Research On The Impact Of Asset Securitization On R&D Investment And Enterprise Value Based On The Chinese-listed Companies

The development of enterprises cannot be separated from funds,and financing plays an important role in the development of enterprises.There are many ways to get the funds for the development need of enterprises,which constitutes a question of financing mode choosing to get enough funds for the enterprises with proper financing cost.Manufacturing enterprise,as the highest proportion of enterprise types in China,play a decisive role in overall economic,but with the influence of the world economy in the 2008 financial crisis,many foreign financial institutions face collapse phenomenon,also,in the manufacturing enterprise survival state continues to decline.And manufacturing enterprise face the disadvantage of monetary policy,which made financing has become one of the main limiting factors that limiting the expansion and development of small and medium-sized enterprises and many large enterprises in China.With the further opening up of China’s economy and the continuous improvement of China’s economic system,great changes have taken place in China’s financial industry,and at the same time,more and more channels have been provided for Chinese enterprises’ financing.As one of them,asset securitization can broaden the financing channels for enterprises and enhance the financing ability of the enterprises.And once the enterprises(non-financial enterprises)obtained financing,they will invest more funds to product development and technology,which is often said that the development costs increase.while increasing research will effectively enhance the core competitiveness of the enterprise,which can maintain or upgrade the status of enterprises in the industry and make the market value be improved.On the basis of the above ideas,this paper puts forward three research hypotheses on the basis of relevant research and analysis of foreign and domestic research.Then this paper collected the relevant financial data of listed company of 2006-2012.By the empirical analysis of three hypotheses on the proposed analysis,correlation analysis and regression analysis were used for data analysis,the correctness of the three hypotheses proposed in this article is proved from the point of view of data and theory.That is,asset securitization can positively promote enterprises’ investment in R&D,and the increase of R&D costs can positively enhance the market value of enterprises,and the relationship between asset securitization and market capitalization is positive and indirect.