The Development Of Securitization And The Preservation And Appreciation Of State-Owned Assets

Securitization is a key tool for promoting the transformation of state-owned capital form,as well as the pivotal kernel for facilitating the mixed ownership reform of state-owned enterprises(SOEs),which is conducive to the preservation and appreciation of state-owned assets.However,the research of securitization remains at the stage of whether the overall listing should be adopted.Since most SOEs’ groups have controlled listed companies through spin-off listing,the overall listing will go through a long-term process under the influence of path dependence.Meanwhile,it is divided into the overall listing of the group and the overall listing of part of the business.These imply different enterprise groups have different levels of securitization.As a result,in the previous empirical literature,it was difficult to reach a consistent conclusion on the effect of overall listing only by dichotomization.There are rare studies on the impact of the development of securitization in different stages on SOEs.This thesis manually collects the data of the securitization level(SL)of the central enterprise groups,and studies the influence of the development of securitization on the preservation and appreciation of state-owned assets.The results reveal that their relationship follow a “U-shaped” pattern.Besides,the U-shaped relationship is more obvious in competitive central enterprise groups.Further research finds that there is also “U-shaped”relationship between the development of securitization on group and the preservation and appreciation of its holding listed companies’ assets.And associated party’s guaranties and asset quality both play a part of the mediation effect.The conclusion has important practical significance and policy value.For central enterprise groups,it provides data support for the development of securitization and decision-making reference for the implementation of classified governance.It also proves that overall listing can alleviate the conflict of interest between groups and listed companies.Taking the group as the main research object,we can form an overall cognition of the degree of securitization of central enterprise group at the present stage and understand comprehensively the development process of securitization of SOEs in China.Also,this thesis can coordinate the inconsistent conclusion on “economic consequence of overall listing” and rich the relevant literature of the reform of SOEs under the guidance of property rights theory.Finally,it provides a new thinking direction for reform of SOEs.