The Research On The Economic Effect And Business Model Optimization Of Enterprises Asset Securitization In China

Enterprise asset securitization is an important symbol of the in-depth development of China's financial market.Under the background of the new economic normal and supply side structural reform,enterprise asset securitization has important value in promoting the reform of China's investment and financing system and the adjustment of financing structure,and promoting the reform and development of financial market.Enterprise asset securitization makes the non tradable assets tradable,further enriches the investment categories of the whole market,further expands the scale of the financial market,and improves the operation efficiency of the financial market to a certain extent.Moreover,the asset securitization may also affect the effect of monetary policy by changing the monetary multiplier.From the perspective of enterprises,enterprise asset securitization helps to revitalize liquidity,reduce enterprise related transaction costs,improve the overall profitability of enterprises,and promote the improvement of the overall development quality.From a practical point of view,although China's enterprise asset securitization started in the 1990 s,the scale of the initial exploration stage and the initial start-up stage is very small and there are few categories.Due to the impact of the financial tsunami in 2008,it was suspended for four years and did not start to restart and develop in an all-round way until 2011.However,it has been developed very rapidly since then.From 2015 to 2019,the annual circulation of China's enterprise asset securitization increased from 211 to 898,with an average annual growth rate of 43.46%,and the scale of issuance increased from 204.390 billion yuan to 993.710 billion yuan,with an average annual growth rate of 48.47%.The circulation and scale of issuance show a rapid growth trend that China's enterprise asset securitization has become one of the important channels of enterprise financing.This leads to the prominent problems of weak legal basis,short effective development cycle and interaction of various risks.The existence of these problems poses a severe challenge to the future development.Under this background,does the economic effect of asset securitization business exist significantly? What are the micro impacts of asset securitization on enterprises and macro impacts on financial markets? How to optimize the development model of enterprise asset securitization? These problems have not yet formed a unified research conclusion.Under this background,this dissertation studies the economic effect and development model of enterprise asset securitization business,in order to further answer the above problems.The purpose of this dissertation includes three aspects: first,empirical test of the microeconomic and macroeconomic effects of asset securitization in China.Secondly,based on the systematic analysis of the current mode of asset securitization in China,the dissertation analyzes the innovative mode of asset securitization in the future.Thirdly,based on the systematic analysis of the current situation,problems and economic effects of asset securitization,this dissertation puts forward the mode optimization strategies and relevant policy suggestions to promote the orderly development of asset securitization in China.This dissertation mainly adopts the analysis method of combining normative analysis and empirical analysis to study the economic effect and mode optimization of asset securitization in China,In the aspect of microeconomic effect and macroeconomic effect of asset securitization,Threshold Panel Model and time series model are used respectively.In addition to normative analysis,case analysis method is also used in the research of asset securitization mode.In the study of the current situation and problems of asset securitization in China,the statistical analysis method and comparison method are used.The main conclusions of this dissertation are as follows: first,the main problems in the development of asset securitization business in China include five aspects: weak legal basis and narrow range of basic assets,lack of credibility in credit evaluation and low supervision efficiency,high proportion of debt assets and high risk of basic asset pool,The cash flow of income based asset pool is unstable and the information transparency is low,and the overall risk level of securitization is high.The main reasons for this result are: the short substantive development cycle,the coexistence of over supervision and lagging supervision,and the low level of intermediary business.Secondly,there are typical microeconomic effects of asset securitization in China,which are mainly manifested in the following aspects: enterprise securitization can alleviate financing constraints,which shows a significant threshold convergence effect;Securitization can significantly reduce operating costs,but there is no threshold effect;Corporate securitization can significantly improve its profitability,and this promotion shows a significant threshold acceleration effect.On the whole,asset securitization is helpful to improve the overall development level of enterprises.Thirdly,asset securitization of enterprises in China shows significant effects of monetary policy and financial development.Specifically,asset securitization of enterprises further strengthens the expansion effect of monetary policy,which makes the expansion monetary policy more effective;Asset securitization business weakens the tightening effect of monetary policy,which makes the tightening monetary policy even weaker.At the same time,the development of enterprise asset securitization business is conducive to the improvement of the development level of financial market and the efficiency of financial supervision.Fourth,the main problems of the development mode of enterprise asset securitization are: the on-balance sheet mode and off-balance sheet mode are not clear,the specific operation mode is relatively monotonous and the supporting system is not perfect.This dissertation holds that the development mode of asset securitization should be changed from the coexistence of the two modes to the mode of off-balance sheet and on balance sheet.That is to say,the overall mode of asset securitization in China should adhere to the development path from on balance sheet mode to off balance sheet mode,and at the same time,China should actively innovate and design specific practice mode.In the aspect of practice mode innovation,we should focus on the two-tier SPV mode and supply chain finance mode.This dissertation takes the issue of asset securitization as the research topic,and studies the microeconomic and macroeconomic effects of asset securitization by panel threshold estimation and time series estimation respectively.At the same time,it puts forward the development models of dual SPV and supply chain financial ABS,the research conclusion has theoretical guiding value and practical significance for the sound development of asset securitization in China.