新基建背景下资产证券化对企业投资决策的影响:基于融资优序理论的解释  

The Impact of Asset Securitization on Enterprise Investment Decision under the Background of New Infrastructure:An Explanation Based on Pecking Order Theory

作　　者：齐岳 廖科智[2] 耿若绮 Qi Yue;Liao Kezhi;Geng Ruoqi(Nankail University,China Corporale GoveraneResearch Iustitulte,Tianjin 300071,China;Nankai University,Business School.Tianjin 300071,China;Collaborative lIanovation Center for Socialist Economic Construction with Chinese Characleristics,Tianjin 300071,China)

机构地区：[1]南开大学中国公司治理研究院,天津300071 [2]南开大学商学院,天津300071 [3]中国特色社会主义经济建设协同创新中心,天津300071 [4]南开大学商学院财务管理系,天津300071

出　　处：《未来与发展》2020年第8期32-39,共8页Future and Development

基　　金：国家社科基金年度项目(18BGL063)。

摘　　要：在新基建背景之下,为缓解部分科技企业面临的融资困境,基于融资优序理论,本文构建了一个包含资产证券化在内的均衡模型,讨论企业发行资产证券化如何导致投资临界线的偏转,进而影响企业的投资决策,同时结合中国企业资产证券化的结构和现状讨论了限制其发展的重要因素。研究结果表明,资产证券化费率和融资后的股权结构是决定资产证券化行为与企业投资不足关系的重要因素。在费率低、老股东权益占比大的情况下发行资产证券化产品有助于缓解企业的投资不足问题。此外,基础资产的过度限制和相关机构的发展不成熟也成为限制中国企业资产证券化业务发展的重要原因。相关部门应积极引导规范资产证券化市场的运行秩序,推动发行费率的降低和发行标的物的合理创新,以更好地服务于实体经济增长。Under the background of the new infrastructure,in order to alleviate the financing difficulties faced by some technology companies,based on the pecking order theory,this paper builds an equilibrium model that includes asset securitization and discusses how the issue of asset securitization of enterprise leads to the deflection of the investment threshold,which in turn affects the enterprise investment decisions.Besides,this paper discusses the important factors that limit the development of the Chinese corporate securitization in light of its structure and status.The research results show that asset securitization rates and equity structure after financing are important factors that determine the relationship between asset securitization behavior and underinvestment.Issuing asset securitization products at a low rate and a large share of old shareholders can help alleviate the underinvestment problem of enterprises.In addition,excessive restrictions on basic assets and immature development of related institutions have also been the important reasons for restricting the development of the Chinese corporate securitization.Relevant departments should actively guide the standardization of the operation order of the asset securitization market,promote the reduction of the issue rate and the reasonable innovation of the subject matter of issue,so as to better serve the growth of the real economy.

关 键 词：企业资产证券化 企业投资决策 融资优序理论 发行费率 股权结构 

分 类 号：F235.99[经济管理—会计学]