The Analysis Of Listed Companies In China The Effect Of Asset Securitization

The corporate in our country is facing the financing puzzle which includes the high property ratio of debt to net worth and the financing channel sole. From the visual angle of asset securitization being a dominant instrument to solve the problem of bad property in corporate, the thesis mainly researches the operation way of asset securitization, and the impact to corporate, especially the firm value, when they choose asset securitization. The thesis, firstly, posts the problem the corporate facing in our country is the inconsequence on capital structure and the singleness on financing channel, it means that the financing tool can not make the corporate to get the max value. The thesis defines the concept of asset securitization, expounds characteristic and the condition to use. analyses the relationship between the choice of financing tool and the firm value, express max firm value is a good standard to weigh the tool. Then,through the RI model and finance theory, the thesis explains the motivations of asset securitization, demonstrates the influence effect on firm value by qualitative and quantitative analysis of cost-benefit of corporate asset securitization, and discusses the role of asset securitization to solve corporate financing puzzle and the future of asset securitization in our country.The conclusion is that Corporate asset securitization high up the fluidity of asset, lows property ratio of debt to net worth, provides a continual liquidity supplement, highs up firm value. Secondly, it provides new channel that has lower cost by breaking through the restriction of traditional financing instruments. Asset securitization is an off balance-sheet financing manner, it would not disperses control of stockholder. Thirdly, the unique techniques, such as asset packaging, true sale, bankruptcy-remote, credit enhancement, reduces the financing risk.The innovation is that the visual angle is new. It researches asset securitization from the angle of firm value. The final aim of a corporate is bringing up the value themselves, the thesis evaluates the efficiency of asset securitization all-around. Secondly, at present, in our country the point of research is on external environment, less in the internal system. The thesis analyses securitization in internal system. The analysis expresses that asset securitization could increase the shareholder wealth, improve the managerial incentive plan, reduce the transaction cost, provide positive...