**3. Material and Methods**

#### *3.1. Data Repository*

There are 67 banks that have issued securitized securities in China since 2005 to 2017Q4, and only 35 banks that have issued these securities more than twice before 2017Q4. The remaining 32 banks have only issued once, and their securitization transaction volume is lower, so they were not included in this study. After 2017Q4, seven more commercial banks issued securities. The final dataset refers to the above 35 banks from 2007Q4 to 2017Q4 (quarterly) and 42 banks from 2007Q4 to 2021Q2 (quarterly). Data on securitization were drawn from the China Securitization Analytics website and Wind. Other data related to financial statements were collected from Bloomberg, Wind, and annual reports.
