The Influence Of Asset Securitization On The Business Performance Of Listed Companies In China

Asset securitization,a new tool in the financial field,has achieved remarkable results so far.Asset securitization originated from western developed countries and improved the liquidity of American banking industry and the ability to transfer credit risks in the early stage of development.On September 29,2005,the China banking regulatory commission(CBRC)adopted the measures for the supervision and administration of credit asset securitization on a pilot basis,which came into effect on December 1,2005,marking the official start of China's asset securitization process.In 2008,affected by the financial crisis,China's asset securitization business also stagnated.With the constant improvement of China's capital market,until 2012,asset securitization in our country to the attention of governments and companies,from then on the second pilot stage,in the next few years,asset securitization products are widely accepted by the market,relevant departments have also introduced policies and regulations to standardize lead asset securitization market,enable it to successfully carry out operations.In recent years,the development of China's asset securitization market has entered a fast track,with an increasing number of products issued.At present,the research literature of asset securitization is not rich,the relationship between asset securitization and operating performance of listed companies and the imperfection of the analysis,this article will study specific asset securitization's influence on the operating performance of listed companies,and further explore the sustainability of the impact of the listed company should advise how asset securitization and its specific effect,this is the main research content of this article.This paper combed the domestic and foreign scholars about asset securitization and the history of the listed companies operating performance correlation literature,and introduces the process of asset securitization in our country development present situation and policy,this paper asset securitization rely on theoretical basis,the analysis of the effect of asset securitization and business performance between mechanism,the theory combined with practice,based on the data of Chinese listed companies,about 2012 to 2017,issue of asset securitization of the issuance and its operating performance of listed companies the relationship between the empirical test.Regression results show that :(1)there is a significant positive correlation between asset securitization and current business performance;(2)the asset securitization also shows a significant positive correlation with the business performance lagging half a year,and the influence is stronger than that of the current period;(3)in this paper,further verify the effects of sustainability and the regression results show that the asset securitization and lag a year of business performance still has significant positive correlation,and the influence of the current period and the lag of half a year more prominent,this shows that in a certain period of time,the longer time,asset securitization,the more significant effects on business performance of listed companies;(4)in order to verify the robustness and reliability of the regression results,the sample size selected in this paper was divided into commercial Banks and non-commercial Banks for regression respectively.The regression results showed that both the asset securitization issued by commercial Banks and non-commercial Banks had a positive effect on their current business performance.(5)further analysis results showed that under the condition of other conditions unchanged,different sizes of listed companies issuing asset securitization significant differences on its current operating performance,the total assets of the smaller companies issuing asset securitization to its current business performance has a significant positive correlation,and the total assets of larger companies don't significantly;Other things being equal,the impact of asset securitization issued by listed companies with different ownership natures on their current business performance is significantly different.Non-state-owned listed companies' asset securitization has a significant positive correlation with their current business performance,while the regression result of state-owned listed companies is not significant.Finally,according to the research conclusion,this paper gives some policy Suggestions and research prospects for the asset securitization issuance of listed companies.