Research On The Financing Effect Of Asset Securitization Of Enterprises

In recent years,with the further development of China's market economy,market competition has become increasingly fierce.The former seller's market has shifted to the buyer's market.At the same time,along with the emergence of the Internet,a large number of new things have also caused a serious blow to many traditional enterprises,such as online shopping,online games,online live broadcast,short video and so on.At present,the market is changing rapidly and unpredictable.Enterprises have to seize the opportunity and take a positive local approach to obtain funds to meet the challenges if they want to achieve rapid development.Therefore,enterprise financing is particularly important in the current environment.However,all along,"financing difficulty" is a common problem faced by major enterprises.Especially in recent years,due to the implementation of the national "deleveraging" policy,in terms of debt financing,the credit scale has been strictly limited,and bank loans are more difficult than before;in terms of equity financing,and because of the high threshold and high cost of financing,most small and medium-sized enterprises do not choose this way.Asset securitization provides a new way to solve these problems.Since 2014,the asset securitization market has shown an explosive growth trend in China.No matter the securitization of credit assets or the securitization of enterprise assets,the total amount of issuance and the number of issuance have broken through the highest level in history for several consecutive years.However,due to the short development time and low social awareness,there is still a big gap compared with the bond and stock markets.For the enterprise itself,it is the premise of its correct use of this financial instrument to understand what impact asset securitization will bring to the enterprise.Through the analysis of the financing effect of asset securitization,this paper hopes to provide some new references for the future financing decision-making of enterprises.This paper mainly focuses on "asset securitization".First of all,it has a preliminary understanding of the research progress of asset securitization by combing the relevant literature.Then it elaborates the related concepts and theories involved in this paper,and introduces the characteristics of asset securitization products and the operation process of asset securitization.On the basis of some understanding of asset securitization,this paper selects the special plan of asset support of CITIC China Suning as the research object,and makes a detailed analysis of the motivation,process and results of its asset securitization financing.Finally,the paper analyzes the financing effect of Suning e-buy from five aspects of cost,income,risk and financial performance by combining qualitative and quantitative analysis,theory and case study.In terms of cost,considering the characteristics of financing leaseback in this securitization operation of Suning e-buy,the paper uses the discounted cash flow model to calculate its financing cost.The results show that the cost of asset securitization is significantly higher than that of other financing methods;in terms of income,the event study method is used to analyze the wealth effect of the implementation of the special plan by measuring the change of the return rate of the securities market before and after asset securitization.The results show that the operation of asset securitization significantly improves the wealth of shareholders in the short term;in terms of risk,Zscore Model is used to quantify the impact of the special plan on the financial risk of Suning e-buy.The results show that asset securitization brings a lot of cash to Suning e-commerce,which reduces the company's bankruptcy risk;in terms of financial performance,through the analysis and comparison of Suning e-commerce's historical financial data,it is obvious that Suning e-commerce's operating condition has improved significantly after asset securitization.