企业资产证券化融资的财富效应——基于浦东建设资产证券化研究

Wealth Effect of Enterprise Asset Securitization: A Case Study of Pudongjianshe Asset Securitization

选取浦东建设资产证券化作为典型案例,对"企业资产证券化是否会增加发起人的股东和债权人的财富"进行了实证检验,结果表明:浦东建设资产证券化给其股东带来了平均0.154%的财富增加;在资产证券化当年,浦东建设资产证券化给其债权人带来了正的财富效应;但在资产证券化后,对债权人产生了负的财富效应。

The paper select pudongjianshe asset securitization as a typical case to test the hypothesis that＂enterprise asset securitization will increase wealth of the shareholders and creditors of the promoters＂.The results show that,pudongjianshe asset securitization lead to an average 0.154% increase of wealth to the shareholders;in 2006,the creditors of pudongjianshe get a positive wealth effect from the asset securitization,however,asset securitization lead to a negative wealth effect to the creditors of pudongjianshe after 2006.