Asset-Backed Securitization Of Listed Companies And Earnings Management

At the end of 2014,asset-backed securitization business supervision of China has experienced an important turnaround,the examination and approval system in the past convert to record system,the CBRC for approval of transaction is no longer on asset securitization.Through the improvement of the system,simplifying procedures,strengthen information disclosure and risk management to promote the development of the asset securitization market,China's asset securitization market ushered in a new round of opportunity for development.Asset securitization as a new innovation financing tool,to improve the structure of corporate assets,enhance the liquidity of assets,improve the ability of enterprise operation and management of the capital are of great significance but in the process of issuing asset securitization may cause the company's earnings management behavior.From the theoretical and empirical point of view,a comprehensive review of earnings management practices and mechanisms in asset securitization financing is conducted.The research content to a certain extent expands new perspectives on earnings management research.It can accurately reflect the role of asset securitization as a financing tool.The level of risk is positive.From the theoretical and empirical point of view,this paper comprehensive review the earnings management practices and mechanisms in asset securitization financing.To a certain extent,the research content expands new perspectives on earnings management researching.It can accurately reflect the role of asset securitization as a financing tool and distinguish the level of risk positively.This paper takes listed companies who issue asset securitization products as samples from year 2015 to year 2017,research on the listed companies who issue asset securitization products on Earnings Management(from year 2014 to 2016)effect,and further study the degree of securitization issuance of asset-backed securities(Amount of issue to total assets)the impact on Earnings Management,at the end of through asset securitization products of basic assets analysis of influence of different types of assets based on earnings management.Multivariate linear regression analysis and statistical analysis with the model,show the issuance of assetbacked securities of listed companies will have more earnings management behaviors,further there are significant positive correlation between the earnings management and the degree of asset securitization products.Finally study the effect of different types of assets based on earnings management,compared to underlying asset of creditor's rights,underlying asset of profit rights are more likely to contribute to the earnings management of listed companies because of its particularity.This paper contains five chapters,the first chapter is the introduction part of this paper,the research background and significance of the study,the innovation of this article;the second chapter is the overview of the system background and the literature,the institutional background of domestic and foreign literature and asset securitization in China to sort out;the third chapter is the research design,this paper puts forward assumptions and introduced the data source model;the fourth chapter is the empirical analysis,including descriptive statistical analysis,correlation analysis,regression and robustness test;the fifth chapter is the conclusion and prospect of the research,and then put forward relevant suggestions.