Research On The Financial Effect Of Enterprise Asset Securitization In China

Since the pilot in 2005,asset securitization as a new type of financing has been strongly supported by national policies with its unique advantages and has achieved rapid development in China.This phenomenon has triggered many experts and scholars to pay attention to asset securitization.And discussion,the financial effect of asset securitization has also become one of the hot spots.This paper analyzes the financial effects of corporate asset securitization on listed companies,in order to provide reference for the regulatory authorities,listed companies and investors to participate in asset securitization;provide ideas for the improvement of relevant systems and laws and regulations;to enrich China's asset securitization The theoretical results add strength.By combing the research results of previous scholars in related fields,this paper makes a qualitative analysis of the financial effects of corporate asset securitization,and combines domestic and foreign related research to select the data of enterprise asset securitization of China's A-share listed companies from 2014 to 2017.An empirical analysis of the financial effects of corporate asset securitization.The empirical analysis of this paper is divided into two parts:financial indicator effect and financial market effect.Firstly,this paper makes a regression analysis on the impact of corporate asset securitization on the net financial return of comprehensive financial indicators of enterprises,and from the perspective of DuPont decomposition,studies the impact of corporate asset securitization on the return on net assets;Secondly,this paper uses the event research method to empirically test the market effect of enterprise asset securitization,and then classifies enterprise asset securitization according to four types:basic asset type,issue size,issue body volume and issue ratio,respectively,an empirical test of its market effects.The research results of financial indicators effect of enterprise asset securitization show that corporate asset securitization has a significant positive effect on the improvement of corporate net assets return rate.This positive effect is mainly achieved by improving the total asset turnover rate of enterprises;The research on the financial market effect of enterprise asset securitization shows that:in general,the market effect brought by corporate asset securitization to listed companies is not regular;when the types of basic assets are different,the scale of issuance is different,and the volume of the issuer is different,the enterprise The market effect of asset securitization has obvious differences;the market effect of corporate asset securitization on listed companies with different issuance ratios is not regular.