Research On Asset Securitization Of State - Owned Enterprises

Asset securitization is an important innovation developed by financial business, its most obvious feature is to enhance the efficiency of assets use of corporation, so that can improve work condition of corporation. The state-owned enterprises(SOEs), as the national economic development pillar of our country, undertake the responsibilities that revitalizing the state-owned capital stock, keeping and increasing the value of state assets, promoting economic development towards the stated objectives. However then, there are two obstacles in the development of asset securitization in SOEs, one is that its benefit for improve work efficiency of enterprises have not been widely cognition so that the driving force of the development of asset securitization is insufficient. The other is that there are some imperfections in terms of enterprises themselves, market work and regulatory and establishment of policies and institution, which also constrain development of asset securitization. Through the study of these issues citing the state-owned enterprises as objects,and advancing its development of asset securitization, which possesses important significance during the transition phase of economy of our country.This paper mainly hackle against all 151 enterprise asset-backed security(ABS) on the Shanghai and Shenzhen stock Exchange fixed income information platform as of December31, 2015, and combed to these products of which original owner were state-owned enterprises, and analyzed the characteristics of asset securitization product of these state-owned enterprises. Then from three points of view in terms of financing costs savings,financial performance optimization and wealth creation, tested the microscopic effect of state-owned enterprises from asset securitization to deal with the cognitive impairment.In aspect of financing costs savings, to use 668 senior bonds of these all 151 enterprise ABS as samples, structuring its term structure of interest rates as the measure of financing costs savings indicators. It was found that, financing costs of ABS product of SOEs wassignificantly lower than non-state-owned enterprises, which means that the market shows a lower asset securitization risk assessment of state-owned enterprises. For SOEs, asset securitization as a means of financing compared to bank loans, the critical value of cost-saving effects is 20.86%, in consideration of financing within the biennium, the critical value is reduced to 10.1%; Compared to corporate bonds or corporate bonds, it does not have the financing cost savings advantages, but it is an important supplement for short-term direct financing instruments. In financial performance optimization effect, compared to the indicators of prior-term and corresponding period nearing 3 years, asset securitization can bring a significant increase in profitability indicators of state-owned enterprises, but the impact on liquidity indicators of assets of state-owned enterprises cannot be determined. In wealth creation effect level, asset securitization will create wealth for shareholders of state-owned enterprises in the relevant information released to the market for some time,and these wealth creation effect sizes have obvious discrepancies due to different types of underlying assets. However, if the enterprise happen a major asset restructuring before developing asset securitization, it will create an interference on the wealth effect so that it is difficult to make judgments. But from the microscopic effect of the whole situation, the impact of these effects is positive, therefore, asset securitization should become an important exploration direction of the development of state-owned enterprises in the future.From the part of practical obstacles, recommended securities assets to participate in the joint efforts of all parties, through the creation of the demonstration effect of the state-owned enterprise asset securitization, market-oriented standards define the subject and stick that do it only depend on possessing the conditions and risk control principle to solve the problems of state-owned enterprises; to establish and perfect the top-down information disclosure system, the incentive for investors and the introduction of market maker system to deal with the operation of the market and regulatory problems; through creating the convenient external environment and establish the top-level science planning to improve theconstruction of the policy system, to promote the further development of the securitization of state-owned enterprise assets.