Research on the Micro-Motivations of Enterprise Asset Backed Securitization :Based on Panel Data of Chinese Listed Companies

The developmental momentum of global asset backed securitization weakened after the economic crisis. However, China restarted asset backed securitization in 2012, and the developmental momentum is in full swing as the enterprise asset backed securitization has exceeded the bank credit asset backed securitization. Therefore this paper studies the motivations of the rapid development of enterprise asset backed securitization in China so relevant departments can correctly understand the drivers of enterprise asset backed securitization and better guide the healthy development of enterprise asset backed securitization. This article selects the listed companies that conduct asset backed securitization from 2012 to 2017 and builds multiple regression models to research the micro-motivations of enterprise asset backed securitization from the perspectives of liquidity motivation, financing motivation and profitability motivation. The results show that companies that have larger assets, have slower current assets turnover rates, are in deeper financial distress and with weak production and operating profits are more likely to conduct asset backed securitization. The companies with larger scales and higher asset-liability ratios have more asset backed securitization and can have a significant scale economy effect. However, regulators must be aware of the misuse of securitization by companies that have poor profitability and poor finances.