行业背景、信用评级与资产证券化融资成本  

Industry Background,Credit Rating and the Financing Cost of Asset-based Securities

作　　者：张建平[1] 徐雨朦 Zhang Jianping;Xu Yumeng(International Business School,University of International Business and Economics,Beijing 100029,China)

机构地区：[1]对外经济贸易大学国际商学院,北京100029

出　　处：《工业技术经济》2021年第3期47-53,共7页Journal of Industrial Technological Economics

摘　　要：本文以2017~2019年房地产业和建筑工程业所发行的资产证券化产品作为样本,考察了不同行业信用评级对企业资产证券化融资成本的影响。研究结果发现:(1)无论哪个行业,获得更高信用评级的资产证券化产品可以显著降低融资成本;(2)信用评级对融资成本的影响程度因行业不同而存在差异。相对于建筑工程业,房地产行业资产证券化产品的信用评级对其融资成本的影响幅度更大;(3)与融资活动相关的财务指标会对资产证券化的融资成本造成显著影响;(4)不同行业的同类财务指标的影响力可能具备不同的效果。如在房地产行业,流动比率较高企业的融资成本也较高,与常规观点存在明显差异。With samples of the asset securitization products issued by real estate industry and construction engineering indus⁃try in 2017-2019,there is an observation of the impact of credit rating on financing cost of enterprise asset securitization under the background of various industries.It is found that:(1)the asset securitization products with higher credit rating could greatly re⁃duce the financing cost in all industries;(2)the impact of credit rating on the financing cost is varied from industries.Compared with building engineering industry,the impact of credit rating on the financing cost of real estate industry would be bigger;(3)the financial indicators related to financing activities would have significant impact on the financing cost of asset secuaritization;(4)the impact of similar financial indicators in different industries may have various effect.For example,in the industry of real estate,turnover is higher and the financing cost would be higher,which is significantly different from ordinary viewpoint.

关 键 词：行业背景 资产证券化 融资成本 信用评级 房地产业 建筑工程业 

分 类 号：F832[经济管理—金融学] F275.3[经济管理—企业管理]