Research On The Impact Of Green Asset Securitization On Corporate Performance

Since the reform and opening up,China’s economy has achieved rapid development,but at the same time,the problem of environmental pollution has become increasingly prominent.In this context,strategic themes such as protecting the ecological environment and developing green finance have been incorporated into the national development plan,which has created a better development environment for enterprises engaged in green business.However,most of the assets of these enterprises have large investment scale and long payback period,and face problems such as difficulty in financing and expensive financing.As an innovative product,green asset securitization has strict green standards and strong pertinence,which can alleviate the financial problems faced by these enterprises.At present,the research on green asset securitization at home and abroad mainly focuses on product design and a company’s issuance case,and there is a lack of empirical research on the impact of green asset securitization on corporate performance.The research content of this paper is the impact of green asset securitization of Chinese A-share listed companies on corporate performance.The data of A-share listed companies from 2013 to 2020 are selected."Water conservancy,environment and public facilities management","agriculture,forestry,animal husbandry,fishery","comprehensive" four industries.Through data processing,the data of 154 listed companies were finally obtained.In this paper,the double difference model is used,and the 21 listed companies that have implemented green asset securitization are regarded as the experimental group;the remaining 133 listed companies are regarded as the control group.The explanatory variable green asset securitization is represented by the cross term of the dummy variable,and the impact of green asset securitization on the net assets,total assets and operating income of enterprises is studied,and grouping regression and heterogeneity analysis are carried out for enterprises with different ownership and different scales.,the robustness test.The study found that green asset securitization has a positive effect on the increase of net assets per share and total assets of enterprises,and has no significant impact on the current operating income,but it also has a positive effect after a period of lag.At the same time,for enterprises with different ownerships,green asset securitization has a positive effect on the increase of net assets per share of private enterprises,but has no significant impact on the net assets per share of state-owned enterprises,and has a positive effect on the increase of total assets of both.For enterprises of different scales,green asset securitization has a positive effect on the improvement of net assets per share of small and medium-sized enterprises,and has no significant impact on the improvement of net assets per share of large enterprises.Significantly,it has a positive impact on the increase of the total assets of the three,and has no significant impact on the operating income of the three.Based on the research conclusions,this paper believes that relevant departments should create a good environment for the development of green asset securitization,combine with national strategies such as energy conservation and emission reduction,and a new dual-cycle development pattern,and encourage private sector incentives through policy support such as subsidies and tax and fee reductions.Corporate green asset securitization.In addition,it is necessary to strengthen supervision and improve the information disclosure system,so as to avoid moral hazard,increase the enthusiasm of investors,and promote the development of the green asset securitization market.