| China began to explore the asset securitization in the 1990 s.With the development of the capital market,the types of asset securitization have been continuously enriched,and the scale of issuance has grown exponentially.In 2018,asset securitization products were issued a total of 2.01 trillion yuan,and the stock at the end of the year was 3.09 trillion yuan.Asset securitization products have become one of the important tools for direct financing in China’s financial market.They play an important role in building multi-level capital markets,revitalizing stocks,and resolving risks.Compared with countries with mature asset securitization markets such as Europe and the United States,China is still at a preliminary stage of rapid development.Due to the lack of historical risk data and related credit risk data such as early compensation rates,there are many restrictions on the internationally used pricing model when used in China.Therefore,it is urgent to analyze the factors affecting the pricing of asset securitization products to improve the pricing system.At present,the research on the factors affecting the pricing of asset securitization products mainly focuses on the characteristics of products such as credit rating,issue period and issue size.There are still many pricing factors that have not yet been discovered.Through data statistics,this paper finds that the issuance scale of credit asset securitization in the eastern coastal areas of China is large,and the issue spread is generally low,but the financial development level is generally higher.In the southwest region,there are generally high spread spreads and low overall regional financial development levels.This paper considers that the development of regional finance in China has obvious characteristics of imbalance and incomprehension.Therefore,the article mainly studies the impact on product issuance pricing from regional financial differences,in order to contribute to the improvement of commercial bank asset securitization pricing system,and provide reference for more accurate pricing of products.This paper first analyzes the theory and believes that regional financial differences are mainly reflected in the differences between regional financial aggregates and regional financial structure differences.Then analyze the impact of regional financial aggregates and regional financial structure on capital costs and risk tolerance.Finally,the impact of the spread on credit asset securitization products is analyzed.On the basis of theoretical analysis,218 credit asset securitization products issued by regional banks in 25 regions of China from 2014 to 2017 are selected as samples.Factor analysis was used to extract 11 basic financial data from each region,and three variables,regional finance,regional financial aggregate and regional financial structure,were obtained.Then produce thermal map to present the obvious regional characteristics of the distribution spread,issue scale.Furthermore,the relationship between spread and regional finance is analyzed based on the thermal maps of regional financial aggregate and regional financial structure.Finally,three regression models that influence the pricing of credit asset securitization products are constructed,and the robustness test is carried out.Through theoretical analysis and empirical research,the paper draws the following conclusions: First,regional finance has a significant negative impact on the spread of credit asset securitization.It is mainly transmitted through regional financial aggregates and regional financial structures.Second,the regional financial aggregate has a significant negative impact on the issue spread.The sufficient funds make the enterprises that make up the basic asset pool face less risk,improve risk tolerance,reduce default risk and reduce the issue spread.Investors are also optimistic about future expectations,increasing risk tolerance and lowering the spread requirements for issuance.Third,the regional financial structure also has a significant negative impact on the issue spreads.The main reason is that the improvement and improvement of the regional financial structure has enriched the financing instruments and financing channels,which has effectively eased corporate financing constraints.The improvement of the financial structure also includes the soundness of relevant legal systems,which makes product information disclosure more complete,reduces the investor’s “lemon” premium,and reduces the issue spread.It is hoped that by studying the impact of regional financial differences on the spread of credit asset securitization,it will be able to improve the pricing system of credit asset securitization products in China. |
