Research On The Impact Of Enterprise Asset-backed Securitization On The Profitability Of Listed Companies In China

Since 2012,the scale of China's enterprise asset-backed securitization has achieved rapid development.In 2016,it has surpassed the scale of credit asset-backed securitization and has become the largest asset securitization product.Enterprise asset-backed securitization can help enterprises revitalize their assets,enrich financing channels,reduce financing costs,and solve financing difficulties to a certain extent.It has played an increasingly important role in China's capital market.However,the current research in China mainly focuses on the credit asset-backed securitization,and there are very few studies on the enterprise asset-backed securitization,especially their implementation effects.This article uses 46 non-financial listed companies as examples to study the enterprise asset-backed securitization on the profitability of issuers.This article first reviews the research results,introduces the operational mechanism of corporate asset securitization,and then sets up a mechanism framework for the impact of enterprise asset-backed securitization on profitability from a theoretical perspective.In empirical analysis,a panel data model was constructed for the quarterly data of 46 listed companies.After descriptive statistics and stability tests were performed on the data,a full-sample regression and Granger causality test were conducted to explore the impact of asset securitization on ROE of the company.Then decomposes ROE using DuPont analyzes ideas,explores the specific realization path of the impact,and finally performs sub-sample regression by industry to test whether there are differences in the implementation effects of different industries.The empirical results show that enterprise asset-backed securitization will significantly reduce the profitability of enterprises.The impact is mainly achieved by reducing the net profit margin of sales and the total asset turnover ratio.At present,the cost of asset-backed securitization in China is relatively high,and after the capital is raised,the investment benefit is relatively low and cannot cover the issue cost,so the profitability of the enterprise is generally reduced.Finally,this article puts forward relevant suggestions for improving the positive impact of enterprise asset-backed securitization.