basis of urban credit cooperatives (KPMG 2017a), while national commercial banks are able to operate across the country and have assets that are larger than those of city/rural commercial banks.
