| "Financing" is very important for the operation of listed companies.The choice of financing channels and the effect of financing are directly related to the development of the company.At present,the financing channels of listed companies in Our country are not only equity financing,but also debt financing mainly by bank credit.Under the country’s "deleveraging" policy,it has become much more difficult for State-Owned enterprises to obtain loans from banks.However,the emergence of financial innovation has increased the financing channels of the company,and asset securitization,as a new financing method,has attracted the attention of scholars in various fields at home and abroad.Since the slow start of China’s asset securitization market,regulatory departments at all levels have issued various policies to promote and regulate the development of asset securitization.Up to now,China’s asset securitization market has shown the characteristics of large scale and variety.More and more listed companies choose asset securitization financing,so it is particularly important to study the motivation and economic consequences of asset securitization.This paper mainly focuses on "asset securitization".Firstly,the motivation and economic consequences of asset securitization are reviewed,and then the relevant theories and principles involved in asset securitization are described in detail.Has some knowledge of asset securitization,on the basis of selection of H company accounts receivable securitization and epidemic prevention and control of debt as the research object,introduces two trading structure and operation process of asset securitization products,through the combination of theory and case,analysis the reason of H company through asset securitization financing and economic consequences.Among them,motivation analysis is based on the adjustment of capital structure,reduce financing cost,broaden financing channels,macro policy promotion.The analysis of economic consequences is based on the influence of the company’s wealth effect and the influence of the company’s financial efficiency.Finally,this paper also explores the motivation of issuing epidemic prevention and control bonds.By comparing the motivation and economic consequences of the two asset securitization,relevant studies in the literature are enriched,and suggestions for the future development of asset securitization are put forward based on the research conclusions.Due to the late start of asset securitization in China,most domestic scholars focus on the concept and characteristics of asset securitization,and a few case studies also focus on the credit asset securitization products of banks and other financial institutions,paying little attention to enterprise asset securitization.Based on typical cases,this paper studies the motivation and economic consequences of accounts receivable securitization products and green asset securitization products,and compares the research results,in order to provide reference for future specific business of asset securitization. |
